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SPAC Recovery Co. Announces $590 Million Lawsuit Against Blackstone Products, Nomura Securities, Franklin Square, Oaktree and Others for Alleged Fraudulent Scheme

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SPAC Recovery Co., formerly Ackrell SPAC Partners I Co., (the “Company” or “Plaintiff”) filed on May 13th a major lawsuit in the Supreme Court of the State of New York, seeking over $590 million in damages against various defendants jointly and severally. The defendants include North Atlantic Imports, LLC (d/b/a Blackstone Products,  Nomura Securities International, Inc., FS Credit Opportunities Corp. and related entities, Oaktree Capital Management LP and related entities , and individuals, including Blackstone’s CEO Roger Dahle and employees of other defendants.  The litigation complaint alleges a coordinated scheme by defendants (collectively the “Cabal”) to undermine the Plaintiff’s acquisition of Blackstone Products, a leading manufacturer of outdoor cooking products.  Blackstone Products was acquired in May 2025 by its leading industry competitor, Weber-Stephens Products, LLC, which is owned by the private equity firm BDT & MSD Partners .  The Company’s lawsuit, SPAC Recovery Co versus North Atlantic Imports, LLC et al, was filed on May 13, 2025 in the Supreme Court of the State of New York, County of New York, and the case index number is 652916/2025 https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=9WzEDH461bLKqpx4OmhPsA==.

The complaint describes other alleged members of the Cabal, who are not included as defendants in the initial filed complaint, including:  Ackrell Capital LLC, its’ owner Michael Ackrell and the law firm of O’Melveny & Myers (“OMM”).  The Company is currently engaged in FINRA arbitration against Ackrell Capital covering the same allegations.  During the acquisition transaction, OMM provided legal advice to the Plaintiff also well as certain members of the Cabal, namely defendant Blackstone Products, Ackrell Capital and Michael Ackrell.

“SPAC Recovery Co. was betrayed by a deliberate scheme that materially harmed our investors,” said a company spokesperson. “We are committed to holding all of the defendants accountable for their actions and securing justice for our stakeholders.”

The lawsuit accuses the defendants of breaching contractual and fiduciary duties by misusing confidential information and orchestrating an alternative transaction to exclude SPAC Recovery Co. which closed in December 2022. The complaint alleges numerous unlawful acts committed by the Cabal, led by (i) non-defendant Michael Ackrell (then Chairman of SPAC Recovery Co.’s board and owner of Ackrell Capital, which was also engaged as financial advisor to Blackstone Products) and (ii) defendant Roger Dahle (founder and CEO of Blackstone Products),  including:

  • Breaching the Business Combination Agreement, Confidentiality Agreement, and Nomura and FS engagement agreements.
  • Sharing confidential information to facilitate a transaction intended to harm the Company and benefit Blackstone Products and the Cabal.

– The complaint alleges that Nomura, which was engaged by the Company to be its advisor, misled the Company’s Board of Directors during the period of the fraud.  While Nomura claimed to the Company’s board that its’ efforts were focused solely on closing the acquisition transaction, instead it was allegedly collaborating with the Cabal in furtherance of the fraud, in violation of Nomura’s professional duties to the Company.  Specifically, it is alleged that Nomura assisted Michael Ackrell and Roger Dahle to convince investors FS and Oaktree, to participate in the competing transaction, in violation of various agreements, which caused the demise of the Company’s intended acquisition.   

Bolstering the plaintiff’s allegations of unethical and unlawful conduct by Nomura, are the recent history of regulatory and litigation issues, including:  A $50 million SEC penalty in 2022 for off-channel communications; a $35 million penalty in 2023 for residential mortgage-backed securities fraud; and multiple fines in 2025 for naked short selling in South Korea.

