US judge gives Caesars another four months to control bankruptcy

Caesar's will be challenging Chino for "amount of chances to repay their debts"; it's getting bad in the corporate bond market:

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Caesars Entertainment's bankrupt operating unit can keep exclusive control over its bankruptcy until March 15, a U.S. bankruptcy judge ruled on Wednesday, giving the casino group its second extension filing for chapter 11 protection in January.

The casino operating unit, CEOC, presented a new bankruptcy reorganization plan earlier this month which has the support of creditors holding $12 billion of debt, amounting to about two thirds of the total $18 billion debt pile.

The exclusivity was due to expire on Nov. 15 but CEOC asked for another four months to persuade junior bondholders to agree to the plan, which splits its business into an operating company and a real estate investment trust (REIT).

The company is also still waiting for a review of pre-bankruptcy dealings from an independent examiner. The report, initially due by December, is not likely to be ready until early next year.

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http://www.reviewjournal.com/busines...rol-bankruptcy

I took CZR short $9.30 today. It's a gift.

This was just a short squeeze on bond ruling.

Nothing has changed.

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Originally Posted by Shizzmoney

Caesar's will be challenging Chino for "amount of chances to repay their debts"; it's getting bad in the corporate bond market:

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You are much more likely to get paid back on a junk bond than any loan or stake to a poker player.

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Originally Posted by Jayjami

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Originally Posted by Shizzmoney

Caesar's will be challenging Chino for "amount of chances to repay their debts"; it's getting bad in the corporate bond market:

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You are much more likely to get paid back on a junk bond than any loan or stake to a poker player.

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true at least some one will buy that debt; you are more likely to see a unicorn than to get paid back by Chino. Goes to show how good Druff runs that he is one of the few who got his cash back

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Originally Posted by Shizzmoney

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Originally Posted by Jayjami

You are much more likely to get paid back on a junk bond than any loan or stake to a poker player.

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true at least some one will buy that debt; you are more likely to see a unicorn than to get paid back by Chino. Goes to show how good Druff runs that he is one of the few who got his cash back

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Druff loaned Chino money????

I'd like to hear that story.

Caesars Owners Could Be On the Hook for $5.1 Billion To Creditors

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The year-long investigation by Davis cites that back in 2008, shortly after Apollo and TPG acquired Harrah's Entertainment as part of a $31 billion leveraged buyout, that the operating group was already insolvent. Due to this, Davis concluded that the operating unit owed additional fiduciary responsibilities to its creditors.

The group reorganized its operating unit conducted numerous deals without consulting its creditors, including stripping away the Linq Hotel & Casino to another Caesars affiliate. While the company was believed at the time to be looking out for its investors, Davis concluded that some of these deals involving profitable enterprises breached its responsibility to its creditors.

To the dismay of its creditors, Caesars Entertainment Corp subsequently filed for Chapter 11 bankruptcy in hopes to trim down $18.4 billion in debt to a more manageable $8.6 billion.

While Davis believes that there is a 50-percent chance of success in court for damages ranging from $3.6 billion to $5.1 billion, Caesars offered to inject $1.5 billion into Caesars Entertainment Operating Co Inc to settle the claims brought on by creditors.

Yahoo! Finance reports that Caesars and the creditors are involved in mediation in hopes of resolving the claims.

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http://www.pokernews.com/news/2016/0...ampaign=buffer

CAESARS BANKRUPTCY GETS MESSIER THANKS TO FINANCIAL ADVISERS’ EXTRAMARITAL TRYST

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Casino operator Caesars Entertainment’s messy bankruptcy just got a whole lot messier thanks to an extramarital affair involving a company attorney and a female financial adviser.

This week, Reuters reported that US Bankruptcy Judge Benjamin Goldgar had decided to discard the results of an investigation Caesars had launched in the hopes of proving that its actions prior to the January 2015 bankruptcy filing of its main unit Caesars Entertainment Operating Co (CEOC) were legal.

On March 16, Goldgar revealed that Melissa Knoll, an adviser hired by Caesars in 2014, had “tainted” the results of her investigation by having a tryst with Vincent Lazar, a Caesars attorney. Goldgar said that Knoll’s “sleeping with the enemy” meant there “isn’t any point in pursuing” the results of Knoll’s investigation.

Caesars hired Knoll to investigate allegations by junior creditors that Caesars’ controversial pre-bankruptcy asset transfers and debt reneging activities were intended to shield CEOC’s best assets from any restructuring and thus were illegal.

Last month, court-appointed independent examiner Richard Davis issued a non-binding report that determined there was sufficient evidence supporting the creditors’ allegation to make Caesars liable for up to $5.1b in damage claims. (Adding insult to injury, CEOC was tasked with paying the costs of Davis’ probe, which amounted to $41.8m as of Jan. 31.)

Knoll’s team was supposed to combine Davis’ findings with the results of her own investigation to help craft CEOC’s latest restructuring plan, which is due to be filed with the court on Monday. CEOC court documents had previously referred to Knoll’s work as “critical to the debtor’s success.”

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http://calvinayre.com/2016/04/01/cas...marital-tryst/