{"id":124696,"date":"2024-11-11T19:18:34","date_gmt":"2024-11-11T12:18:34","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=124696"},"modified":"2024-11-11T19:18:34","modified_gmt":"2024-11-11T12:18:34","slug":"embattled-hedge-fund-boss-jason-ader-has-been-living-it-up-in-miami-while-clients-demand-cash-back","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=124696","title":{"rendered":"Embattled hedge fund boss Jason Ader has been living it up in Miami while clients demand cash back"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>A hedge fund boss who is <a href=\"https:\/\/nypost.com\/2024\/09\/20\/business\/jason-ader-who-helped-topple-marissa-mayer-sued-by-own-mom-for-13m\/\">being sued by his own mother<\/a> over unpaid debts has been living it up in Miami and jetting off on pricey vacations \u2014 even as his employees flee and his clients demand their cash back, The Post has learned.<\/p>\n<p>Jason Ader \u2014 CEO of Spring Owl Asset Management, an activist fund that in past years helped topple CEOs including Yahoo\u2019s Marissa Mayer \u2014 admitted in a letter to investors the firm\u2019s main fund was facing \u201ca challenging period\u201d as it proceeds with \u201cthe liquidation of the fund\u2019s assets.\u201d<\/p>\n<p>Ader singled out the firm\u2019s \u201cprimary investments\u201d in 26 Capital Acquisition Corp., a vehicle that tried and failed to buy the biggest casino in the Philippines for $2.6 billion; and GameCo, a firm denied a casino license by Nevada regulators.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Jason Ader and his new partner Hana have become regular fixtures on the Miami party scene after the money man\u2019s move from New York to Florida. <span class=\"credit\">Getty Images for PAMM<\/span><\/figcaption><\/figure>\n<p>\u201cBoth investments were structured as loans, and the circumstances surrounding each have contributed to the complexity of the wind-down,\u201d Ader wrote in the Oct. 15 letter obtained by The Post. \u201cWe anticipate that write-downs are likely.\u201d<\/p>\n<p>That\u2019s after the 56-year-old money man \u2014 who in the past had also been an occasional guest on CNBC \u2014 was sued in August by his 81-year-old mom after he defaulted on a $13 million mortgage he took out in 2016 against his late father\u2019s townhouse on New York\u2019s Upper East Side,\u00a0<a href=\"https:\/\/trellis.law\/doc\/213493588\/summons-complaint-summons-complaint\" target=\"_blank\" rel=\"noreferrer noopener\">state court filings show.<\/a><\/p>\n<p>Despite the turmoil, the Spring Owl CEO has been seen over the past month partying at the swanky Faena Hotel on Miami Beach, according to two sources briefed on the situation.<\/p>\n<aside class=\"single__inline-module aligncenter wp-block-nypost-editor-primary-tag\">\n<\/aside>\n<p>The Post has also obtained posts from his now-private Instagram account showing Ader and his girlfriend Hana on a trip to France this past summer. The holiday snaps show the loved-up couple posing at the members-only Monte-Carlo Country Club just outside Nice and at the Olympics beach volleyball tournament at the Eiffel Tower in Paris. <\/p>\n<p>A week later, the pair were shacked up at the Rosewood Baha Mar hotel in Nassau, Bahamas, social media posts show. Other trips taken over the past two years include breaks in Japan, Germany, the Hamptons and a ski vacation in Colorado.<\/p>\n<p>\u201cThat is the way Jason has always lived his life,\u201d said one source close to the firm. <\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>The couple posted on Instagram that they had been hanging out at the uber-exclusive Monte-Carlo Country Club this past summer.  <span class=\"credit\">Jason Ader<\/span><\/figcaption><\/figure>\n<p>The latest luxury trips came a year after <a href=\"https:\/\/law.justia.com\/cases\/new-york\/appellate-division-first-department\/2023\/index-no-350006-20-appeal-no-402-case-no-2023-00371.html\">a court ruling<\/a> slapped Ader on the wrist for failing to pay agreed-upon child support to second wife, Julie, and their four children.