Taxable Talk

Judge Kevin Gross ruled on Wednesday that the bankruptcy case of Caesars Entertainment Operating Company will be tried in Chicago, not Wilmington, Delaware. Caesars’ second-tier creditors wanted the case tried in Delaware; Caesars preferred the Windy City. As Bloomberg reported,

“Ultimately, the overriding consideration is that the debtors chose the Illinois court,” Gross said. Letting the creditors win would be “bad precedent,” he added.

Judge A. Benjamin Goldgar will now have to decide the official start date of the bankruptcy. Is it January 15th (when Caesars filed) or January 12th (when the second-tier creditors filed)? Will the prior-year reorganization of Caesars be undone (which could cause more of Caesars to fall into bankruptcy)? Stay tuned for the next installment of “Fail, Caesar.” Until then, here’s some music for my old home town:

This entry was posted on Wednesday, January 28th, 2015 at 9:32 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.