Jason Ader, hedge fund boss who was sued by his – Business News
A free-spending hedge fund boss who has been sued by his own mom over unpaid payments has thrown one of his investment funds into chapter 11 — at the same time as he faces a past-due American Express tab value $370,000, The Post has discovered.
Jason Ader — a one-time Wall Street mogul who used to seem on CNBC and who helped convey down ex-Yahoo CEO Marissa Mayer — threw his fund 26 Capital Acquisition Corp into Chapter 11 in July after a botched $2.5 billion takeover of the most important on line casino within the Philippines, in accordance with courtroom papers.
To make issues worse, the 57-year-old investor allegedly blew $370,000 utilizing a assortment of American Express credit playing cards — together with two Platinum accounts, a Delta Sky Miles card and the uber-exclusive, invite-only ‘Black’ card.
Jason Ader and associate Hana on the uber-exclusive Monte-Carlo Country Club final 12 months. Instagram/Hana Ader
Amex is now suing him to claw back the unpaid balances that fueled his jetsetting life-style, in accordance with courtroom papers.
According to statements filed in courtroom, Ader splashed out simply over $9,000 in August 2024 on his ‘Black’ Amex Centurion at a Christian Dior boutique in posh Monaco on the Mediterranean.
As beforehand reported by The Post, that was the identical month that Jason and his associate Hana posted footage on his now-private Instagram account from their summer time trip.
They posed collectively on the members-only Monte-Carlo Country Club in Roquebrune-Cap-Martin on the Cote d’Azur and the Olympic seashore volleyball match on the Eiffel Tower in Paris.
Approached by The Post for remark, Ader mentioned he was unaware of the lawsuit.
Jason Ader and associate Hana in Miami in 2022. Getty Images for PAMM
“I have no record of receiving service, and this is the first time I’ve seen the complaint,” Ader mentioned in a assertion.
“This is a routine commercial matter, and if valid, will be addressed through the proper legal channels,” he added. “To be clear: there is no judgment, and no indication of wrongdoing.”
The revelations are the most recent in a line of legal woes for the one-time rising star of Wall Street — most famously a lawsuit from his 82-year-old mom final summer time when she accused him of ripping off his late father Richard’s property.
Jason is being sued by his mom, Pamela Ader. Facebook/Pamela Ader
Pamela Ader took her son to courtroom in August 2024 after he didn’t keep up with repayments on a $13 million mortgage linked to his dad’s swanky Upper East Side townhouse. That left Richard’s property on the hook for the crippling principal in addition to tons of of 1000’s of {dollars} in curiosity and unpaid taxes, in accordance with courtroom papers.
Jason’s father died in September 2023 at age 81 and made his fortune founding US Realty Advisors, which claims to handle $18 billion of property nationwide. His widow’s lawsuit fails to spell out how a lot his property is value. That case continues to be ongoing as a result of Pamela is suing her son in a personal capability, moderately than his investment corporations.
A transcript of a current courtroom listening to, printed Aug. 1, describes how Ader griped that his mother and father “stopped paying at some point in time in 2021 for the education expenses” of his kids.
Ader had taken out a $13 million loan backed by his now-deceased father Richard’s Upper East Side townhouse. Google Maps
Ader’s ill-fated firm 26 Capital Acquisition Corp filed for Chapter 11 on July 11, itemizing a slew of unpaid attorneys, accountants, translators, tax officers and PR corporations which have misplaced six-figure or seven-figure sums. The firm additionally lists two of Ader’s firms, SPAC mum or dad 26 Capital Holdings and SpringOwl Asset Management, as being owed $14 million.
“Throughout this process, I took extreme care to ensure that not a single public shareholder lost any money. In fact, over $275 million in trust proceeds were returned,” Ader advised The Post in a written assertion.
“SpringOwl and its affiliates are listed as creditors because they provided loans and services to 26 Capital. Those claims, along with certain disputed invoices, are being addressed transparently and lawfully through the bankruptcy process,” he added.
But a US chapter choose in Delaware, Karen B. Owens, stepped in on Aug. 22 to strip Ader of his control of the method, appointing a US Trustee administrator to take charge of settling his money owed.
Ader’s woes seem like linked to his SPAC’s failure to close a $2.5 billion takeover of the Okada on line casino in Manila in 2023. AFP through Getty Images
The watchdog was set up in 1978 to “prevent fraud, dishonesty, and overreaching in the bankruptcy system.”
“There is no evidence I have seen to date that his related companies provided any services worthy of the billings asserted in the Chapter 11 filing,” mentioned one source close to the state of affairs. “It reeks of gamesmanship and bad faith.”
After making a identify on Wall Street within the Nineteen Nineties as a gaming analyst, Ader co-founded Spring Owl in 2013.
He additionally as soon as served as a board member of Las Vegas Sands, the Nevada-based on line casino giant based by the late Sheldon Adelson.
Delaware choose Travis Laster stopped the on line casino deal closing NYU Law
But his Manila on line casino takeover was blocked in September 2023 by Delaware choose Travis Laster, who ruled that the deal couldn’t proceed as a result of Ader had tried to “enrich himself” by way of “a dodgy bargain.”
26 Capital by no means disclosed to the on line casino homeowners that one of its deal advisers, Zama Capital hedge fund founder Alex Eiseman, additionally owned more than 60% of a 26 Capital affiliate.
A lowball deal for the on line casino would due to this fact benefit Eiseman’s investment and Judge Laster described Eiseman’s work with 26 Capital as “a conspiracy to mislead Universal,” the Japanese gaming firm that owned the property.
Ader’s primary investment firm, SpringOwl Asset Management, was initially based in New York, however SEC filings from 2023 show that it’s now headquartered on the upmarket 701 Brickell skyscraper in downtown Miami.
Florida property data lists Ader’s primary residence at a swanky condo apartment on the town’s Biscayne Boulevard, the place English soccer icon David Beckham additionally has a plush pad.
