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SPAC Company 26 Capital Initiates Legal Action Against Okada Manila Subsidiaries for Failure to Accurately Fulfill Merger Obligations

On Thursday, February 2, 26 Capital Acquisition Corp., one of the US-based special purpose acquisition company (SPAC) and the most distant parent company of Okada Manila, filed legal action in a Delaware Court of Chancery against subsidiaries of one of Okada Manila’s operators, Universal Entertainment, alleging that “they have breached their obligations under their original merger agreement.”

These subsidiaries are: Tiger Resort Asia LTD (TRAL), Tiger Resort, Leisure and Entertainment Ltd (TRLEI), UE Resorts International Inc (UERI) and Proje…