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The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street
It was the most brutal corporate restructuring in Wall Street history. 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.
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. On one side: relentless financial engineers Marc Rowan, David Sambur, and David Bonderman with their teams at Apollo Global Management and TPG Capital. On the other: superstar distressed debt investors Dave Miller and Ryan Mollett with their cohorts at the likes of Elliott Management, Oaktree Capital, and Appaloosa Management.
The Caesars bankruptcy put a twist on the old-fashioned casino heist. 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. But Caesars’ hedge fund lenders and bondholders had scooped up the company’s paper for nickels and dimes. 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.
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.
In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the brutal tactics of distressed debt mavens―vultures, as they are condemned―in the sale and purchase of even the biggest companies in the world with billions of dollars hanging in the balance.
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. On one side: relentless financial engineers Marc Rowan, David Sambur, and David Bonderman with their teams at Apollo Global Management and TPG Capital. On the other: superstar distressed debt investors Dave Miller and Ryan Mollett with their cohorts at the likes of Elliott Management, Oaktree Capital, and Appaloosa Management.
The Caesars bankruptcy put a twist on the old-fashioned casino heist. 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. But Caesars’ hedge fund lenders and bondholders had scooped up the company’s paper for nickels and dimes. 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.
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.
In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the brutal tactics of distressed debt mavens―vultures, as they are condemned―in the sale and purchase of even the biggest companies in the world with billions of dollars hanging in the balance.
352 pages, Hardcover
First published March 16, 2021
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Displaying 1 - 30 of 148 reviews
April 28, 2021
Started well, but got bogged down in the middle. Needed better organization, as the chronology of the narrative was all over the place at multiple different points. Needed a little bit more in depth on the nature of some of the transactions and organizations--I understand how important keeping things simple were to the authors for general consumption, but at times it got so vague as to be incomprehensible.
April 26, 2021
Good story, but an insane number of typos, even for a first edition.
March 31, 2021
Certainly acknowledge that this book covers a very niche / esoteric area, but can unequivocally say it is one of the most thrilling / gripping books I've read in a while. On par with Barbarians at the Gate. Hard to believe that all of this stuff really happened. The colorful characters + crazy situation made for an extremely entertaining story.
December 26, 2021
The book is at best 100 pages of bankruptcy drama and 200 pages of law firm directory. I gave the book 2 stars because I do think that there is a good story here, it just wasn't written well. I was a little troubled by the repeated need to randomly highlight which of the lenders/lawyers/business people were Jewish in this case, why not also inform us who were Christian or Atheist then? I hope that it wasn't intended this way, but it came across a bit like the old Shylock stereotype.
June 2, 2021
Fascinating but incredibly difficult to follow for someone not working in finance or bankruptcy law. Be prepared to try and keep up with the names of 50+ law firms.
May 11, 2022
If you want to understand "creditor-on-creditor violence", why it is happening so often now and if you are a fan of books such as The Predators' Ball, Barbarians at the Gate and The Smartest Guys in the Room then The Caesars Palace Coup by Indap and Frumes will likely be a book you find to be very entertaining and informative.
"THERE WAS AN EXPRESSION AMONGST creditors about dealing with Apollo: Everyone comes to the table with a gun, but Apollo is the only party who puts it on the table before the meeting starts."
Or, if you are curious as to how Apollo keeps gaining ownership or larger and larger parts of valuable assets across the world and how its model has come to dominate corporate America this will be a book you find illuminating. The authors take on this dramatic and entertaining fallout from the financial engineering that took place at Caesars Entertainment (formerly Harrah's Entertainment) - with seemingly extensive input from inside sources and court records (which authors have strung together nicely to provide an uber entertaining narrative). This pitted luminaries such as Howard Marks (Oaktree) and David Tepper (Appaloosa) vs. Leon Black, Marc Rowan (Apollo) and David “Bondo” Bonderman -who is a bit like a racist forrest gump like figure - (TPG) against one another. Even Soros Fund Management, Icahn and John Paulson played bit roles in this. If you find yourself getting angry at the many shenanigans pulled by Apollo (lot of them seemingly spearheaded by the irascible David Sambur - a very colorful and entertaining character, you'll want to read the book at least for the many Entourage Ari Gold like quotes attributed to him) to shortchange creditors then more so than damning "late stage capitalism" perhaps condemn the zero interest policies maintained by global central bankers which have triggered the race to the bottom antics of these investment firms (or as Marks like to say "people energetically exercising their fiduciary duties" when accused of taking part in a fratricidal war).
