a hedge fund mogul Who helped oust former Yahoo CEO Marissa Mayer A man has been sued by his own mother in an ugly dispute over payment of an unpaid debt, The Post has learned.
Jason Ader — the CEO of Spring Owl Asset Management — was sued last month by his 81-year-old mother for not paying the $13 million mortgage he took out in 2016 on his late father’s luxurious townhouse on New York’s Upper East Side. Documents filed in state court show.
Pamela Ader's attorneys claim her 56-year-old son failed to pay the massive loan, leaving his father's estate saddled with a hefty principal balance, plus millions of dollars in interest and unpaid taxes.
Court documents did not elaborate on the younger Eder's reasons for borrowing the money.
At the time, his star was shining on Wall Street with activist shareholder calls that eventually led to the downfall of Yahoo’s Marissa Mayer and former Viacom CEO Philip Dauman.
According to the explosive lawsuit, Ader – Occasional CNBC contributor who is also known for investing in the casino industry — has kept mum about the missed mortgage payments.
His mother learned about the loan only when the lender, Bank of America, contacted her, documents show.
Pamela claims she begged her deceased son to pay off the debt and stop “blowing away cash” — the total amount of liabilities to BofA is $75,000 per month, according to the filing. But Jason responded that he didn't have the money, court documents show.
“During one call, Jason’s attorney claimed Jason was ‘exhausted’ and unable to cure such a default, and the parties’ counsel discussed taking steps to immediately sell the property,” the documents state.
According to court documents, Pamela's legal advisors worked out a deal to sell the luxury home on East 73rd Street. “However, Jason became evasive and refused to enforce the agreement,” the filing states.
A lawyer for the Ader family matriarch did not respond to The Post's request for comment. Jason still has not named his legal team in the case. The younger Ader did not respond to calls and messages seeking comment.
This is not the first time that signs of a mother-son feud have surfaced in court. Last year, a filing revealed this. Separate fraud case The case filed against Ader states that Pamela had hired lawyers to sell her $16 million stake in her son's hedge fund.
In that case, which is still ongoing, Austrian billionaire Harald McPike claims Ader defrauded him of $25 million in a 2021 agreement to support a $2.6 billion bid to buy the largest casino in the Philippines.
The ill-fated deal was revealed in a Sept. 11 letter to Spring Owl investors — obtained by The Post — which warned that the firm faced “substantial challenges” in getting its money back. The letter, signed by Ader and his partner Barry Koenig, blamed a Delaware judge for refusing to order the Philippines deal to close.
The two also pointed to a move by Nevada regulators to deny a casino license to GameCo, a firm in which Ader had decided to invest.
One angry Spring Owl investor, who asked not to be named, said investors had to struggle in vain to find out what had happened to their money.
“All we were getting was nonsense replies. You can see multiple allegations of fraud, you can see multiple allegations of wrongdoing. And now after his father’s death, his own mother has filed a suit against him,” the customer complained.
“It's like I invested in the world's worst hedge fund with the world's worst son,” the disappointed investor said. “Meanwhile he's off in Miami having fun.”
Florida property records show that Ader lives in a $6 million luxury apartment in the same Miami tower where he lives. English football star David Beckham, The owner of MLS club Inter Miami also owns a luxurious home.
He is a regular on the city's party scene, often partying with his attractive new partner, Hana, who is 10 years his junior.
Meanwhile, the wealthy man is embroiled in a dispute with his second wife Julie over divorce terms and their four children.
New York County Supreme Court decision on June 6 Last year, the under-fire hedge funder was found to have refused to pay an agreed-upon amount of child support.
“Despite the terms of the parties' prenuptial agreement and numerous court orders, the father continually interfered with the children's third-party providers, such as tutors, and refused to pay their fees on a timely basis or refused to pay them at all,” the decision said.
Julie Eder’s attorney did not respond to The Post’s request for comment.
After making a name for himself on Wall Street as a gaming analyst in the 1990s, Ader co-founded Spring Owl in 2013. He once served as a board member of Las Vegas Sands, the Nevada-based casino giant founded by the late Sheldon Adelson.
Spring Owl was originally founded in New York, but a 2023 SEC filing shows its new headquarters are at the 701 Brickell skyscraper in downtown Miami. No one answered the phone when The Post called on Friday afternoon.
Richard Ader, who died last September at age 81, made his fortune by founding US Realty Advisors, a company that manages $18 billion in assets across the country. His widow's lawsuit does not say how much his estate is worth.
Angry Spring Owl investors warned Jason could face more legal troubles if he doesn't return their cash.
“Among investors, many are talking about collective action,” the source said. “I would say people are very concerned.”
McPike, 65, accused the hedge fund chief of committing fraud and embezzling money from a failed merger between his 26 Capital special acquisition vehicle and casino owner Universal Entertainment of Japan for “his own personal purposes.”
A Delaware judge last year refused to grant the order prevented the acquisition from going ahead, causing plans to list Okada Manila on the New York Stock Exchange for $2.6 billion to scuttle.
Another investor, Alex Eisman, was negotiating a separate deal for the casino with an investment vehicle backed by former Yankees slugger Alex Rodriguez.
He had planned to hold a concert with his then-fiancée Jennifer Lopez, but the endeavor fell through when the celebrity couple broke up in 2021. The former MLB star and one-time Grammy nominee have not been accused of any wrongdoing.
But it emerged that Eiseman was also advising Jason Eder on his bid and had reportedly struck a secret deal with Spring Owl's CEO to buy his 60% stake in the casino for just $4.5 million, a price far below McPike's investment.
Court documents show that Eiseman's double-dealing was one of the reasons a Delaware court refused to sign off on Ader's acquisition.
The saga of this buy-and-sell took a bizarre turn in 2022, when its ousted founder, Japanese businessman Kazuo Okada, stormed the premises with armed guards and retook control of the casino using brute force.
Okada, 81, was then convicted by the Philippines Supreme Court in November 2023 and declared Japanese gaming company Universal, which has no connection to the American music giant, as the real owner of the company.
