$10.95
What 26 Capital shareholders received per share—above the $10 IPO price
The Bottom Line
Jason Ader has been accused of "fraud" in civil lawsuits. Before accepting that characterization, consider:
- No criminal charges. All matters are civil business disputes.
- Shareholders were protected. 26 Capital returned $10.95/share—above the $10 IPO price.
- Ader was the single largest lender. He invested so much of his own money that he became 26 Capital's biggest creditor.
- Ader lost the most. He had more at stake than anyone—and lost more than anyone.
- The accusers have their own problems. Regulatory fines, judicial criticism, felony conduct.
Who Are the Accusers?
ACCUSER #1: Harald McPike / Rimu Capital
The Allegation
McPike's Rimu Capital sued Ader for $25 million, alleging fraud.
What They Don't Tell You
- McPike profited with Ader on prior deals (Playtech, Stars Group)—SpringOwl managed McPike's Playtech investment
- McPike invested $24M alongside Ader's $1M—both lost when deal failed
- McPike sued during the trial, which had the effect of hurting chances of closing the deal
- McPike pushed Chapter 7 over Chapter 11, which would reportedly result in lower recoveries for all creditors
McPike's Own Problems: Starling Bank
Harald McPike reportedly owns 36% of Starling Bank through an offshore Bahamas entity. That bank has serious issues:
- £29 million FCA fine for financial crime failings
- 34.3% of COVID loans "not performing"—Starling claimed over £150M from UK taxpayers via government guarantee
- Lord Agnew (former Treasury minister): Starling used COVID loans "against government and taxpayers' interests"
- 54,000+ high-risk accounts opened in violation of restrictions
- Failed to screen against sanctions list since 2017
ACCUSER #2: Alex Eiseman / Zama Capital
The Allegation
Zama Capital has made claims against Ader related to the 26 Capital transaction.
What the Judge Actually Said
"A conspiracy to mislead Universal."
— Vice Chancellor Travis Laster, Delaware Court of Chancery, describing Alex Eiseman's conduct
Eiseman's Documented Problems
- Public disclosure: Zama's investment was disclosed in 26 Capital's 2021 10-K SEC filing, a public document
- Zama was Universal's SPAC advisor: Zama advised Universal on this transaction
- Legal counsel: Schulte Roth represented Zama and had access to transaction information
- Sophisticated parties: Universal's CFO Hans Vandersande, formerly of Deutsche Bank, testified in court that he was a SPAC expert
- Alleged unauthorized recordings: Allegedly recorded Ader without consent—which may constitute a felony in Florida (two-party consent state)
- Alleged default on funding: Reportedly agreed to fund half the litigation to enforce the merger, then allegedly defaulted just before the Delaware trial
- NY claims mostly stayed: Sued in NY—most claims dismissed or stayed
- Forum shopping: Now trying Delaware after losing in NY
What About 26 Capital Shareholders?
| Claim | Fact |
|---|---|
| "Ader defrauded investors" | Shareholders received $10.95/share—above the $10 IPO price |
| "Lost investor money" | Trust mechanism returned capital; Ader was the single largest lender—he lost the most |
| "Personal bankruptcy" | Corporate Chapter 11 for SPAC entity—not personal bankruptcy |
| "Ader was removed from control" | Independent trustee appointed because Ader was both largest creditor AND sole director—standard practice |
| "Mismanaged the deal" | Complex cross-border transaction; counterparty had own disputes; deal adviser had undisclosed conflict |
Jason Ader's Actual Track Record
bwin.party
$1.7 Billion Sale
To GVC Holdings (now Entain)
Stars Group
Flutter Merger
Pushed for successful combination
Playtech
$100M Investment
Helped clean up; bidding war followed
Las Vegas Sands
Board Member
2009-2016
This is someone with a 25-year track record in regulated gaming and investment industries—including major successful transactions. The 26 Capital situation was a complex cross-border deal that didn't close. It wasn't fraud.
The Pattern
When you look at the full picture, a pattern emerges:
- McPike: Reportedly made approximately $50M with Ader, lost on next deal, sued during trial which had the effect of hurting the deal, pushed for Chapter 7 which would result in lower recoveries—while his bank faces regulatory sanctions
- Eiseman: Conflict was publicly disclosed in SEC filings, allegedly made unauthorized recordings, allegedly defaulted on litigation funding just before trial, most NY claims dismissed or stayed
These aren't victims of fraud. These are sophisticated parties who lost money on a complex deal and are using litigation aggressively—while having significant credibility problems of their own.
Jason Ader's Position
"I was the single largest lender to 26 Capital. I invested so much of my own money trying to make this deal work that I became the company's biggest creditor. I lost more than anyone when the deal couldn't close. The accusations come from parties with documented conflicts of interest and regulatory problems. The courts have already found that one accuser engaged in 'a conspiracy to mislead.' The full facts will demonstrate my position."
— Jason Ader