Something that really struck me was the 1 degree of Michael Milken/Drexel effect, who seemingly is connected to all the major PE investment moguls in America. "The central figure in the Caesars brawl was, however, absent from the room. Apollo Global Management had been one of the two principal private equity firms who had acquired the storied casino chain in 2008. Apollo was defined by two traits: genius and impunity. The firm was co-founded by Leon Black, Michael Milken’s right-hand man at Drexel Burnham Lambert. Milken had famously invented the junk bond market in the 1980s. After Milken’s fall from grace, Black, in 1990, had formed Apollo to exploit the imploding debt markets that Milken and Drexel themselves had wrought. Over its twenty-five-year existence, Apollo’s hallmark had become discerning opportunity where no one else dare tread and then striking deals everyone else was too timid to make. Apollo also liked to play by its own rules, forcing its adversaries to think twice about confrontation. As Apollo’s success compounded over the years, only a few ever stood in its way. Apollo had become, unquestionably, the most feared private equity firm in the world.", "Howard Marks, the co-founder of Oaktree, was never a Drexel employee. But as a consistent buyer of Drexel junk bonds in the 1980s while an investment manager at Citigroup, he eventually became like family to Leon Black. And their wives, Nancy Marks and Debra Black, would become especially close." 6 degrees of Kevin Bacon < 1 degree of Michael Milken.
A quote I absolutely loved from the book was from Marc Rowan (alleged to be a red MAGA hat enthusiast) "Years later, Rowan recalled that when he had joined Drexel, he believed that he was five years too late—all the money had been made and all the fun had. What he said he had learned from the Drexel blow-up and the subsequent birth of Apollo was that, “you want chaos, you want things to be shaken up, you want the system to be brought down and built up again. Just when you think the world is coming to an end and things are never going to get better, that is the time to build a career and build the next great fortune.”" For some reason I suspect Rowan may have been a source to the authors. James Sprayregen was probably a source as well, Andrew Milgram of Marblegat too, in addition to Bruce Bennett, and Kaj Vazales of Oaktree (especially on the antics of Sambur).
With regard to Sambur:
"Somebody tell me where Ken Liang’s breakfast is so I can dip my balls in it,” yelled David Sambur."
"The meeting was in a space called the “Jury Room” across from the firm cafeteria and for some reason Sambur was sloppily eating a bowl of cereal."
"Sambur superficially reminded many of Marc Rowan—short, dark hair, Jewish, and razor sharp when it came to complex finance. Still, he had little of Rowan’s charm. One could not help but like Marc Rowan; one often could not help but cringe at David Sambur. He always operated at Defcon One. Ordinary interactions turned into sieges with Sambur. He was not for chit-chat or back-slapping; it was what you could do for him or what he was going to threaten to do to you."
"Sambur’s more natural approach was to simply use brute force. He was prone to sending a nasty email at all hours of the night, explaining how his opponents, sometimes addressed as “m0therfuckers,” would be vanquished."
And possibly the funniest one:"Basta didn’t mind getting a little coarse: “There comes a time in every case where you have to shit or get off the pot.” Sambur then stood up and aimed to take back control of the meeting. “Thanks Paul, that was great. Good job laying that out,” Sambur began. “And for the avoidance of doubt, I’m here to shit.” The lenders and their advisors looked at each other, shaking their heads. Sambur had a gift for making an awkward situation even more so."
If you run a company that might be involved in a private equity situation/distressed credit this book ought to be required reading.
The one qualm I had was with how the authors wouldn't reintroduce characters as there were so many people involved it was difficult to keep track of who was who a few pages after they'd been introduced. So if the authors had taken care when re-introducing a specific character a few pages after they'd been introduced that'd have been very helpful.
NOTE: If you're not someone involved in or interested in corporate finance you're not likely to find this book entertaining (although the authors have done a good job to try and make this accessible, the structures involved are just too arcane and complicated) - you are likely to find the book boring and tedious.
"It's a lot of fun to go duck hunting, I guess until the ducks start shooting back" - Al Dunlap, what happened to Apollo with Caesars.
"THERE WAS AN EXPRESSION AMONGST creditors about dealing with Apollo: Everyone comes to the table with a gun, but Apollo is the only party who puts it on the table before the meeting starts."
Or, if you are curious as to how Apollo keeps gaining ownership or larger and larger parts of valuable assets across the world and how its model has come to dominate corporate America this will be a book you find illuminating. The authors take on this dramatic and entertaining fallout from the financial engineering that took place at Caesars Entertainment (formerly Harrah's Entertainment) - with seemingly extensive input from inside sources and court records (which authors have strung together nicely to provide an uber entertaining narrative). This pitted luminaries such as Howard Marks (Oaktree) and David Tepper (Appaloosa) vs. Leon Black, Marc Rowan (Apollo) and David “Bondo” Bonderman -who is a bit like a racist forrest gump like figure - (TPG) against one another. Even Soros Fund Management, Icahn and John Paulson played bit roles in this. If you find yourself getting angry at the many shenanigans pulled by Apollo (lot of them seemingly spearheaded by the irascible David Sambur - a very colorful and entertaining character, you'll want to read the book at least for the many Entourage Ari Gold like quotes attributed to him) to shortchange creditors then more so than damning "late stage capitalism" perhaps condemn the zero interest policies maintained by global central bankers which have triggered the race to the bottom antics of these investment firms (or as Marks like to say "people energetically exercising their fiduciary duties" when accused of taking part in a fratricidal war).
