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 Project Tiger Merger Sub Inc.
26 Capital’s lawsuit:
The lawsuit was filed in a Delaware Court of Chancery seeking legal action against Universal Entertainment subsidiaries, following th…