The Caesars Palace Coup: Billionaire Brawl Exposes Wall Street Power and Greed

The Caesars Palace Coup: A Riveting Tale of Wall Street's Most Brutal Corporate Restructuring

In the grand tradition of financial sagas like Barbarians at the Gate and The Big Short, the story of the 2015 bankruptcy battle for the storied casino giant Caesars Entertainment is a multi-dimensional poker game that played out from the Las Vegas Strip to the boardrooms of Manhattan and the courthouses of Chicago. This riveting tale pits some of the most brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards.

On one side of this high-stakes conflict stood the formidable team of financial engineers Marc Rowan, David Sambur, and David Bonderman from Apollo Global Management and TPG Capital. Through a $27 billion leveraged buyout and a dizzying array of financial engineering transactions, this group had seemingly snatched every prime asset of the company from its creditors, with the notable exception of the crown jewel, Caesars Palace.

However, Caesars' hedge fund lenders and bondholders, including the likes of Elliott Management, Oaktree Capital, and Appaloosa Management, had scooped up the company's paper for mere pennies on the dollar. Armed with their own armies of lawyers and bankers, they were now ready to do whatever it took to reclaim what they believed was rightfully theirs – even if it meant overcoming their own internal infighting.

The Caesars bankruptcy put a twist on the old-fashioned casino heist, as these modern financiers, often condemned as "vultures," dominated the scene in corporate America with their fight-to-the-death mentality, shocking workers, politicians, and even each other with their brutal tactics in the sale and purchase of even the biggest companies in the world, with billions of dollars hanging in the balance.

In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the high-stakes, multiDimensional battle that unfolded, offering readers a riveting glimpse into the ruthless world of distressed debt investing and the increasingly influential role of private equity firms in shaping the fortunes of corporate giants.

This is a story of financial titans clashing over the spoils of a fallen empire, a tale of cunning, greed, and the unbridled pursuit of wealth that has come to define the modern era of Wall Street. It is a must-read for anyone interested in the inner workings of the high-stakes world of corporate finance and the intense power struggles that often unfold behind the scenes.

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