Something that really struck me was the 1 degree of Michael Milken/Drexel effect, who seemingly is connected to all the major PE investment moguls in America. "The central figure in the Caesars brawl was, however, absent from the room. Apollo Global Management had been one of the two principal private equity firms who had acquired the storied casino chain in 2008. Apollo was defined by two traits: genius and impunity. The firm was co-founded by Leon Black, Michael Milken’s right-hand man at Drexel Burnham Lambert. Milken had famously invented the junk bond market in the 1980s. After Milken’s fall from grace, Black, in 1990, had formed Apollo to exploit the imploding debt markets that Milken and Drexel themselves had wrought. Over its twenty-five-year existence, Apollo’s hallmark had become discerning opportunity where no one else dare tread and then striking deals everyone else was too timid to make. Apollo also liked to play by its own rules, forcing its adversaries to think twice about confrontation. As Apollo’s success compounded over the years, only a few ever stood in its way. Apollo had become, unquestionably, the most feared private equity firm in the world.", "Howard Marks, the co-founder of Oaktree, was never a Drexel employee. But as a consistent buyer of Drexel junk bonds in the 1980s while an investment manager at Citigroup, he eventually became like family to Leon Black. And their wives, Nancy Marks and Debra Black, would become especially close." 6 degrees of Kevin Bacon < 1 degree of Michael Milken.
A quote I absolutely loved from the book was from Marc Rowan (alleged to be a red MAGA hat enthusiast) "Years later, Rowan recalled that when he had joined Drexel, he believed that he was five years too late—all the money had been made and all the fun had. What he said he had learned from the Drexel blow-up and the subsequent birth of Apollo was that, “you want chaos, you want things to be shaken up, you want the system to be brought down and built up again. Just when you think the world is coming to an end and things are never going to get better, that is the time to build a career and build the next great fortune.”" For some reason I suspect Rowan may have been a source to the authors. James Sprayregen was probably a source as well, Andrew Milgram of Marblegat too, in addition to Bruce Bennett, and Kaj Vazales of Oaktree (especially on the antics of Sambur).
With regard to Sambur:
"Somebody tell me where Ken Liang’s breakfast is so I can dip my balls in it,” yelled David Sambur."
"The meeting was in a space called the “Jury Room” across from the firm cafeteria and for some reason Sambur was sloppily eating a bowl of cereal."
"Sambur superficially reminded many of Marc Rowan—short, dark hair, Jewish, and razor sharp when it came to complex finance. Still, he had little of Rowan’s charm. One could not help but like Marc Rowan; one often could not help but cringe at David Sambur. He always operated at Defcon One. Ordinary interactions turned into sieges with Sambur. He was not for chit-chat or back-slapping; it was what you could do for him or what he was going to threaten to do to you."
"Sambur’s more natural approach was to simply use brute force. He was prone to sending a nasty email at all hours of the night, explaining how his opponents, sometimes addressed as “m0therfuckers,” would be vanquished."
And possibly the funniest one:"Basta didn’t mind getting a little coarse: “There comes a time in every case where you have to shit or get off the pot.” Sambur then stood up and aimed to take back control of the meeting. “Thanks Paul, that was great. Good job laying that out,” Sambur began. “And for the avoidance of doubt, I’m here to shit.” The lenders and their advisors looked at each other, shaking their heads. Sambur had a gift for making an awkward situation even more so."
If you run a company that might be involved in a private equity situation/distressed credit this book ought to be required reading.
The one qualm I had was with how the authors wouldn't reintroduce characters as there were so many people involved it was difficult to keep track of who was who a few pages after they'd been introduced. So if the authors had taken care when re-introducing a specific character a few pages after they'd been introduced that'd have been very helpful.
NOTE: If you're not someone involved in or interested in corporate finance you're not likely to find this book entertaining (although the authors have done a good job to try and make this accessible, the structures involved are just too arcane and complicated) - you are likely to find the book boring and tedious.
"It's a lot of fun to go duck hunting, I guess until the ducks start shooting back" - Al Dunlap, what happened to Apollo with Caesars.
April 16, 2024
Very interesting read feeling like I relearned corporate finance on the fly
April 20, 2022
This is a hell of a business case study of Caesars, one of the most complicated corporate restructurings in history. It wasn’t like “Barbarian at the gate” at all. It was pretty technical and it is not easy for readers who don’t have decent background in corporate finance to follow along. A big part of the book is also about the various courthouse dramas that you need some basic understanding of corporate law to appreciate the twist and development. It is a great book to learn about the technical aspects of corporate restructuring, and with the author’s good writing, it also gives you great feel of the lives of these bankers, operators and lawyers in private equity and distressed investing. I mean, these guys all make tens or hundreds of millions of dollar, yet I just cannot help but feel tired for them as I read on. The poker aspect of it sounds sexy and fun, but the majority of the time these guys are just burying themselves into unimaginable amount of legal documents, and countless negotiations and meetings which are super tedious and basically a waste of life. It is simply torturing, especially when you are a junior guy. I am super interested in the topic and keen to learn every aspect of it, but I have long decided against my career in the professions. It is simply not the best way to live your life.
May 11, 2023
Needs a good edit. Seems more like the marketing for this is the world’s biggest PR coup. I’ve seen this recommended by tons of people. Normal people I respect. But this book was bad. The writing, the selections of information presented, all of it. It felt like being trapped in an elevator with a CPA who was determined to tell you all the unnecessary facts of his most recent audit. They only punchline is that a bunch of money was made and lost.
