Caesars Faces Billions in Claims, Investigation Finds Proof of Private Equity Asset-Stripping

Caesars Faces Billions in Claims, Investigation Finds Proof of Private Equity Asset-Stripping

A court-appointed examiner’s report, ironically published on the Ides of March, found evidence of asset-stripping in Caesars bankruptcy reorganization.

Caesars could face billions of dollars in potential damages in terms of its bankruptcy restructuring, according to the guidelines of a examiners that are court-ordered report, posted Tuesday.

The business is seeking chapter 11 bankruptcy for its main operating product, CEOC, so that they can reorganize $18 billion of its debt, it is facing opposition from the junior creditors.

Ex-Watergate prosecutor Richard Davis led a team of lawyers which invested an investigating the casino giant’s corporate dealings year.

Their aim: to determine whether, as alleged, the company fraudulently transferred many of CEOC’s prime assets to Caesars Entertainment along with other subsidiaries for the benefit of its controlling private equity backers, while placing them away from the reach associated with the junior creditors.

This form of asset-stripping left CEOC with nothing but distressed assets and an incapacity to pay for its debts, argues a group of creditors led by the Appaloosa Management hedge fund, that will be suing Caesars.

CEOC Possibly Insolvent as Early as 2008

The investigation team poured over 80 million pages of papers to create its 80-page report. But finally it all boiled down to one word.

‘ The simple answer to this question is ‘ Continue reading “Caesars Faces Billions in Claims, Investigation Finds Proof of Private Equity Asset-Stripping”

Norfolk authorizes secure free double down casino slots deal for envisioned Virginia casino that is tribal

‘We strike the soil running final summertime and never checked back once again. The consultant has become a supporter that is strong of development for Michigan for quite some time. IGT was a player that is serious the usa sportsbetting markets because we provide an exceptional product therefore we’re uniquely skilled to generally meet our users’ desires, timelines and company goals. The double down casino promo code papers reported that the Pamunkey Indian group ultimately wants their envisioned Virginia facility to additionally feature a casino supplying a selection of around 4,000 slot machines and 225 video gaming tables and it has assented that such a site would annually make up Norfolk to your tune of roughly $33 million. See an announcement from Drago Enrico Drago from IGT utilized the news release to declare that his firm had ‘put when you look at the work’ beforehand of your thing to do certain that their PlaySports remedy ‘was market-ready.’ There isn’t any best representation on the mobility and scalability of the PlaySports system than the assortment free codes double down casino of consumers and spots which are presently leveraging they to power her sportsbooks. Structure expense: For the present time, there is a new governor in place and Iden free double down casino slots is actually hoping that their existing guidelines including wagering tends to be passed away ahead of the ultra dish, which happen at the beginning of March. PASPA opportunities: Homeowner weight: He proposed debts session that is last will have legalized f Continue reading “Norfolk authorizes secure free double down casino slots deal for envisioned Virginia casino that is tribal”