The Company asserts 12 causes of action against defendants, including breach of contract, intentional interference, aiding and abetting fiduciary breaches, and respondeat superior, and is seeking: (i) $54 million in compensatory damages, (ii) $537 million in punitive damages, (iii) Specific performance to enforce the BCA, requiring Blackstone Products to sell 18% of its equity to the Company, (iv) Appointment of a receiver to oversee Blackstone Product’s financial activities during litigation, and (v) Reimbursement of attorney fees and costs.

The Company is asking for any individuals with first-hand knowledge of the actions described above, which inflicted the material financial damage on the Company, to please email the Company, or via legal counsel, to discuss in confidence their possible assistance.

About SPAC Recovery Co. – The plaintiff is a Delaware corporation originally formed to pursue a merger or acquisition of an operating business, and had raised approximately $138 million for such purpose.  As a consequence of the alleged fraud, the Company is now solely dedicated to protecting the financial interest of its creditors and investors.  The Company has secured funded litigation financing which it believes is sufficient to fully prosecute its’ case against all Defendants.

For press inquiries, contact the Company via:  [email protected]

The Press Release SPAC Recovery Co. Announces $590 Million Lawsuit Against Blackstone Products, Nomura Securities, Franklin Square, Oaktree and Others for Alleged Fraudulent Scheme appeared first on Pinion Newswire.

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MavinEx Exchange Makes Strategic Entry into U.S. Market, 30,000 Users Demonstrate Its Emergence as a Global Financial Powerhouse

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11 hours ago

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June 17, 2025

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As global finance and digital asset markets rapidly converge, investors increasingly demand trading platforms that combine security, liquidity, and intelligent features. Amid this transformative wave, MavinEx Exchange (MEX) has officially announced its expansion into the U.S. market, backed by cutting-edge technology and a strong compliance foundation. Since its establishment in 2024, MEX has quickly risen to prominence in Australia and globally, achieving a major U.S. breakthrough in 2025 by attracting over *30,000 registered users within just months, a testament to the momentum of its global strategy. 

U.S. Expansion: Ushering in a New Era of Global Investing

Headquartered in Sydney, Australia, MEX was founded by a team of fintech experts committed to building an intelligent trading platform that bridges traditional finance and digital assets. In 2025, MEX formally entered the U.S. market, establishing a local office in San Jose, California, Address: 18 South 2nd Street, San Jose, CA 95113 to provide personalized support and compliance guidance to American users. 

U.S. investors can trade stablecoins (USDT, USDC) and major digital assets on MEX, with U.S. stock trading coming soon, enabling seamless global asset allocation. The platform’s proprietary AI-powered investment tools, high-speed matching system, and blockchain security mechanisms deliver a smooth, intelligent, and efficient trading experience. 

Compliance First: Building Trust Through Regulation

Compliance and security remain cornerstones of MEX’s global strategy. The platform is regulated by Australia’s ASIC and holds a U.S. MSB license, strictly adhering to global AML and KYC policies. Additionally, MEX implements multi-layered security protocols, including cold/hot wallet segregation and smart contract audits, ensuring user assets remain protected even in volatile markets. 

Technology-Driven: Performance Backed by Data

In just one year, MEX has surpassed 500,000 global registered users, with daily trading volume reaching $800 million. In the U.S., MEX gained 30,000 active users in under six months, proof of its strong appeal in technology and service innovation. The platform’s IEO window has also garnered significant attention, boasting an average ROI of 230%+, making it a vital bridge between blockchain startups and global investors. 

The Road Ahead: Building a Global Intelligent Investment Ecosystem

MEX’s U.S. entry is only the beginning of its global ambitions. Over the next two years, the platform plans to expand into Europe, Asia, and South America, while introducing ETF trading, forex, and social investing features, creating a multi-asset, multi-region, multilingual smart finance ecosystem. Through deep integration of AI, blockchain, and big data, MEX aims to provide global investors with a transparent, secure, and sustainable wealth growth platform. 

Join MEX: Embark on Your Global Investment Journey

Guided by its mission to make global investing simpler, MEX combines regulatory strength, technological innovation, and localized services to offer U.S. and global users a trusted, diversified trading platform. Whether you’re new to digital assets or an experienced investor, MEX is your premier gateway to global capital markets. 