Maybe I’ll revisit it after another twenty people recommend it, it’s possible I was just not in the right mood here, but this really seemed like a bust.
Maybe I’ll revisit it after another twenty people recommend it, it’s possible I was just not in the right mood here, but this really seemed like a bust.
July 18, 2022
I really enjoyed reading this great story of Lawyers vs VCs, very well written.
October 4, 2021
The Caesars Palace Coup tells the story of one of the most ill-timed and structured leveraged buyouts (LBOs). Right before the subprime mortgage crisis hit, the company was loaded up with massive amounts of debt and then taken private. What resulted were massive layoffs/restructuring and eventual chapter 11 bankruptcy in which the debtors and private equity investors then fought vividly against each other.
If you expect this book to be a drama that moves at breakneck speed and focus on how the companies operations were affected on the ground and the personal destinies of all the layed of employees, you are not going to find it here. The absolute majority of the book's 350 pages are spent on describing the complex financial engineering behind the subsidiaries' set ups and asset transfers, as well as on years of legal proceeding with a massive number of different legal actors.
Overall, I am giving it 3 stars (liked it). While the authors extreme attention to detail can generally be applauded, I couldn't shake the feeling that the same story could have been told with half the number of pages. If you are a current/aspiring bankruptcy lawyer or distressed debt investor, or private equity professional, this book is a 5 stars and should be close to the top of your reading list.
If you expect this book to be a drama that moves at breakneck speed and focus on how the companies operations were affected on the ground and the personal destinies of all the layed of employees, you are not going to find it here. The absolute majority of the book's 350 pages are spent on describing the complex financial engineering behind the subsidiaries' set ups and asset transfers, as well as on years of legal proceeding with a massive number of different legal actors.
Overall, I am giving it 3 stars (liked it). While the authors extreme attention to detail can generally be applauded, I couldn't shake the feeling that the same story could have been told with half the number of pages. If you are a current/aspiring bankruptcy lawyer or distressed debt investor, or private equity professional, this book is a 5 stars and should be close to the top of your reading list.
September 27, 2022
Pretty dense and took a while to get into the groove. Corporate thriller vibes only came through about half way imo and tbh I got pretty confused by all the various characters involved (Probs an accurate reflection of what actually happened with the deal) given the lack of structure and how the narrative panned out. Also not sure if it was my edition of the book but there were a lot of typos…
Nonetheless, still fascinating to learn about how the infamous txn unfolded over time into a gripping legal battle with lots of cautionary messages wrt the relationship with creditors. Feels bad for Loveman…
Nonetheless, still fascinating to learn about how the infamous txn unfolded over time into a gripping legal battle with lots of cautionary messages wrt the relationship with creditors. Feels bad for Loveman…
September 25, 2021
This is a story of THE giant of the Wall Street. The story covers the most crucial aspect to be the leader in the street: ruthless. Better than most finance textbooks.
A good reminder to always read the legal docs to know what is your right as an investor. If you’re not willing to play hard and dirty, other people will.
A good reminder to always read the legal docs to know what is your right as an investor. If you’re not willing to play hard and dirty, other people will.
April 3, 2022
Tells the story of the leveraged buyout of Ceasers Entertainment (the Vegas casino company) by Apollo and TPG (two of the biggest hitting private equity firms) for $28 billion in 2007/8. Simply put, the buyers over paid and over leveraged, and then proceeded to undertake a series of highly questionable transactions (i.e fraudulent transfers and asset stripping) in order to buy time in the wake of the GFC and attempt to avoid bankruptcy. Whilst these suspect transactions extended the run way for Ceasers and its shareholders, they were vehemently opposed on the other side by the various groups of creditors holding different types of Ceasers debt. After the initial set up (which was quite interesting) - it is this dispute that forms the crux of the book, following the various pieces of litigation which ultimately leads to Ceasars bankruptcy and restructuring.
For me, this was a far cry from the panache of Michael Lewis and his talent for making technical and complex subject matter into a thrilling narrative. With the exception of the first 100 pages (as mentioned, this was an interesting coverage of the initial acquisition and early strategy of managing the business), the authors failed to make the narrative interesting, or to even really string together a sensical chronology of events. Instead it read as a litany of name dropping, both individuals and firms, who the authors clearly idolise, even whilst telling the story of their blatant greed and mis-use of their clear intelligence/skills toward facilitating financial gain at the expense of others.
Target audience would be an insolvency/restructuring lawyer, or someone trying to memorise the names of all the white shoe US law firms.
For me, this was a far cry from the panache of Michael Lewis and his talent for making technical and complex subject matter into a thrilling narrative. With the exception of the first 100 pages (as mentioned, this was an interesting coverage of the initial acquisition and early strategy of managing the business), the authors failed to make the narrative interesting, or to even really string together a sensical chronology of events. Instead it read as a litany of name dropping, both individuals and firms, who the authors clearly idolise, even whilst telling the story of their blatant greed and mis-use of their clear intelligence/skills toward facilitating financial gain at the expense of others.
