Caesars Faces Billions in Claims, Research Finds Evidence of Private Equity Asset-Stripping

Caesars Faces Billions in Claims, Research Finds Evidence of Private Equity Asset-Stripping

A court-appointed examiner’s report, ironically published in the Ides of March, discovered evidence of asset-stripping in Caesars bankruptcy reorganization.

Caesars could face billions of dollars in potential damages in relation to its bankruptcy restructuring, according to the tips of the court-ordered examiners’ report, published Tuesday.

The company is seeking chapter 11 bankruptcy for its primary operating product, CEOC, in an attempt to reorganize $18 billion of its debt, but is facing opposition from its junior creditors.

Ex-Watergate prosecutor Richard Davis led a team of lawyers which spent an investigating the casino giant’s corporate dealings year.

Their aim: to determine whether, as alleged, the company fraudulently transferred many of CEOC’s prime assets to Caesars Entertainment as well as other subsidiaries for the benefit of its controlling private equity backers, while placing them out of the reach associated with junior creditors.

This form of asset-stripping left CEOC with nothing but assets that are distressed a failure to pay for its debts, argues a group of creditors led by the Appaloosa Management hedge fund, that will be suing Caesars.

CEOC Possibly Insolvent as Early as 2008

The investigation team poured over 80 million pages of papers to create its 80-page report. But ultimately it all boiled down seriously to one word.

‘ The answer that is simple this quest

Read More

Massachusetts Swings Both real Ways with Casino Vote

Massachusetts Swings Both real Ways with Casino Vote

The MGM Springfield is one casino that is possible to Massachusetts in the long run; it got a thumbs up from local voters this week

This past week saw a good amount of voting occurring across Massachusetts, including two key votes on proposed casino tasks within the state. The outcomes had been split, giving both casino proponents and their opponents something to crow about.

Hard Rock Hits the Skids

The larger vote came in the city of West Springfield, where there had been a proposition to construct an $800 million Hard Rock casino. The casino had been likely to be one of the key competitors for the Western Massachusetts casino license.

But that project was dealt what could be a fatal blow on Tuesday, after the voters of western Springfield decided to reject the plan in a referendum that is public. About 55% of voters there voted against the casino, with 4,165 coming out from the project versus just 3,413 for it. The loss came as a surprise to many, once the campaign saw supporters of this casino drastically outspend opponents.

That rejection narrows the competition for the casino that is sole in Western Massachusetts. During the brief moment, it seems that only two applicants have actually a chance at that permit: an MGM task in Springfield, and a Mohegan Sun proposition that might be located in Palmer. The Palmer proposal nevertheless needs to be voted on by residents, while the MGM plan was approved by Springfiel

Read More

Philippines SEC Calls for Gambling Enterprises to Fall Under Anti-Money Laundering Legislation Following New York Fed Cyber Heist

Philippines SEC Calls for Gambling Enterprises to Fall Under Anti-Money Laundering Legislation Following New York Fed Cyber Heist

Philippines Securities and Exchange Commission (SEC) Chairwoman Teresita Herbosa said this week that her country has to expand its current Anti-Money Laundering Act (AMLA) to provide investigative authorities with additional resources and research abilities.

Bangladesh central bank boss Atiur Rehman stepped straight down on Tuesday, following an $81 million cyber heist of his country’s cash. Ironically, Rehman is seen here after winning a 2014 GUSI Peace Prize International for his work in neuro-scientific economics.

Specifically, Herbosa says casinos need to fall beneath the AMLA umbrella of regulatory oversight.

‘ We need to strengthen the law,’ Herbosa told reporters in Manila on Monday. ‘It’s an effort that is global eradicate money laundering . . . We need certainly to catch up with individuals doing that activity.’

Charged with supervising the nation’s business sector, spending public, and its particular securities and investment market, Herbosa is giving an answer to the Philippines’ obvious involvement in an effective $81 million cyber heist that spread from america to Southeast Asia.

Half Moved Through Casinos

A bit more than half of the $81 million stolen in the cyber heist moved through two of this https://wizardofozslot.org/crazy-vegas/ country’s casinos, according to PAGCOR, the Philippine’s gaming regulatory authority. One unnamed PAGCOR official noted that the influx of

Read More