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Tuesday, March 31, 2015

Ex-Watergate Prosecutor Appointed To Probe Caesars' Bankruptcy






Ex-Watergate Prosecutor Appointed To Probe Caesars' Bankruptcy

Disclosure: The author is short CZR. (More...)

Summary

  • A bankruptcy judge appointed an ex-Watergate prosecutor to examine inter-company asset transfers at Caesars.
  • Caesars' main operating subsidiary, CEOC, transferred assets to Caesars Growth Partners in October 2013 and May 2014.
  • CEOC was placed into bankruptcy in January 2015. I estimate its fair value to be far less than its $18 billion debt load.
  • If the asset transfers were deemed to rob debt holders, a prosecutor may require the transactions to be unwound.
  • The investigation does not bode well for Caesars' shareholders.



















http://seekingalpha.com/article/3041346-ex-watergate-prosecutor-appointed-to-probe-caesars-bankruptcy?source=email_rt_article_readmore&auth_param=fjrk2:1ahl5tt:5b61dc6cc50191fcd7456bc4bc371197&uprof=46

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