Target audience would be an insolvency/restructuring lawyer, or someone trying to memorise the names of all the white shoe US law firms.
July 10, 2021
A great work of scholarship on the players, the legal structuring shenanigans, and management / board roles in the restructuring. I have a great appreciation for how important each word is in a legal document, and how assuming good intentions of an equity owner as a creditor can be a damning mistake down the line. Or said differently, the chasing for returns can lead you to make pretty dumb compromises and leave yourself at risk. Buffet would say that you “don’t need to swing at every pitch.”
—
There were some pretty dry chapters going into the byzantine relationships and shell game of shuffling around value. All interesting stuff, but just not approachable. One interesting quote was that “structure determines behavior”, which is a really appropriate way to contextualize the appetite for volatility from any given investor (e.g. locked up funds w/ no mark to market can stomach for longer.)
Some of the courtroom drama was pretty funny. Some classic cases of stuffing the board with loyalists (so far out of depth) who’s M.O. is to continue riding sponsor coat tails for the checks. Tried and true method to give the impression of “independence.”
This book also had some pretty colorful commentary on the various players, which was pretty consistent with what I have heard.
—
There were some pretty dry chapters going into the byzantine relationships and shell game of shuffling around value. All interesting stuff, but just not approachable. One interesting quote was that “structure determines behavior”, which is a really appropriate way to contextualize the appetite for volatility from any given investor (e.g. locked up funds w/ no mark to market can stomach for longer.)
Some of the courtroom drama was pretty funny. Some classic cases of stuffing the board with loyalists (so far out of depth) who’s M.O. is to continue riding sponsor coat tails for the checks. Tried and true method to give the impression of “independence.”
This book also had some pretty colorful commentary on the various players, which was pretty consistent with what I have heard.
February 24, 2024
"The Caesars Palace Coup" by Sujeet Indap is a fascinating story of power, influence, the US banking "system" and good ole fashioned GREED!
It provides a very detailed, almost forensic, account of the fortunes and misfortunes surrounding this venerable brand in Las Vegas. As a fan of Vegas in general and IT professional I've certainly spent more than my fair share at the Palace. But this book provided insights I'd never thought of before.
The book is dry and heavy on financial accounting details - not everybody will enjoy the level of granularity. But if you're the slightest bit curious about how a literal handful of firms with innocuous sounding names control the financial fortunes of the world in their collective hands, this will be an eye-opening experience - and not altogether pleasant at times when one realizes the sheer magnitude of how entrenched the financial services apparatus is engaged in proverbially "all the things"
Fascinating if somewhat dry at times, read.
It provides a very detailed, almost forensic, account of the fortunes and misfortunes surrounding this venerable brand in Las Vegas. As a fan of Vegas in general and IT professional I've certainly spent more than my fair share at the Palace. But this book provided insights I'd never thought of before.
The book is dry and heavy on financial accounting details - not everybody will enjoy the level of granularity. But if you're the slightest bit curious about how a literal handful of firms with innocuous sounding names control the financial fortunes of the world in their collective hands, this will be an eye-opening experience - and not altogether pleasant at times when one realizes the sheer magnitude of how entrenched the financial services apparatus is engaged in proverbially "all the things"
Fascinating if somewhat dry at times, read.
December 19, 2023
Great insight and case study on private equity, leveraged buyouts and debt structures.
Reminder to be super aware of what is written in debt documents and what rights that allowed you. Be wary of light covenants and the ability to be knocked down the debt rights seniority pyramid.
Great reminder that debt can also be an instrument to find value if a company is great but with a bad balance sheet.
Always have to be able to trust the underlying controllers and study their histories of what they think is the ethical line.
Fascinating story and fun read with many shocking actions!
Reminder to be super aware of what is written in debt documents and what rights that allowed you. Be wary of light covenants and the ability to be knocked down the debt rights seniority pyramid.
Great reminder that debt can also be an instrument to find value if a company is great but with a bad balance sheet.
Always have to be able to trust the underlying controllers and study their histories of what they think is the ethical line.
Fascinating story and fun read with many shocking actions!
January 15, 2023
Truly a Tome. Incredible what a good job the authors do at helping a reader keep all the participants and transactions straight. This would be a solid read for anyone beginning to be interested in corporate finance; even if they have to look some things up, every term is embedded in enough context that it'd stick much better than a list of definitions.
As a side note, wild just how many people in these industries went to the same schools played the same sports etc.
As a side note, wild just how many people in these industries went to the same schools played the same sports etc.
April 7, 2023
I was really excited for a new case study type book to give me my “Smartest Guys in the Room” fix. Even though I am familiar with the concepts discussed, unfortunately the organization and name dropping in the book is a lot to keep up with that overall just led to choppy narration. Worth a read if this is your exact field, but if you have a general interest, this is going to be hard to get through.
January 10, 2023
Highly entertaining but very convoluted writing. Here is a collection of my favorite quotes from the novel:
“And for some reason Sambur was sloppily eating a bowl of cereal”
“You hear Ken’s voice on the phone and all you can do is sigh”
“Fortgang had once thrown a bagel at an opposing investment banker telling him, ‘This is what you’re entitled to!’”
