In an intriguing turn of events, a special-purpose acquisition company (SPAC), entangled in a financial squabble post a botched $2.6 billion casino deal in the Philippines, has found itself under legal obligation to clear its pending dues of more than $1.9 million to the law firm Schulte Roth & Zabel LLP. This obligation must be met prior to the liquidation of the said company, as per a recent ruling of a court in Delaware.
The SPAC had hoped to close down and liquidate its assets following the derailment of its massive investment plan. However, financial intricacies tied to their binding engagement with Schulte Roth & Zabel have led to a compulsory deferral of these plans. Instead, settlement of the significant attorney fee, as ordered by the court, has surfaced as the unabated priority.
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