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Caesars Entertainment Operating Company Examiner Named, Appointment Sought

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According to the U.S. Bankruptcy Court docket, the U.S. Trustee assigned to the Caesars Entertainment Operating Company’s case filed with the U.S. Bankruptcy Court an emergency motion to appoint Richard J. Davis as examiner.

According to his corporate biography, Davis has served as an assistant U.S. attorney, on the Watergate Prosecution Force, as assistant secretary of the treasury, in the Iran hostage crisis, as a Weil Litigation partner and general counsel and as a crisis manager. The Trustee states, “To the best of Applicant’s knowledge, all of the Appointee’s connections with the Debtors, creditors, other parties in interest, their respective attorneys, the Court, the U.S. Trustee and his employees are set forth in the Appointee’s verified statement….To the best of Applicant’s knowledge, the Appointee has no connection with the Court or the U.S. Trustee which would render approval of the appointment improper.”

The Court scheduled a March 25, 2015 hearing to consider the appointment. As previously reported, “The examiner is directed to investigate (a) the transactions described as the ‘Challenged Transactions’ in the Debtors’ motion; (b) the transactions described as the ‘Insider Transactions’ in the proposed order accompanying the motion of the Noteholders’ Committee; (c) any other transactions involving the Debtors, to the extent those transactions suggest potential claims belonging to the estates, including cause of action against any current officers or directors of the Debtors, any former officers or directors of the Debtors, or any affiliates of the Debtors; and any apparent self-dealing or conflicts of interest involving the Debtors or their affiliates.”

Read more about the CEOC bankruptcy case.