Jason Ader Sued for Manila Casino SPAC Misrepresentation
The creators of Spacs, known as sponsors, typically purchase stakes to align their interests with those of the investors they raise money from. Ader pocketed significant profits from the Rimu transaction as he only originally paid $7.5mn for his so-called founder’s shares, according to court filings.
https://www.ft.com/content/9c4....c39a4-bea3-45cf-aaf3
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