A court-appointed examiner’s report, ironically published on the Ides of March, discovered evidence of asset-stripping in Caesars bankruptcy reorganization.
Caesars could face huge amounts of dollars in potential damages in relation to its bankruptcy restructuring, based on the tips of a examiners that are court-ordered report, published Tuesday.
The business is looking for chapter 11 bankruptcy because of its chief operating product, CEOC, in an attempt to reorganize $18 billion of its debt, but is facing opposition from the junior creditors.
Ex-Watergate prosecutor Richard Davis led a team of solicitors which spent 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 main benefit of its controlling private equity backers, while placing them out of the reach for the junior creditors.
This form of asset-stripping left CEOC with nothing but distressed assets and a failure to pay for its debts, argues a team of creditors led by the Appaloosa Management hedge fund, which is suing Caesars.
The investigation team poured over 80 million pages of papers to create its 80-page report. But finally it all boiled right down to one word.
‘ The simple answer to this question i (more…)
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