BERKSHIRE HATHAWAY INC.

(BRK.A)
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Delayed Nyse  -  03:59 2022-06-24 pm EDT
417401.44 USD   +3.75%
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Charlie Munger Names "Caesars Palace Coup" As His "Pick For 2022"

05/06/2022 | 02:14am EDT

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mr Bruce Bennett
Jones Day
North Point
901 Lakeside Avenue
Cleveland
UNITED STATES
Tel: 2165863939
Fax: 2165790212
E-mail: info@JonesDay.com
URL: www.jonesday.com

© Mondaq Ltd, 2022 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. 3.75% 417401.44 Delayed Quote.-10.73%
CAESARS ENTERTAINMENT, INC. 12.53% 44.47 Delayed Quote.-52.45%
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Financials (USD)
Sales 2022 293 B - -
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 614 B 614 B -
Capi. / Sales 2022 2,09x
Capi. / Sales 2023 1,90x
Nbr of Employees 372 000
Free-Float 73,0%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 417 401,44 $
Average target price 556 696,67 $
Spread / Average Target 33,4%
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Managers and Directors
Warren Edward Buffett Director
Marc D. Hamburg Chief Financial Officer, Secretary & Senior VP
David Sanford Gottesman Independent Director
Charlotte M. Guyman Independent Director
Stephen B. Burke Independent Director
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