Caesars and investors could face $5 billion in damages
Submitted by paula on Tue, 03/15/2016 - 9:26pm
Caesars Entertainment Corp and its private equity backers could be on the hook for up to $5.1 billion in potential damages over a series of corporate deals that a court-ordered examiner said Tuesday led to a $18 billion bankruptcy protection filing by the casino company's operating unit.
Richard Davis and a team of lawyers have spent a year probing whether Caesars, under the control of Apollo Global Management and TPG Capital, stripped away prime properties such as the LINQ Hotel & Casino in Las Vegas and left the company unable to pay a mountain of debt.
"The simple answer to this question is 'yes'," wrote Davis at the start of an 80-page summary of his non-binding investigation, published Tuesday.
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