Caesars Bankruptcy Highlights Cost of Conflict
New York partner Patrick Fitzmaurice’s Private Equity Quarterly article, “The Cost of Conflict” was republished in Law360 on May 11.
In it, he discusses court-appointed examiner Richard Davis’ long-awaited report on Caesars Entertainment Operating Co. Inc.’s (CEOC) bankruptcy case. The case centers on “whether certain prepetition transactions involving CEOC, its parent company and affiliates, and the sponsors of its leveraged buyout gave rise to claims that could be brought against those entities on behalf of CEOC’s creditors,” Patrick wrote. “Davis answered that question in the affirmative and stated his belief that the value of those claims considered by him to be ‘reasonable or strong’ ranged from $3.6 billion to $5.1 billion.”