a hedge fund boss who is Being sued by his own mother The Post has learned that unpaid debts are keeping him living in Miami and going on expensive vacations — even as his employees are fleeing and his customers are demanding their cash back.
Jason Eder – CEO of Spring Owl Asset Management, an activist fund that in past years has helped topple CEOs including Yahoo’s Marissa Mayer – acknowledged in a letter to investors that the firm’s main fund faces a “challenging period.” As it was moving forward with “liquidation”. Assets of the Fund.”
Ader allocated the firm’s “primary investment” to 26 Capital Acquisition Corp., a vehicle that tried and failed to buy the largest casino in the Philippines for $2.6 billion; and Gameco, a firm denied a casino license by Nevada regulators.
“Both investments were structured as loans, and the circumstances surrounding each contributed to the complexity of the closing,” Eder wrote in an Oct. 15 letter obtained by The Post. “We anticipate there is a possibility of a write-down.”
It comes after the 56-year-old money man – who has previously been an occasional guest on CNBC – was sued by his 81-year-old mother in August after she defaulted on a $13 million mortgage in 2016 Was. His late father’s townhouse on New York’s Upper East Side, State court filings show.
Despite the turmoil, the Spring Owl CEO was spotted partying at the luxurious Faena Hotel in Miami Beach last month, according to two sources familiar with the situation.
The Post also received posts from his now private Instagram account showing Ader and his girlfriend Hana on a trip to France last summer. Vacation photos show the loved-up couple posing at the members-only Monte-Carlo Country Club just outside Nice and the Olympic beach volleyball tournament at the Eiffel Tower in Paris.
A week later, the pair were taken hostage at the Rosewood Baha Mar Hotel in Nassau, Bahamas, social media posts show. Other trips taken in the past two years include Japan, Germany, a break in the Hamptons and a ski vacation in Colorado.
“Jason has always lived his life this way,” said a source close to the firm.
The latest luxury trips came a year later a court decision Ader was slapped on the wrist for failing to pay agreed child support to his second wife, Julie, and their four children.
Ader owns a $6 million Miami apartment at 1000 Biscayne Blvd. – A glass and steel residential tower that houses 84 private residences and includes a spa, fitness center and a rooftop helipad. It is located on the same block as English soccer superstar David Beckham, who owns a $20 million pad.
His firm’s Florida address is registered on posh Brickell Avenue in the city’s financial district. This is despite the fact that SpringOwl is no longer registered with US regulators. Filings with the Securities and Exchange Commission,
The firm is still listed with the Division of Corporations in the tax haven state of Delaware.
In a statement released through his lawyer, Eder said that “any suggestion” that Spring Owl is on the rocks is “false”.
He said, “Contrary to recent claims, I am not selling my assets or closing down my business ventures.”
“While we are responsibly managing the closure of two specific legacy investments, this is a normal part of our investment cycle and is not reflective of broader operations. SpringOwl is actively expanding by seeking new opportunities in line with our long-term growth strategy.
In response, Spring Owl investors scoffed. One frustrated customer lashed out at Ader, complaining in a leaked email obtained by The Post: “There is a special place in hell reserved for liars and scoundrels. Your conduct is extremely disgusting.
“Has anyone who invested with you got any money back?” The supporter became angry, demanding to know why Eder’s firm had not yet handed over the K1 forms that would allow burned victims to seek tax relief from the IRS.
“I have no confidence in getting my money back. What is the net worth after all the lawyers are paid?” Another investor expressed his condolences in The Post, making a veiled reference to Ader’s legal problems. “It’s bulls—t.”
In its last available public report from September 2021, the company claimed to manage some $80 million in assets And last year alone it claimed that it had raised more than $1 billion in capital. Since its establishment in 2013.
That document was co-signed by Ader’s business partner Barry Koenig, who is not named in the latest message. Contacted by The Post, Koenig declined to say whether he had left the company.
According to their LinkedIn profiles, the company’s chief financial officer John Lewis left the company in June last year, while Ader co-founder Andrew Wallach left the company last December. Neither man responded to The Post’s multiple requests for comment.
In his letter to clients in mid-October, Eder blamed a Delaware judge for refusing to order him to close the Philippines deal, which is now costing his company huge losses.
“The timing and release of these funds remains uncertain due to the ongoing legal proceedings,” he wrote in the letter.
Delaware Chancery Court Judge Travis Lester ruled last September that the transaction could not proceed because he saw evidence of double-dealing by Eder and one of his advisers. The judge ruled that it appeared the self-styled investment guru had used “a shady deal” to “enrich himself”.
Austrian billionaire Harald McPike, one of the backers of the failed deal for the Okada Manila casino, is suing the Spring Owl founder in New York over allegations that he usurped his $25 million investment in the failed buyout.
That case is still ongoing, but a court filing posted on October 4 shows that Eder denies the allegations made by McPike.
The Post exclusively revealed in September that Eder’s mother Pamela had accused him of leaving her father’s estate out of millions in mortgage payments as well as hundreds of thousands of dollars in interest and unpaid taxes.
Ader refused to “either admit or deny” the allegations made by his widowed mother in a petition filed through his lawyers in the court on 23 September.
Ader’s special investment vehicle is 26 Capital Acquisition Corp. Even being sued A company reportedly paid an unpaid $140,000 bill for Japanese translation services.
A separate case over a $2 million unpaid legal bill brought by lawyers Schulte Roth & Zabel was settled by 26 Capital last year.
Spring Owl’s website remained offline for at least two weeks and visitors were presented with an error message on its landing page.
The site was restored only after The Post contacted Andrew Lieb, a lawyer who represented Ader in some New York court cases over failed investment deals, for comment.
