A blank-check company (or, in other words, a company that is already publicly traded but still has no operations or an established business plan) that made an attempt to take over the largest luxury casino in Manila is currently facing legal action brought by its former legal representatives. As reported by Bloomberg, the ex-attorneys of the firm have revealed that they are seeking to have its liquidation blocked from the court until it pays the legal fees it owes to them.
The legal action was filed in Delaware’s Chancery Court earlier this week by Schulte Roth and Zabel against 26 Capital Acquisition – a special-purpose acquisition company (also known as SPAC) found by Jason Ader, a former gambling industry analyst. In its lawsuit, the multidisciplinary law firm alleges that 26 Capital Acquisition owes it a total of $1.9 million for mergers and acquisitions work associated with the SPAC’s unsuccessful $2.6-billion acquisition of the Okada Manila resort.
Last week, 26 Capital Acquisition officially unveiled its liquidation following a Delaware court’s ruling against the special-purpose acquisition company’s request to force the casino resort’s owners to complete the planned deal.
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Former Lawyers Take 26 Capital Acquisition to Court over Unpaid Legal Fees