<\/p>\n<p>Ader has a $6 million Miami apartment at 1000 Biscayne Blvd. \u2014 a glass-and-steel residential tower that boasts 84 private residences and includes a spa, fitness center and a rooftop helipad. It\u2019s located on the same block where English soccer superstar David Beckham owns a $20 million pad.<\/p>\n<p>His firm\u2019s Florida address is registered on the upmarket Brickell Avenue in the city\u2019s financial district. That\u2019s despite the fact that SpringOwl is no longer registered with US regulators, according to <a href=\"https:\/\/adviserinfo.sec.gov\/firm\/summary\/134535\">filings with the Securities and Exchange Commission<\/a>. <\/p>\n<p>The firm is still listed with the division of corporations in the tax haven state of Delaware. <\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Ader is locked in a bitter legal spat with his second wife Julie over the terms of their divorce. <span class=\"credit\">Patrick McMullan via Getty Images<\/span><\/figcaption><\/figure>\n<p>In a statement issued through his lawyer, Ader said that \u201cany suggestion\u201d that Spring Owl is on the rocks is \u201cfalse.\u201d<\/p>\n<p>\u201cContrary to recent claims, I am not liquidating my assets or winding down my business ventures,\u201d he said.<\/p>\n<p>\u201cWhile we are responsibly managing the wind-down of two specific legacy investments, this is a normal part of our investment cycle and does not reflect broader operations. SpringOwl is actively expanding, pursuing new opportunities in line with our long-term growth strategy.\u201d<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Jason is being sued by his own mother Pamela, who is seen here with her late husband Richard, a successful real estate investor.   <span class=\"credit\">Pamela Ader\/Facebook<\/span><\/figcaption><\/figure>\n<p>In response, Spring Owl investors scoffed. One disgusted client lashed out at Ader, griping in a leaked email obtained by The Post: \u201cA special place in hell is reserved for liars and crooks. Your conduct is beyond despicable.<\/p>\n<p>\u201cHas anyone who invested with you received any funds back?\u201d the backer fumed, who demanded to know why Ader\u2019s firm had not yet handed over K1 forms that could allow those who got burned to seek tax relief from the IRS.<\/p>\n<p>\u201cI don\u2019t have any confidence in getting my money back. What is the net value after all the lawyers get paid?\u201d another investor lamented to The Post in a thinly-veiled reference to Ader\u2019s legal woes. \u201cThis is bulls\u2013t.\u201d<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Jason and his new squeeze are shacked up at this swanky Miami condo where English soccer legend David Beckham also own a luxury apartment. <span class=\"credit\">Google Maps<\/span><\/figcaption><\/figure>\n<p>In its last available public report from September 2021, the company claimed to manage some <a href=\"https:\/\/reports.adviserinfo.sec.gov\/reports\/ADV\/134535\/PDF\/134535.pdf\">$80 million in assets<\/a> and boasted only last year that it has raised more than $1 billion in capital<a href=\"https:\/\/www.prnewswire.com\/news-releases\/26-capital-comments-on-delaware-court-of-chancery-ruling-301921499.html\"> since its founding in 2013.<\/a><\/p>\n<p>That document was co-signed by Ader\u2019s business partner Barry Konig, whose name does not appear on the latest missive. Konig declined to say whether he had left the company when contacted by The Post.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Ader, since here in 2011, has been a sometime CNBC contributor and helped bring about the downfall of some of the biggest names in corporate America over the past two decades. <span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>The company\u2019s chief financial officer John Lewis left the firm in June of last year, while Ader\u2019s co-founder Andrew Wallach departed last December, according to their LinkedIn profiles. Neither of the two men responded to The Post\u2019s multiple requests for comment. <\/p>\n<p>In his mid-October letter to clients, Ader blamed a Delaware judge for refusing to order the Philippines deal to close that now leaves his firm facing massive losses.