{"id":283860,"date":"2023-08-03T14:17:13","date_gmt":"2023-08-03T19:17:13","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=283860"},"modified":"2023-08-03T14:21:26","modified_gmt":"2023-08-03T19:21:26","slug":"universal-entertainment-fires-back-at-aders-26-capital","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/","title":{"rendered":"Okada Manila Parent Calls 26 Capital Allegations \u2018Absurd,\u2019 \u2018Desperate\u2019"},"content":{"rendered":"

Universal Entertainment, the parent company of Okada Manila, responded to allegations levied against it by 26 Capital (NASDAQ: ADER), calling the remarks made in a pretrial brief \u201cabsurd\u201d and \u201cdesperate\u201d efforts to distract from ongoing legal proceedings.<\/p>\n

\"Universal
Universal Entertainment’s Tokyo headquarters. The company called allegations hurled against it by 26 Capital “absurd.”(Image: Reuters<\/em>)<\/figcaption><\/figure>\n

26 Capital is the special purpose acquisition company (SPAC) controlled by Jason Ader that, in October 2021<\/a>, reached a deal to take Okada Manila public on a US exchange in a reverse merger valuing the Philippine integrated resort operator at $2.6 billion.<\/p>\n

Earlier this week, it was revealed that the blank-check company believes Japan-based Universal engaged in \u201csuspicious activity\u201d amounting to potential graft with Philippine officials in an effort to subvert the merger agreement. In a pretrial brief, 26 Capital produced emails<\/a> from Universal executives that appear to support those claims. Universal disagreed with the allegations.<\/p>\n

This is an obvious and very clumsy attempt to muddle the truth, and to steer away from the fact that Ader SPAC engaged in a systematic course of fraudulent and deceptive conduct, including self-dealing, that made any merger with them impossible,\u201d the company noted in a press statement provided to Casino.org<\/em>.<\/p><\/blockquote>\n

Universal lobbed accusations of its own against 26 Capital, claiming that Ader attempted to bribe some officials at the Japanese company and that the SPAC boss employed \u201cprivate investigators to harass and intimidate senior executives who had reservations about the deal.\u201d<\/p>\n

Universal Says Ader Rushed to Complete Okada Manila Deal<\/h2>\n

From the date a transaction is announced, it\u2019s usually just a matter of months before a blank-check deal wraps up. That\u2019s assuming shareholder votes<\/a> are executed in a timely manner.<\/p>\n

\n

While there are examples of SPAC deals taking a while to conclude, the now 22-month period since 26 Capital and Okada Manila first announced merger plans is unusual. Along those lines, Universal Entertainment asserted Ader had a \u201cfrantic need\u201d for the transaction to close due to a deal he made with another investment firm.<\/p>\n<\/div>\n

The Japanese company claimed the SPAC sold $25 million in stock to Rimu Capital, resulting in a need to expedite the combination with Okada Manila because proceeds from the share sale went into Ader\u2019s personal bank account.<\/p>\n

\u201cWhen the deal did not close, Ader apparently did not return the tens of millions of ill-gotten gains. That investor has now sued Ader for fraud in a US Court. Unfortunately, material and incurable breaches of the merger agreement on their side caused the deal to collapse,\u201d added Universal.<\/p>\n

Forced Merger<\/h2>\n

Ultimately, Universal Entertainment wants the merger agreement terminated<\/a> while 26 Capital still desires to bring Okada Manila public in the US.<\/p>\n

Universal believes the agreement works against the will of the company, its executives and investors, and the law.<\/strong><\/p>\n

\u201cA merger was about to take place, but it did not happen because one party could not be trusted, and broke several stipulations of the deal,\u201d concluded Universal. \u201cThat is all there is to it, and to go as far as concocting wild political conspiracies reeks of desperation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Universal Entertainment, the parent company of Okada Manila, responded to allegations levied against it by 26 Capital (NASDAQ: ADER), calling the remarks made in a pretrial brief \u201cabsurd\u201d and \u201cdesperate\u201d efforts to distract from ongoing legal proceedings. 26 Capital is the special purpose acquisition company (SPAC) controlled by Jason Ader that, in October 2021, reached […]<\/p>\n","protected":false},"author":46,"featured_media":230474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,60,32093],"tags":[81913,81903,81928,81966],"acf":[],"yoast_head":"\nUniversal Entertainment Fires Back At Ader's 26 Capital<\/title>\n<meta name=\"description\" content=\"Universal Entertainment says SPAC allegations are "desperate" and "absurd."\" \/>\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\/universal-entertainment-fires-back-at-aders-26-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Universal Entertainment Fires Back At Ader's 26 Capital\" \/>\n<meta property=\"og:description\" content=\"Universal Entertainment says SPAC allegations are "desperate" and "absurd."\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/\" \/>\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=\"2023-08-03T19:17:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-03T19:21:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/QJ6F47VHIBIZ5HLMPIZU6TTT6I.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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\/universal-entertainment-fires-back-at-aders-26-capital\/\",\"url\":\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/\",\"name\":\"Universal Entertainment Fires Back At Ader's 26 Capital\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/QJ6F47VHIBIZ5HLMPIZU6TTT6I.jpg\",\"datePublished\":\"2023-08-03T19:17:13+00:00\",\"dateModified\":\"2023-08-03T19:21:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Universal Entertainment says SPAC allegations are \\\"desperate\\\" and \\\"absurd.\\\"\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/universal-entertainment-fires-back-at-aders-26-capital\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/QJ6F47VHIBIZ5HLMPIZU6TTT6I.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/QJ6F47VHIBIZ5HLMPIZU6TTT6I.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Universal Entertainment's Tokyo headquarters. 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