“We’re going to rent a blimp and have it hover over Times Square with all your bank account information”
“Pulling a J Crew”
“And for some reason Sambur was sloppily eating a bowl of cereal”
“You hear Ken’s voice on the phone and all you can do is sigh”
“Fortgang had once thrown a bagel at an opposing investment banker telling him, ‘This is what you’re entitled to!’”
“We’re going to rent a blimp and have it hover over Times Square with all your bank account information”
“Pulling a J Crew”
March 21, 2023
3.5 stars. Interesting, well-written, and researched in detail. However, unless you are a bankruptcy lawyer and/or a hedge fund level financier, you'll likely have a tough time following the action. This one ain't a simple "whodunit" type suspense book. All in all, I liked but did not love it.
August 7, 2023
So poorly written, but what a story! Would have been a 5 if it had better prose, fewer typos, and clearer organization. Serves as a good sequel of sorts to Barbarians at the Gate. BatG covers the purchase an asset and this covers what happens when you take on too much leverage in order to purchase an asset.
February 9, 2022
Restruktureringer er laaaaange, advokater og ageny problemer, og PE er kill or be killed. Noice
June 14, 2023
Absolutely phenomenal book. As someone whose former firm was a member of the 2nd Lien bondholders committee in Chapter 11, I can't recommend this enough. Ranks right up there at the top of "true finance" (my own category, sort of like true crime) books.
April 1, 2023
This was a San Diego CFA Society book club selection; otherwise I would not have finished it. My two biggest complaints:
1. This is not very readable as a book; it feels more like a draft HBS case that still needs lots of trimming. Having finished it, I appreciate having learned the general story but I still wonder: why does this need to be a book at all? Who is the intended audience? I suppose the answer is investment bankers, securities lawyers, private equity and distressed debt investors who enjoy reading about themselves and their competitors. However, whatever fraction of that crowd buys and reads books can hardly be large enough to have interested the publisher.
Never having worked in or wanted to work in investment banking, I barely tolerated the chronicling of deal minutiae throughout the first 1/2 to 2/3 of the book.
2. The authors try to portray Judge Goldgar as goofy, if not in over his head, but what they report about his behavior doesn't justify this portrayal. Although they describe several instances of him acting in ways they tell us are unconventional, they never show him being out of his depth, which they implied from his introduction. What do they have against him? Also, considering all the superfluous facts they chose to include, why leave out a summary of his experience as a bankruptcy judge? While his tenure alone doesn't denote expertise, never mind a lack of goofiness, considering all the other superfluous facts they felt compelled to include across 300+ pages I don't see why they chose to leave his bona fides out. Were the authors too enthralled by their source(s), or did they believe painting him as some kind of wildcard would enhance the tension in a mostly tensionless story? Either way, this portrayal of him seemed forced and unjustified. Better to spill additional ink on more examples of abhorrent behavior by Sambur, whom they convincingly painted as dislikable, and leave Goldgar alone.
My final take: Perhaps an extremely abridged version might have worked in a magazine or newspaper series, but this edition just didn't work as a book I would recommend.
P.S. Unlike me, several of my CFASD colleagues found this engrossing. It seemed the closer they are to investing in distressed securities or corporate debt, the more compelling they found it.
1. This is not very readable as a book; it feels more like a draft HBS case that still needs lots of trimming. Having finished it, I appreciate having learned the general story but I still wonder: why does this need to be a book at all? Who is the intended audience? I suppose the answer is investment bankers, securities lawyers, private equity and distressed debt investors who enjoy reading about themselves and their competitors. However, whatever fraction of that crowd buys and reads books can hardly be large enough to have interested the publisher.
Never having worked in or wanted to work in investment banking, I barely tolerated the chronicling of deal minutiae throughout the first 1/2 to 2/3 of the book.
2. The authors try to portray Judge Goldgar as goofy, if not in over his head, but what they report about his behavior doesn't justify this portrayal. Although they describe several instances of him acting in ways they tell us are unconventional, they never show him being out of his depth, which they implied from his introduction. What do they have against him? Also, considering all the superfluous facts they chose to include, why leave out a summary of his experience as a bankruptcy judge? While his tenure alone doesn't denote expertise, never mind a lack of goofiness, considering all the other superfluous facts they felt compelled to include across 300+ pages I don't see why they chose to leave his bona fides out. Were the authors too enthralled by their source(s), or did they believe painting him as some kind of wildcard would enhance the tension in a mostly tensionless story? Either way, this portrayal of him seemed forced and unjustified. Better to spill additional ink on more examples of abhorrent behavior by Sambur, whom they convincingly painted as dislikable, and leave Goldgar alone.
My final take: Perhaps an extremely abridged version might have worked in a magazine or newspaper series, but this edition just didn't work as a book I would recommend.
P.S. Unlike me, several of my CFASD colleagues found this engrossing. It seemed the closer they are to investing in distressed securities or corporate debt, the more compelling they found it.