<\/p>\n<p>\u201cThe timing and release of these funds remain uncertain due to ongoing legal proceedings,\u201d he wrote in the letter.<\/p>\n<div class=\"single__inline-module inline-module inline-module--newsletter aligncenter aligncenter wp-block-nypost-editor-newsletter\">\n<div class=\"inline-module__inner\">\n<div class=\"inline-module__title-wrapper\">\n<div class=\"inline-module__unsubmitted-title-wrapper\">\n<h3 class=\"inline-module__title headline headline--combo-sm-md\">\n\t\t\t\t\tStart your day with the latest business news right at your fingertips\t\t\t\t<\/h3>\n<p class=\"inline-module__cta\">\n\t\t\t\t\tSubscribe to our daily Business Report newsletter!\t\t\t\t<\/p>\n<\/p><\/div>\n<p><h3 class=\"inline-module__title headline headline--combo-sm-md\">\n\t\t\t\t\tThanks for signing up!\t\t\t\t<\/h3>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p>Delaware Chancery Court Judge Travis Laster ruled in September last year that the transaction could not go ahead because he saw evidence of double dealing by Ader and one of his advisers. The judge ruled that the self-styled investment guru appeared to have used \u201ca dodgy bargain\u201d to \u201cenrich himself.\u201d<\/p>\n<p>One backers of the failed deal for the Okada Manila casino, Austrian billionaire Harald McPike, is suing the Spring Owl founder in New York over allegations he pocketed his $25 million investment in the botched buyout. <\/p>\n<p>That case is still ongoing, but a court filing posted on Oct. 4 shows that Ader denies the allegations made by McPike.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Ader says his firm got burned in a botched deal to buy the Okada casino in the Philippines. He is being sued by an Austrian billionaire who claims he was scammed out of millions of dollars.  <span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The Post exclusively revealed in September that Ader\u2019s mother Pamela accused him of leaving his father\u2019s estate on the hook for millions in mortgage payments as well as hundreds of thousands of dollars in interest and unpaid taxes.<\/p>\n<p>Ader, via his lawyers in a Sept. 23 court filing, refused to \u201ceither admit or deny\u201d the allegations made by his widowed mother.<\/p>\n<p>Ader\u2019s special investment vehicle, 26 Capital Acquisition Corp, is <a href=\"https:\/\/ecf.nysd.uscourts.gov\/cgi-bin\/show_multidocs.pl?caseid=617652&amp;arr_de_seq_nums=3&amp;magic_num=&amp;pdf_header=&amp;hdr=&amp;psf_report=&amp;pdf_toggle_possible=1&amp;exclude_attachments=&amp;zipit=0&amp;caseid=617652&amp;zipit=0&amp;magic_num=&amp;arr_de_seq_nums=3&amp;got_warning=&amp;create_roa=&amp;create_appendix=&amp;bates_format=&amp;sort1=&amp;date_range_type=&amp;dkt=&amp;got_receipt=1\">even being sued<\/a> by one company over an allegedly unpaid $140,000 bill for Japanese translation services. <\/p>\n<p>A separate case over an unpaid $2 million legal bill brought by attorneys Schulte Roth and Zabel was settled by 26 Capital last year.<\/p>\n<p>Spring Owl\u2019s website was offline for at least two weeks with visitors being presented with an error message on its landing page.<\/p>\n<p>The site was only restored after The Post approached Andrew Lieb, an attorney representing Ader in a handful of New York court cases over the botched investment deals, for comment.<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/nypost.com\/2024\/11\/11\/business\/embattled-hedge-fund-boss-jason-ader-has-been-living-it-up-in-miami-while-clients-demand-cash-back\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A hedge fund boss who is being sued by his own mother over unpaid debts has been living it up in Miami and jetting off on pricey vacations \u2014 even &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=124696\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-124696","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124696"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/124696\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}