A US judge has temporarily blocked the dissolution of Special Purpose Acquisition Company (SPAC) 26 Capital after a lawsuit to recover some $1.9 million in legal fees linked to the defunct plan for a merger with Okada Manila operator Universal Entertainment.
According to Reuters, the temporary restraining order was granted on Wednesday in a court in Delaware, where the legal measures have played out.
26 Capital had issued a notice last week that it was planning to close down and liquidate its accounts by October 13th.
The firm challenging the closure says that the move could block its chance to receive unpaid legal fees.
26 Capital has issued a statement saying it would fight the ‘unfounded legal actions’.
