"It is understood that in today's hearing in the Northern District Court of California, the US District Chief Judge denied Stackla's motion for a TRO but permitted the company to file a motion for a preliminary injunction and suggested the parties meet commercially to resolve the issue," it said in a statement.
"As a result of the above court ruling, and Stackla continuing to have no access to the Facebook and Instagram platforms for the time being, Bailador has made the decision to write down the value of its investment in Stackla to $nil."
Stackla's other investors include venture capital firm Rampersand and a consortium led by former Yahoo! And Ninemsn executive Tony Faure.
While a blow to Bailador, the investment company has other irons in the fire - including a 20 per cent stake in Kiwi company Straker Technologies, which listed on the ASX last October following a A$21 million IPO.
Straker shares first listed at A$1.51 and recently traded at A$1.79.
In May, Straker posted a full-year revenue and adjusted earnings figures that nudged ahead of its prospectus forecast.
