Charlie Munger names "Caesars Palace Coup" as his "Pick for 2022"
At the Berkshire Hathaway annual shareholders' meeting on April 30, 2022, Berkshire Vice Chairman Charlie Munger selected as his "Pick for 2022" The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street, by Sujeet Indap and Max Frumes (2021).
Caesars Palace Coup chronicles what it describes as "the most brutal corporate restructuring in Wall Street history," the "bankruptcy brawl for the storied casino giant, Caesars Entertainment." The book summarizes how a team of Jones Day lawyers across many areas of practice—led by Business Restructuring & Reorganization partner Bruce Bennett—achieved an historic victory for clients Oaktree Capital, Appaloosa Management, and other second-lien lenders, who saw their recoveries increase from less than ten cents on the dollar to over sixty-six cents on the dollar in "one of the great upset victories in the history of Wall Street." The increase in recovery for Jones Day's clients totaled more than $3 billion.
Caesars Palace Coup describes in detail "the six-month sweep by the second-lien group who had, against all odds, prevailed on virtually every crucial issue in the case." Jones Day's team, legal strategies, and courtroom prowess in achieving that result feature prominently in the book.