Visit www.marketmavin.com today and step into the new era of intelligent investing.

The Press Release MavinEx Exchange Makes Strategic Entry into U.S. Market, 30,000 Users Demonstrate Its Emergence as a Global Financial Powerhouse appeared first on Pinion Newswire.

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MavinEx Exchange: From Sydney to the World, Ushering in a New Era of Innovative Financial Technology

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11 hours ago

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June 17, 2025

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In today’s landscape where fintech is deeply integrated into global markets, technologies like artificial intelligence and blockchain are reshaping investment ecosystems. As global asset allocation grows increasingly complex, secure, intelligent, and diversified trading platforms have become the new focal point. MavinEx Exchange (MEX) emerged in response to this trend. Since its founding in Sydney, Australia, in 2024, MEX has rapidly risen as a new force in global fintech, powered by cutting-edge technology, a robust compliance framework, and a user-centric approach, ushering in a new era of intelligent, tech-driven global investing. 

Technology at the Core: Building a Global Smart Trading Platform

MEX was founded by an international team of experts with dual expertise in finance and technology. Guided by the vision of technology-driven global asset allocation, the platform is dedicated to creating a diversified, all-in-one trading ecosystem that bridges traditional finance and Web3. 

MEX supports trading across multiple asset classes, including stablecoins (USDT, USDC), major cryptocurrencies, and soon-to-launch U.S. stocks, enabling seamless cross-asset management within a single account. 

The platform incorporates an AI-powered one-click investment engine that intelligently optimizes portfolios based on user risk preferences and market fluctuations, making wealth growth effortless. MEX’s stablecoin trading mechanism mitigates exchange rate risks, enhancing efficiency and transparency in international investing. Meanwhile, its high-speed matching system and blockchain-based traceability ensure both security and execution efficiency. 

Compliance as the Foundation for Global Expansion

Compliance has always been the cornerstone of MEX’s steady growth. The platform holds licenses from Australia’s ASIC and the U.S. MSB, strictly enforcing KYC and AML policies to safeguard user assets and identity privacy. MEX operates in full compliance with local regulations across major global markets, establishing itself as a trusted, globally recognized brand. 

With cold and hot wallet segregation, smart contract audits, and multi-layered security protocols, MEX effectively guards against cyber threats and market risks, building a robust safety net for users. 

Rapid Growth: Mapping a Global Financial Footprint

In less than two years, MEX has achieved remarkable milestones, surpassing 500,000 registered users across key financial hubs in North America, Asia-Pacific, and Europe. The platform’s daily trading volume exceeds $800 million, with its AI-driven wealth management and IEO offerings gaining strong traction. 

In 2025, MEX officially entered the U.S. market, attracting over 30,000 registered users within months, a critical step in its global expansion strategy. 

To enhance local investor experience, MEX has established a U.S. service center, Address: 18 South 2nd Street, San Jose, CA 95113, offering one-on-one investment consultations, technical support, and compliance guidance. 

Continuous Innovation: Shaping the Future of Finance

Looking ahead, MEX will expand into additional asset classes (ETFs, forex), introduce social trading and strategy-copying features, and build a truly global investment ecosystem. Its exclusive IEO window will continue to select high-growth blockchain projects with real-world impact, helping investors capitalize on emerging opportunities in the digital economy. 

A MEX spokesperson stated:

We’re not just a trading platform, we’re an intelligent hub connecting global capital with innovative projects. From Sydney to San Francisco, we strive to be our users’ trusted partner in navigating the world of global assets.

Choose MEX, Step into the New Era of Intelligent Investing

With MEX, investors are no longer constrained by geography, currency, or asset class. One account unlocks global asset allocation, whether you’re new to digital assets or a seasoned professional. MEX delivers advanced technology, ironclad security, and full-service support at every step. 

Visit www.marketmavin.com today and embark on your global intelligent wealth journey with MEX.

The Press Release MavinEx Exchange: From Sydney to the World, Ushering in a New Era of Innovative Financial Technology appeared first on Pinion Newswire.

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MavinEx (MEX) Exchange Launches IEO Window, Seizing the New Global Investment Trend

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12 hours ago

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June 17, 2025

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Against the backdrop of evolving digital assets and accelerating global capital flows, Initial Exchange Offerings (IEOs) have become a vital bridge connecting high-growth early-stage projects with global investors. MavinEx (MEX) Exchange, a fintech-driven, compliance-backed intelligent trading platform, has officially launched its exclusive IEO window, creating new wealth opportunities and providing global investors with a fast, secure, and efficient channel for diversified asset allocation. 

IEO Window: Powering Intelligent Wealth Growth

Founded in 2024 and headquartered in Sydney, Australia, MavinEx Exchange was established by an international team of experts with deep expertise in both finance and technology. The platform is dedicated to building a one-stop smart investment ecosystem that bridges traditional finance and Web3. 

MEX’s IEO window will focus on high-growth sectors such as DID, GameFi, and green energy tokens, carefully selecting premium projects to offer investors a streamlined and efficient participation experience. 

By integrating AI-driven wealth management, stablecoin trading mechanisms, and a high-speed matching system, MEX has optimized the entire IEO process. Whether you’re a crypto beginner or an experienced trader, MEX provides a transparent, user-friendly, and rewarding IEO investment experience. 

Compliance Assurance: A Secure Shield for Wealth Growth

MEX holds regulatory licenses from Australia’s ASIC and the U.S. MSB, strictly enforcing global KYC and AML standards to safeguard user funds and identity security. 

All IEO projects must pass a six-tier review process, including team and founder background evaluation, technical feasibility assessment, market potential and competitive landscape analysis, smart contract security audit, tokenomics rationality review and community engagement and development roadmap.

This rigorous mechanism ensures that only authentic, secure, and high-potential projects are listed, allowing investors to seize opportunities while effectively managing risks. 

Tech-Driven: Enhancing IEO Efficiency & Returns

MEX’s IEO platform is built on a high-performance matching engine and distributed blockchain architecture, ensuring smooth participation and stability even during peak demand. Additionally, the platform’s AI-powered one-click investment feature analyzes user preferences, market trends, and project characteristics to recommend the most suitable IEOs, along with personalized risk alerts and strategy guidance. 

Current MEX Platform Stats

  • 500,000+ registered users
  • Daily trading volume exceeding $800 million 
  • Average IEO ROI of 230%+, based on 2024 platform data

 

The platform also supports USDT and USDC stablecoin participation, eliminating exchange rate risks and enabling seamless global asset allocation. 

Global Expansion: Localized Services for Stronger Trust

To provide tailored support, MEX has established a U.S. office in San Jose, California, Address: 18 South 2nd Street, San Jose, CA 95113, offering North American users one-on-one investment guidance and project consultations. The platform also plans to expand into Europe, Asia, and South America within the next two years, building a worldwide IEO service network. 

Looking Ahead: IEOs Driving Global Innovation 

MEX is not just about wealth creation, it aims to be a catalyst for blockchain industry growth. Moving forward, MEX’s IEO platform will introduce more projects with social impact, technological breakthroughs, and global potential, fostering a more diverse and sustainable digital economy. 

A MEX spokesperson stated:

The IEO window marks a major milestone in serving our global users. We believe that transparency, compliance, and technological innovation will drive blockchain investment toward a more mature and inclusive future.

Join MEX & Seize the IEO Opportunity

The MavinEx Exchange IEO platform is now open, join us in discovering the next big value opportunity. Visit www.marketmavin.com for IEO details and take the first step toward global asset allocation.

The Press Release MavinEx (MEX) Exchange Launches IEO Window, Seizing the New Global Investment Trend appeared first on Pinion Newswire.

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