U.S. bankruptcy lawyer faces fresh creditor attack over Caesars
By Tracy Rucinski and Tom Hals, