A lawyer who made his name as a Watergate prosecutor was approved on Wednesday to begin investigating a series of corporate deals in the lead-up to the bankruptcy of the casino operating unit of Caesars Entertainment Corp (CZR.O). Creditors allege those deals looted billions of dollars from the operator of 38 casinos for the benefit of the parent company, which is not bankrupt, and its private equity backers, Apollo Global Management (APO.N) and TPG Capital. Richard Davis, a former partner at bankruptcy powerhouse Weil Gotshal & Manges, will investigative whether the operating unit received fair value for choice properties such as the Linq complex in Las Vegas. Davis made his mark early in his career as a member of the Watergate Special Prosecution Force that investigated the administration of President Richard Nixon, who resigned in disgrace in 1974.
via Business News http://ift.tt/1HGVlXR
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