March 22, 2024
Tips om te winnen in het 711 Casino
Tot op 711 Casino de dag van vandaag is dit het wereldrecord
Het probleem is dat veel mensen die graag bij online casino's spelen de ambitie hebben om de jackpot te winnen, maar ze raken vaak ontmoedigd door het feit dat ze niet vaak winnen. Ze hebben de indruk dat de illusoire grote betaling net buiten hun bereik ligt.
Stel je voor dat je oneindig lang op slotmachines speelt of oneindig veel rondes aan een tafelspel speelt, maar dat je bankroll voor je eigen ogen verdwijnt. Er is een mogelijkheid dat de irritatie en teleurstelling een gebeurtenis die plezierig en opwindend zou moeten zijn, doen lijken op een oorlog die verloren wordt.
Een antwoord is er: Bij 711 Casino kunnen we in jouw voordeel werken en de rollen omdraaien. Jouw droomwinst is dichterbij dan je denkt, dankzij spellen die zorgvuldig zijn geselecteerd en bekend staan om hun hogere uitbetalingspercentages, evenals technieken die speciaal zijn ontwikkeld om je kansen op het winnen van die jackpot, die je leven voorgoed zou kunnen veranderen, te vergroten. De intuïtieve interface van ons platform zal je helpen bij je zoektocht naar de jackpot door je te voorzien van insiderinformatie en methodes. Dit zorgt ervoor dat je volgende draai de potentie heeft om je de rijkdom te brengen waar je naar op zoek bent.
Bonussen en speciale aanbiedingen voor gamers die al geregistreerd zijn
Uitstekende spelkeuzes om uit te kiezen
De spelselectie bij 711 Casino is echt uitzonderlijk en biedt een breed scala aan opties die geschikt zijn voor elk type speler, van degenen die net beginnen tot degenen die al jaren spelen.
Een bijzonder interessant aspect van het casino is de grote verscheidenheid aan slotspellen die beschikbaar zijn. Deze spellen variëren van traditionele machines met drie rollen tot geavanceerde videoslots met rijke verhaallijnen en bonusrondes.
Bijzondere aandacht moet worden besteed aan het live dealer gedeelte omdat het een ervaring biedt die zo meeslepend is dat het bijna lijkt op de spanning en sfeer van een echt casino.
Een extra element van opwinding wordt toegevoegd door de progressieve jackpotspellen, die spelers de kans geven om geldbedragen te winnen die hun leven compleet kunnen veranderen.
Daarnaast garandeert de uitgebreide selectie tafelspellen, waaronder verschillende varianten van blackjack, roulette en poker, dat er voor elk wat wils is, ongeacht de manier waarop ze willen spelen.
Software en videospellen
Als het aankomt op de enorme uitgestrektheid van online gokken, is de illusoire jackpot de ultieme beloning die spelers in de arena van cyber casino's willen verwerven. Vandaag gaan we het licht laten schijnen op een lichtend voorbeeld in deze chaotische wereld: 711 Casino. Dit casino staat bekend om zijn boeiende assortiment jackpotspellen en zijn gebruiksvriendelijke platform, dat aantrekkelijk is voor zowel doorgewinterde gokkers als nieuwelingen. In dit artikel neem ik je mee op een reis door het hart van 711 Casino, waar we de functies en gebruikerservaring analyseren en, het allerbelangrijkste, een aantal insider tips onthullen die je zullen helpen om je kansen op het winnen van die felbegeerde jackpot te vergroten. Deze recensie belooft je informatie te geven die je benadering van online gokken compleet kan veranderen, ongeacht of je hier bent om methodes te bestuderen, de magie achter hun spellen te ontdekken of gewoon nieuwsgierig bent naar wat 711 Casino onderscheidt van de concurrentie.
Tot op 711 Casino de dag van vandaag is dit het wereldrecord
Het wereldrecord is niet alleen een belangrijke persoonlijke mijlpaal, maar het is ook een demonstratie van de geest van uithoudingsvermogen en grootsheid. Er kan een verband worden gelegd tussen deze prestatie en de toewijding en opwinding die 711 Casino zijn klanten biedt. Deelnemen aan de wereld van gaming bij 711 Casino biedt een ervaring die onvergelijkbaar is, waar talent en fortuin elkaar ontmoeten, wat 711 casino betrouwbaar resulteert in memorabele momenten van succes en amusement. Net zoals het vestigen van een wereldrecord planning, aandacht en een onbreekbare houding vereist, zo vereist het deelnemen aan de wereld van gaming bij 711 Casino dat ook.
Het probleem is dat veel mensen die graag bij online casino's spelen de ambitie hebben om de jackpot te winnen, maar ze raken vaak ontmoedigd door het feit dat ze niet vaak winnen. Ze hebben de indruk dat de illusoire grote betaling net buiten hun bereik ligt.
Stel je voor dat je oneindig lang op slotmachines speelt of oneindig veel rondes aan een tafelspel speelt, maar dat je bankroll voor je eigen ogen verdwijnt. Er is een mogelijkheid dat de irritatie en teleurstelling een gebeurtenis die plezierig en opwindend zou moeten zijn, doen lijken op een oorlog die verloren wordt.
