![]() ![]() These modern financiers now dominate the scene in Corporate America as their fight-to-the-death mentality continues to shock workers, politicians, and broader society-and even each other. And with their own armies of lawyers and bankers, they were ready to do everything necessary to take back what they believed was theirs-if they could just stop their own infighting. ![]() But Caesars’ hedge fund lenders and bondholders had scooped up the company’s paper for nickels and dimes. ![]() Through a $27 billion leveraged buyout and a dizzying string of financial engineering transactions, Apollo and TPG-in the midst of the post-Great Recession slump-had seemingly snatched every prime asset of the company from creditors, with the notable exception of Caesars Palace. The Caesars bankruptcy put a twist on the old-fashioned casino heist. On the other: the likes of Elliott Management, Oaktree Capital, and Appaloosa Management. On one side: Apollo Global Management and TPG Capital. In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards. ![]() It was the most brutal corporate restructuring in Wall Street history. Today we speak to the authors of The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street ![]()
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