{"id":265387,"date":"2023-03-21T14:44:47","date_gmt":"2023-03-21T19:44:47","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=265387"},"modified":"2023-03-22T13:32:46","modified_gmt":"2023-03-22T18:32:46","slug":"26-capital-calls-uec-countersuit-desperate-strategy","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/","title":{"rendered":"26 Capital Calls Okada Manila Countersuit \u2018Desperate\u2019 Strategy"},"content":{"rendered":"

Jason Ader\u2019s 26 Capital Acquisition Corp. (NASDAQ: ADER) called a recent countersuit by the casino\u2019s parent company \u201cdesperate.\u201d That’s the same blank-check company attempting to bring Okada Manila public in the US.<\/p>\n

\"Okada
26 Capital CEO Jason Ader, seen above. The SPAC says UEC’s countersuit against it is no more than a “desperate” strategy. (Image: Manila News<\/em>)<\/figcaption><\/figure>\n

The special purpose acquisition company (SPAC) was recently hit with litigation<\/a> by Okada Manila parent Universal Entertainment Corp. (UEC) and related affiliates in the Delaware Court of Chancery. The suit filed by UEC and the other parties alleges that 26 Capital is rushing to bring the integrated resort public and may have skirted US securities laws.<\/p>\n

The counterclaims are nothing more than a desperate litigation strategy to deflect from UEC\u2019s own improper conduct. We look forward to proving them wrong at the trial in July — if their counterclaims even get that far,\u201d<\/strong> according to a statement issued Tuesday by 26 Capital.<\/p><\/blockquote>\n

The blank-check deal values Okada Manila<\/a> at $2.6 billion, and if ever consummated, would pave the way for the casino-resort entity to trade on the NASDAQ under the ticker \u201cUERI.\u201d<\/p>\n

26 Capital Says UEC Not Performing Needed Work<\/h2>\n

In October 2021, Ader\u2019s SPAC and UEC announced merger plans for Okada in what was, at that time, one of the richer deals involving a gaming company and a blank-check firm. Universal Entertainment, the Japanese pachinko giant, agreed to roll 100% of Okada Manila\u2019s equity into the newly formed company, and 26 Capital said it would provide up to $275 million<\/a> in cash to the business.<\/p>\n

\n

Since then, the transaction has been beset by setbacks, including a 2022 physical takeover of Okada Manila by Kazuo Okada \u2014 the man for whom the venue is named \u2014 and his associates. That was followed by more legal wranglings and an accounting controversy<\/a>, which some market observers speculated endangered the SPAC deal.<\/p>\n<\/div>\n

Fast-forward to today, and 26 Capital claims the UEC countersuit is no more than obfuscation on the part of the Japanese company to hide the fact that it\u2019s not doing the legwork necessary to bring the merger across the finish line.<\/p>\n

\u201c26 Capital filed a lawsuit against UEC\u2019s affiliates in February because they were not honoring their contractual obligations and refusing to do the work required to close,\u201d said the SPAC in the statement.<\/p>\n

What\u2019s Next in Okada Manila Saga<\/h2>\n

The Delaware Court of Chancery may toss UEC\u2019s countersuit or rule in favor of 26 Capital, but that remains to be seen. For the court to rule in favor of terminating the deal, which is what the Japanese company apparently desires, the ethical improprieties UEC claims 26 Capital committed will need to be proved.<\/p>\n

On the other hand, the court could rule that UEC is intentionally dragging its feet for no good reason, potentially endangering 26 Capital investors in the process.<\/strong><\/p>\n

The SPAC\u2019s desire to complete the transaction is understandable. Okada Manila is growing, the venue is profitable,<\/a> and the deal could pave the way for future expansion opportunities in the US and Asia-Pacific.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jason Ader\u2019s 26 Capital Acquisition Corp. (NASDAQ: ADER) called a recent countersuit by the casino\u2019s parent company \u201cdesperate.\u201d That’s the same blank-check company attempting to bring Okada Manila public in the US. The special purpose acquisition company (SPAC) was recently hit with litigation by Okada Manila parent Universal Entertainment Corp. (UEC) and related affiliates in […]<\/p>\n","protected":false},"author":46,"featured_media":231983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,60],"tags":[81913,81903,81928],"acf":[],"yoast_head":"\n26 Capital Calls UEC Countersuit Desperate Strategy<\/title>\n<meta name=\"description\" content=\"SPAC 26 Capital calls UEC's countersuit against it a desperate ploy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"26 Capital Calls UEC Countersuit Desperate Strategy\" \/>\n<meta property=\"og:description\" content=\"SPAC 26 Capital calls UEC's countersuit against it a desperate ploy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-21T19:44:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-22T18:32:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/ader.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"749\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/\",\"url\":\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/\",\"name\":\"26 Capital Calls UEC Countersuit Desperate Strategy\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/ader.jpg\",\"datePublished\":\"2023-03-21T19:44:47+00:00\",\"dateModified\":\"2023-03-22T18:32:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"SPAC 26 Capital calls UEC's countersuit against it a desperate ploy.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/26-capital-calls-uec-countersuit-desperate-strategy\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/ader.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/ader.jpg\",\"width\":1200,\"height\":749,\"caption\":\"26 Capital CEO Jason Ader. The SPAC is liquidating following a failed effort to acquire Okada Manila. 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