The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street

The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street

by Sujeet Indap, Max Frumes
The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street

The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street

by Sujeet Indap, Max Frumes

Hardcover

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Overview

It was the most brutal corporate restructuring in Wall Street history. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards.

In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. On one side: relentless financial engineers Marc Rowan, David Sambur, and David Bonderman with their teams at Apollo Global Management and TPG Capital. On the other: superstar distressed debt investors Dave Miller and Ryan Mollett with their cohorts at the likes of Elliott Management, Oaktree Capital, and Appaloosa Management.

The Caesars bankruptcy put a twist on the old-fashioned casino heist. Through a $27 billion leveraged buyout and a dizzying string of financial engineering transactions, Apollo and TPG—in the midst of the post-Great Recession slump—had seemingly snatched every prime asset of the company from creditors, with the notable exception of Caesars Palace. But Caesars’ hedge fund lenders and bondholders had scooped up the company’s paper for nickels and dimes. And with their own armies of lawyers and bankers, they were ready to do everything necessary to take back what they believed was theirs—if they could just stop their own infighting.

These modern financiers now dominate the scene in Corporate America as their fight-to-the-death mentality continues to shock workers, politicians, and broader society—and even each other.

In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the brutal tactics of distressed debt mavens—vultures, as they are condemned—in the sale and purchase of even the biggest companies in the world with billions of dollars hanging in the balance.


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Product Details

ISBN-13: 9781635766776
Publisher: Diversion Books
Publication date: 03/16/2021
Pages: 352
Product dimensions: 6.30(w) x 9.10(h) x 1.10(d)

About the Author

Sujeet Indap is the U.S. editor of the Lex Column at the Financial Times, where he contributes stories across the paper. He has written extensively on the intersection of corporate finance and corporate law. Indap was previously an investment banker before he joined the Financial Times in 2013. He is a graduate of Pomona College and the Wharton School at the Universityof Pennsylvania. Indap lives in Manhattan, NY, with his wife.

Max Frumes leads a news team at Fitch Solutions covering corporate debt and restructuring. He previously was the founding editor of a leading publication covering corporate bankruptcy, and before that reported for S&P’s Leveraged Commentary & Data and The Deal. Frumes received his undergraduate degree from the Universityof California, Berkeley, and an MSJ from Northwestern’s Medill School of Journalism. He lives in Brooklyn with his wife and daughter.

Table of Contents

List of Select Key Characters v

Caesars Structure vii

Prologue 1

Part I 9

1 A Numbers Game 11

2 Kings of Leon 17

3 Waking up in Vegas 25

4 Put Your Money Where Your Mouth Is 33

5 A Bridge Just Far Enough 41

Part II 45

6 Project Runway 47

7 Not That Innocent 63

8 CERP's Up 77

9 Four Properties of the Apocalypse -85

10 Shot of B-7 91

11 Pixie Dust 101

12 Shell Game 107

13 Chasing Waterfalls 111

14 Guitar Hero 131

15 First Derivative 139

16 Rubicon Crossed 143

Part III 147

17 Big Game Hunter 149

18 Involuntary Reaction 153

19 Pride Goeth Before the Fall 157

20 Split Screen 165

21 Storm Juno is Gone 173

22 A Thorough Examination 179

23 Next Man Up 187

24 Give Peace a Chance 191

25 The Meter is Running 199

26 Don't Stop "Till" You Get Enough 203

27 Mr. Rowan Goes to Washington 213

Part IV 221

28 Roll of the Dice 223

29 The Ides of March 227

30 Old Friends 243

31 The Hole and the Gap 255

32 End Game 269

33 'Pony Up the Paper' 275

34 Know When to Fold'em 287

35 Veni, Vidi, VICL 291

36 The Hangover 299

Epilogue 303

Acknowledgments 313

Notes and Sources 315

Index 334

About the Authors 344

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