Charlie Munger Names ‘Caesars Palace Coup’ His ‘2022 Pick’ – Financial Restructuring
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At Berkshire Hathaway’s annual meeting of shareholders on April 30, 2022, Berkshire Vice Chairman Charlie Munger chose as his “2022 Pick” The Caesars Palace coup: How a billionaire fight for the famous casino exposed the power and greed of Wall Streetby Sujeet Indap and Max Frumes (2021).
Caesars Palace Coup recounts what he describes as “the most brutal corporate restructuring in the history of Wall Street”, the “bankruptcy fight of the notorious casino giant, Caesars Entertainment”. The book summarizes how a team of Jones Day lawyers across multiple practice areas, led by corporate restructuring and reorganization partner Bruce Bennett, won a historic victory for clients Oaktree Capital, Appaloosa Management and d other second-tier lenders, who have seen their collections increase. from under ten cents on the dollar to over sixty-six cents on the dollar in “one of the great upset wins in Wall Street history.” The increased collection for Jones Day customers totaled more than $3 billion.
Caesars Palace Coup describes in detail “the six-month sweep by the second lien group which had, against all odds, prevailed on virtually every crucial issue of the case”. Jones Day’s team, their legal strategies, and their forensic prowess in achieving this result are featured prominently in the book.
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