Daily News: March 27, 2015

Judge Approves Ex-Watergate Lawyer to Probe Caesars Bankruptcy

A lawyer who made his name as a Watergate prosecutor was approved to begin investigating a series of corporate deals in the lead-up to the bankruptcy of the casino operating unit of Caesars Entertainment, Reuters reported.

Richard Davis, a former partner at bankruptcy powerhouse Weil Gotshal & Manges, will investigate whether the operating unit received fair value for choice properties including the Linq complex in Las Vegas.

Creditors allege the deals looted billions of dollars from the operator of 38 casinos for the benefit of the parent company, which is not bankrupt, and private equity backers Apollo Global Management and TPG Capital, Reuters said.

To read the entire Reuters article, click here.

Previously on abfjournal: Caesars Wants Bankruptcy Judge to Halt Suits Against Parent