Courts block 26 Capital SPAC dissolution

After a lawsuit to recoup around $1.9 million in legal expenses connected to the abandoned proposal for a merger with Okada Manila operator Universal Entertainment, a US court temporarily barred the dissolution of Special Purpose Acquisition Company (SPAC) 26 Capital.

According to Reuters, the Delaware court where the legal proceedings have taken place approved the temporary restraining order on Wednesday.

Last week, 26 Capital announced that it would be shutting down and liquidating its accounts by October 13th.

The company contesting the closure claims that the action may prevent it from collecting outstanding legal expenses.

The ‘unfounded legal proceedings’ will be fought, according to a statement from 26 Capital.

Original story by: Asia Gaming Brief