Caesars Entertainment CorpCZR-3.21%. may have violated federal law when it shuffled its casino assets, said a federal judge in a ruling that could complicate the casino company’s efforts to unload $18.4 billion in debts in a bankruptcy restructuring of its largest unit, The Wall Street Journal reports
This article doesn't some it all up quite right. But basically what they did is hid assets to try to help the company when they file for bankruptcy. Make them look like they had less in assets. When they switched things around they did not report all of there assets. It says this judge isn't the final one in there bankruptcy ruling but it will hurt there chances of It getting approved.
Wynn has to be excited Im suprised he doesn't just buy them out. Maybe the overall gaming industry is bad. Five or six atlantic city casinos closed last year. Wynn stock is 13x casers and they are valued at 14 billion dollars more. I think they could purchase them if they wanted. But seeing how online gaming is coming about that is suppose to hurt the casinos revenue. A lot of people with the economy don't have the money to go to the casinos anymore.
Caesars Entertainment CorpCZR-3.21%. may have violated federal law when it shuffled its casino assets, said a federal judge in a ruling that could complicate the casino company’s efforts to unload $18.4 billion in debts in a bankruptcy restructuring of its largest unit, The Wall Street Journal reports
This article doesn't some it all up quite right. But basically what they did is hid assets to try to help the company when they file for bankruptcy. Make them look like they had less in assets. When they switched things around they did not report all of there assets. It says this judge isn't the final one in there bankruptcy ruling but it will hurt there chances of It getting approved.
Wynn has to be excited Im suprised he doesn't just buy them out. Maybe the overall gaming industry is bad. Five or six atlantic city casinos closed last year. Wynn stock is 13x casers and they are valued at 14 billion dollars more. I think they could purchase them if they wanted. But seeing how online gaming is coming about that is suppose to hurt the casinos revenue. A lot of people with the economy don't have the money to go to the casinos anymore.
They shuffled assets around to package one company as solid and another as bellyup.
This is what happens when hedge funds load buyouts with debt and try to weasel their way out of a bad spot. This time they got caught and I hope this phony BK is disallowed.
They shuffled assets around to package one company as solid and another as bellyup.
This is what happens when hedge funds load buyouts with debt and try to weasel their way out of a bad spot. This time they got caught and I hope this phony BK is disallowed.
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