A hedge fund manager who has been sued by his own mother over an unpaid mortgage he took out on her house has declared himself bankrupt — just months after The Post exposed his wild spending spree in the south of France.
Jason Ader — a 59-year-old former activist investor who a decade earlier regularly appeared on CNBC and helped unseat Marissa Mayer as CEO of Yahoo — quietly filed for personal bankruptcy in Miami on Dec. 22, according to court documents reviewed by The Post.
He owes roughly 2 million in debts, he admitted in court filings and a court-ordered call with creditors last week.
Those include his estranged wife Julie and his mother Pamela, who is suing him in New York after he defaulted on a $13 million loan against the family’s townhouse on the Upper East Side of Manhattan.
Ader has also racked up debts with the Internal Revenue Service, banks, lawyers, and investors who were burned in a botched $2.5 billion takeover of the biggest casino in the Philippines.
Ader — a former board member of the Las Vegas Sands, the casino giant founded by the late GOP kingmaker Sheldon Adelson — claimed he is worth just $239,000.
“That’s an unbelievable net worth claim since it seems to exclude his trusts,” said one person briefed on the matter.
Ader begged the Miami court, which is still deliberating on the case, not to seize the shirts on his back — some $10,000 worth of clothing — and his 2024 Tesla Cybertruck that he values at $70,000.
Among his assets, Ader lists $50,000 of furniture, a Glock G26 pistol, and two unnamed guinea pigs worth $25 each.
But in a bizarre statement issued via a spokesperson, the investment guru called The Post’s questions about the two rodents “inaccurate and inappropriate.”
He claimed that the court filing that explicitly mentioned “non-farm animals” actually “refers to my minor child, who has no involvement in these matters.”
But creditors were unimpressed during the telephone conference, in which Ader faced questions about how he could manage to live in a posh $6 million, four-bedroom condo in a swanky Miami neighborhood. The building is where English soccer icon David Beckham, the co-owner of MLS outfit Inter Miami, also has a property.
The money man admitted under oath that the Biscayne Boulevard apartment was owned by another one of his companies, 826 Capital Holdings LLC, putting it outside his personal bankruptcy proceedings.
“It’s a combination of the divorce proceedings, a long-standing family dispute, which relates to the activity around the townhouse, and an unexpected IRS liability that I am working through,” Ader answered when asked how he had ended up in his financial mess. “I am looking to reorganize my debts and then emerge with a plan.”
He added that he had already stumped up $1 million in housing support for his estranged wife Julie Ader, and as much as $3 million for his five children.
The ex-Bear Stearns analyst, who also blamed costs from the failed legal merger, said during the hearing that his unpaid tax bill to settle with the IRS amounts to roughly $1.6 million.
This latest court appearance comes after Ader seemingly continued his jet-set lifestyle, enjoying multiple fancy European vacations and racking up a $370,000 American Express bill that included a $9,000 shopping spree at Christian Dior in Monaco.
“This comes as no surprise,” said one source close to the situation of his latest debt woes. “Jason was spending money like a drunken sailor. He was living the life of Riley.”
The former CNBC contributor hit back via his rep: “Public impressions from several years ago do not reflect the financial, legal, and operational constraints that developed subsequently. Over time, extended litigation, asset restrictions, and escalating legal costs materially changed my circumstances.”
A separate source described Ader’s move to declare personal bankruptcy as “the nuclear option” to slam the brakes on any possible legal claims against him, including those who lost money when a Delaware judge blocked Ader from closing the merger of the Okada casino in Manila.
But Ader told the Post: “That characterization is incorrect. I am actively participating in all ongoing legal matters, which are now proceeding under court supervision in the Southern District of Florida. Prior public-company shareholders were made whole, and all remaining disputes are being addressed through the appropriate legal channels.”
The bankruptcy filing states that Ader is making $25,000 a month for an Israeli-based cybersecurity firm, Qyprotnic LLC.
The same source shows that the company is registered to a coworking space in Beersheva, southern Israel.
The personal bankruptcy filing marks yet another blow for the man who made his name as a top gaming analyst in the early 1990s.
Last July, he threw his ill-fated investment vehicle, 26 Capital Acquisition Corporation, into bankruptcy following a botched $2.5 billion takeover of the biggest casino in the Philippines.
But a US bankruptcy judge in Delaware, Karen B. Owens, stepped in on Aug. 22 to strip Ader of his control of the process.
She appointed a US Trustee administrator to take charge of settling the company’s debts, which the fallen Wall Street hotshot estimates to be as much as $20 million, according to court papers.
Ader first hit the headlines in the summer of 2024 when this outlet uncovered a lawsuit from his 82-year-old mother when she accused him of ripping off his late father Richard’s estate.
Ader failed to keep up with repayments on a $13 million mortgage linked to his dad’s swanky Upper East Side townhouse, leaving the estate on the hook for the crippling principal as well as hundreds of thousands of dollars in interest and unpaid taxes, according to court papers.
Ader’s lawyers in that case argued in a Dec. 29 filing before the New York County Supreme Court that the lawsuit should be paused while the bankruptcy process is thrashed out.
