Josh Kosman, "Caesars may sink because of allege $3B typo", New York Post 12/14/2015:
Leon Black’s Apollo Global Management is now defending itself against an alleged typo that could cost up to $3 billion. […]
Caesars in its 2008 debt agreement set conditions that would need to be met so it could strip the guarantee between the parent company and the gaming-operating subsidiary.
In the debt agreement, it says it can strip the gaming subsidiary’s guarantees if: A) it stopped being a subsidiary of the parent, B) the company transferred substantially all of its assets out of subsidiary, “AND” C) it essentially prepaid the bonds.
“There’s no way they satisfied all three conditions,” a source close to the case said, referring to when Caesars stripped the guarantee transferring some of its best assets to newly created divisions and put the subsidiary in bankruptcy.
Caesars claims it meant to say “OR.”
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