The Caesars Palace Coup
How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street
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From the Vegas Strip to Wall Street boardrooms and Federal courts, modern corporate titans collide in this explosive true story of how private equity firm Apollo Global Management's thirty-billion-dollar buyout of Caesars Entertainment turned into unprecedented bankruptcy of the gaming empire.
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I don't envy writers that take on complex investigations like this. By design, the financial machinations are obtuse and confusing, deliberately concocted to bewilder even the most experienced outsider looking in. Despite the inherent complexity, I think the author could have done a better job explaining the core aspects of this case study.
That aside, the key points I took from this book were:
1. Private equity moved assets between entities in an attempt to defraud creditors
2. Private equity owners used the size of the company during the bankruptcy to avoid personal liability for aforementioned fraud (just like Perdue)