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Summary

It was the most brutal corporate restructuring in Wall Street history. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards.

The Caesars bankruptcy put a twist on the old-fashioned casino heist. Through a $27 billion leveraged buyout and a dizzying string of financial engineering transactions, Apollo and TPG - in the midst of the post-Great Recession slump - had seemingly snatched every prime asset of the company from creditors, with the notable exception of Caesars Palace. But Caesars's hedge fund lenders and bondholders had scooped up the company's paper for nickels and dimes. And with their own armies of lawyers and bankers, they were ready to do everything necessary to take back what they believed was theirs - if they could just stop their own infighting.

These modern financiers now dominate the scene in corporate America as their fight-to-the-death mentality continues to shock workers, politicians, and broader society - and even each other.

©2021 Sujeet Indap and Max Frumes (P)2021 Tantor

What listeners say about The Caesars Palace Coup

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Great story but too technical

Fascinating insight into the ruthless Apollo machine. These are FT writers and are clearly writing for a finance type audience. Even so, they could have simplified some of the technical back and forth. It’s also a bit too long.

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  • David Kopsch
  • 03-06-21

Great listen

It is a thorough record of events. I enjoyed listening to the many twists and details. Recommend to anyone interested in private equity and investment banking.

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  • Anonymous User
  • 18-05-21

Good Listen

Entertaining, and didn't realize how much drama there was in regards to this deal. It narrates through all parts of the deals, dropping some of the numbers so you can start to get a picture of what these mega deals look like behind the scenes.

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  • Amazon Customer
  • 14-05-21

Dense detail....hard to folllow at times

The author spared no details and there were plenty. Lots of numbers characters and events to keep track of.

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  • AmigodelLibro
  • 25-03-21

Fascinating story of greed

The story is fascinating. The amounts of money being fought over are staggering. The legal drama detailed and entertaining. Good story!

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  • Philo
  • 24-03-21

Dryer than Michael Lewis. That said, VERY good.

I like this a book a lot. It sharpens and elevates my thinking. It is intermittently brilliant and hilarious. A tapestry eventually emerges that gives a detailed rich picture of our history today, through lenses of law, corporate finance, and even politics. My one star off would be for the overall story pacing, and the patience it takes, to get this tapestry. Entry level to get this and not glaze over, is a basic understanding of corporate finance, and some seasoning in law. This would match the expected audience. What limits the audience is the scattered, piecemeal bits of definitions, background explanations and context. In popular writing such as Michael Lewis or a typical Wall Street Journal, there is a modicum of hand-holding in the form of a disciplined and well-timed sprinkling all through of concise explanations of terms and quick views of broader contexts. Lewis goes further, to have a well-thought, over-arching story structure that is pretty easy to follow (to the point of too-obvious heroes, the latter I mostly find condescending and annoying). This book goes to the other side of that spectrum, with great details but only sporadic background for those not versed on this inside baseball. That said, the story that emerges grows more gripping and more momentous as it moves along, as sharp and revelatory contemporary history. The actors are big in our society. Mark Rowan, a major figure here, just stepped up to the top of Apollo, and Apollo as I write this moving to acquire more of Vegas (former Sands properties). It matters how such actors operate, regionally and nationally. Their grip on, for example, U.S. Senators and federal law, as mapped and explicated here, matters. There are good insights on judges as further wild cards in the complex U.S. legal scene, and courtroom scenes that made me smile, remembering some of my own. There are some scary things about these folks and dynamics documented here. But this story has every nuance and dimension one might hope for. It is not a screed. I appreciate that the authors let the facts speak, rather than being shrill or excessively hand-wringing about "greed."

I would further recommend for those not already versed in this area, these other titles I have heard here at audible: The Art of Vulture Investing, and Distress Investing: Principles and Technique, and, on the corporate law and finance history side, Bloodsport by Teitelbaum. I suspect, the typical Lewis-level fan might glaze over, for some stretches. Patience is richly rewarded, though.

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  • alex ainsley
  • 23-03-21

Catnip for Finance Nerds

Wow! Best business book I have read in YEARS- should be required reading for anyone thinking about entering the PE world. Sort of a hybrid of “Bloodsport” and all of Michael Lewis’ books on finance- with an All-star cast of finance titans, lucid explanations of legalese, and the best narrative flow since “Barbarians at the Gates” this book hit me on all levels. I will not be surprised at all to this on a lot of 2021 top ten lists by the end of the year.