Een antwoord is er: Bij 711 Casino kunnen we in jouw voordeel werken en de rollen omdraaien. Jouw droomwinst is dichterbij dan je denkt, dankzij spellen die zorgvuldig zijn geselecteerd en bekend staan om hun hogere uitbetalingspercentages, evenals technieken die speciaal zijn ontwikkeld om je kansen op het winnen van die jackpot, die je leven voorgoed zou kunnen veranderen, te vergroten. De intuïtieve interface van ons platform zal je helpen bij je zoektocht naar de jackpot door je te voorzien van insiderinformatie en methodes. Dit zorgt ervoor dat je volgende draai de potentie heeft om je de rijkdom te brengen waar je naar op zoek bent.
Bonussen en speciale aanbiedingen voor gamers die al geregistreerd zijn
We hechten veel waarde aan onze huidige spelers bij 711 Casino en we zijn vastbesloten om hen een ervaring te bieden die ongeëvenaard is in de gamingindustrie. Dit is de reden waarom we exclusieve extraatjes en promoties hebben gecreëerd die alleen voor jou beschikbaar zijn! Er is altijd wel iets dat je spel kan verbeteren, of het nu een wekelijkse herlaadbonus is, gratis spins op je favoriete gokkasten, unieke VIP-programma's of cashback incentives. We willen je bedanken voor het kiezen van 711 Casino als jouw favoriete goklocatie en we moedigen je aan om op de hoogte te blijven van de nieuwste promoties door ervoor te zorgen dat je onze e-mails en waarschuwingen controleert. Jouw inzet is erg belangrijk voor ons en we zijn er om ervoor te zorgen dat deze wordt erkend en gewaardeerd.
Uitstekende spelkeuzes om uit te kiezen
We waarderen je opmerking over onze spelkeuzes. Ons doel bij 711 Casino is om onze spelers te voorzien van een grote verscheidenheid aan spellen die zowel interessant als vermakelijk zijn, zodat we kunnen inspelen op hun unieke voorkeuren. Het doet ons veel plezier om te horen dat je onze collectie leuk hebt gevonden en we zijn altijd op zoek naar nieuwe en intrigerende toevoegingen. Ik zou het op prijs stellen als je ons suggesties of favorieten zou willen geven. Met uw opmerkingen kunnen we ons aanbod verbeteren en ervoor zorgen dat onze gamers blij blijven.
De spelselectie bij 711 Casino is echt uitzonderlijk en biedt een breed scala aan opties die geschikt zijn voor elk type speler, van degenen die net beginnen tot degenen die al jaren spelen.
Een bijzonder interessant aspect van het casino is de grote verscheidenheid aan slotspellen die beschikbaar zijn. Deze spellen variëren van traditionele machines met drie rollen tot geavanceerde videoslots met rijke verhaallijnen en bonusrondes.
Bijzondere aandacht moet worden besteed aan het live dealer gedeelte omdat het een ervaring biedt die zo meeslepend is dat het bijna lijkt op de spanning en sfeer van een echt casino.
Een extra element van opwinding wordt toegevoegd door de progressieve jackpotspellen, die spelers de kans geven om geldbedragen te winnen die hun leven compleet kunnen veranderen.
Daarnaast garandeert de uitgebreide selectie tafelspellen, waaronder verschillende varianten van blackjack, roulette en poker, dat er voor elk wat wils is, ongeacht de manier waarop ze willen spelen.
Software en videospellen
In het steeds veranderende landschap van digitaal entertainment zijn software en games essentiële onderdelen van de producten en diensten die we leveren. Bij 711 Casino zijn we toegewijd aan het aanbieden van een breed scala aan spelopties die van hoge kwaliteit en interessant zijn, en die een breed scala aan spelers met verschillende vaardigheidsniveaus en interesses aanspreken. De gebruiksvriendelijkheid van ons platform wordt gegarandeerd door de soepele integratie van geavanceerde software, die wordt aangevuld door een spelbibliotheek met zowel traditionele favorieten als de meest recente ontwikkelingen. Deze toewijding verbetert niet alleen de spelervaring voor onze spelers, maar helpt ook om onze positie als de meest prominente bestemming voor online entertainment te verstevigen.
August 1, 2021
As a Nevada resident, I'm always interested in books on the history of the state and particularly Las Vegas and the gaming industry.
Though fascinating -- I had no idea of the financial maneuverings behind so many of the casinos -- the book is extremely detailed and not for the faint of heart or the casual reader. I understood most of the machinations outlined in the book, but only because my degrees were in public administration and finance.
Overall, 3 1/2 stars...
Though fascinating -- I had no idea of the financial maneuverings behind so many of the casinos -- the book is extremely detailed and not for the faint of heart or the casual reader. I understood most of the machinations outlined in the book, but only because my degrees were in public administration and finance.
Overall, 3 1/2 stars...
April 22, 2021
Great gossip if you’re in the restructuring business. The takeaway? Be the lawyers in the fight .. it’s permanent employment.
June 5, 2021
Fantastic (if complex) story, but I had to knock a star off for the sheer amount of distracting typos and choppy editing.
July 27, 2023
Good story, horrible edited.
Displaying 1 - 30 of 148 reviews