a lawsuit from his 82-year-old mother last summer<\/a> when she accused him of ripping off his late father Richard\u2019s estate.<\/p>\nJason is being sued by his mother, Pamela Ader. Facebook\/Pamela Ader<\/p>\n
Pamela Ader took her son to court in August 2024 after he failed to keep up with repayments on a $13 million mortgage linked to his dad\u2019s swanky Upper East Side townhouse. That left Richard\u2019s estate on the hook for the crippling principal as well as hundreds of thousands of dollars in interest and unpaid taxes, according to court papers.<\/p>\n
Jason\u2019s father died in September 2023 at age 81 and made his fortune founding US Realty Advisors, which claims to manage $18 billion of assets nationwide. His widow\u2019s lawsuit fails to spell out how much his estate is worth. That case is still ongoing because Pamela is suing her son in a personal capacity, rather than his investment firms.<\/p>\n
A transcript of a recent court hearing, published Aug. 1, describes how Ader griped that his parents \u201cstopped paying at some point in time in 2021 for the education expenses\u201d of his children.<\/p>\n
Ader had taken out a $13 million loan backed by his now-deceased father Richard\u2019s Upper East Side townhouse. Google Maps<\/p>\n
Ader\u2019s ill-fated firm 26 Capital Acquisition Corp filed for Chapter 11 on July 11, listing a slew of unpaid lawyers, accountants, translators, tax officials and PR firms that have lost six-figure or seven-figure sums. The firm also lists two of Ader\u2019s companies, SPAC parent 26 Capital Holdings and SpringOwl Asset Management, as being owed $14 million.<\/p>\n
\u201cThroughout 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,\u201d Ader told The Post in a written statement.<\/p>\n
\u201cSpringOwl 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,\u201d he added.<\/p>\n
But a US bankruptcy judge in Delaware, Karen B. Owens, stepped in on Aug. 22 to strip Ader of his control of the process, appointing a US Trustee administrator to take charge of settling his debts.<\/p>\n
Ader\u2019s woes appear to be linked to his SPAC\u2019s failure to close a $2.5 billion takeover of the Okada casino in Manila in 2023. AFP via Getty Images<\/p>\n
The watchdog was set up in 1978 to \u201cprevent fraud, dishonesty, and overreaching in the bankruptcy system.\u201d<\/p>\n
\u201cThere 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,\u201d said one source close to the situation. \u201cIt reeks of gamesmanship and bad faith.\u201d<\/p>\n
After making a name on Wall Street in the 1990s as a gaming analyst, Ader co-founded Spring Owl in 2013. <\/p>\n
He also once served as a board member of Las Vegas Sands, the Nevada-based casino giant founded by the late Sheldon Adelson.<\/p>\n
Delaware judge Travis Laster stopped the casino deal closing NYU Law<\/p>\n
But his Manila casino takeover was blocked in September 2023 by Delaware judge Travis Laster, who ruled that the deal could not proceed because Ader had tried to \u201cenrich himself\u201d through \u201ca dodgy bargain.\u201d<\/a><\/p>\n26 Capital never disclosed to the casino owners that one of its deal advisers, Zama Capital hedge fund founder Alex Eiseman, also owned more than 60% of a 26 Capital affiliate.<\/p>\n
A lowball deal for the casino would therefore benefit Eiseman\u2019s investment and Judge Laster described Eiseman\u2019s work with 26 Capital as \u201ca conspiracy to mislead Universal,\u201d the Japanese gaming firm that owned the property.<\/p>\n
Ader\u2019s main investment firm, SpringOwl Asset Management, was originally founded in New York, but SEC filings from 2023 show that it is now headquartered at the upmarket 701 Brickell skyscraper in downtown Miami.<\/p>\n
Florida property records lists Ader\u2019s main residence at a swanky apartment condo on the city\u2019s Biscayne Boulevard, where English soccer icon David Beckham also has a plush pad.<\/p>\n","protected":false},"excerpt":{"rendered":"A free-spending hedge fund boss who has been sued by his own mother over unpaid bills has thrown…\n","protected":false},"author":2,"featured_media":125015,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,25070,79905,918],"class_list":["post-125014","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-hedge-funds","tag-jason-ader","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/125014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=125014"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/125014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/125015"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=125014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=125014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=125014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}