![]() ![]() ![]() The action – as much as contract law, courtroom arguments and rich lacrosse bros petulantly storming out of midtown Manhattan conference rooms qualifies as action – centres on a vast wake of vultures feasting on $18 billion of distressed debt at the gambling and lodging conglomerate once known as Harrah’s Entertainment. “The Caesars Palace Coup” is a casino caper and legal thriller rolled into one. bankruptcy convention and rewrote the story of one of Wall Street’s most ruthless fights. Their battle from a position as holdout junior bondholders upended U.S. ![]() The conquering “they” in this saga, edifyingly chronicled in a new book published this week, are Howard Marks’ Oaktree Capital and David Tepper’s Appaloosa Management. Marc Rowan and David Bonderman, the respective co-founders of Apollo Management and TPG tried a real-life run for the money with brazen efforts to snatch big slugs of the sprawling Caesars empire before it collapsed under the debt of their poorly timed $31 billion leveraged buyout in 2008. Las Vegas Strip casinos are seen from the High Roller observation wheel in Las Vegas, Nevada, April 9, 2014. ![]()
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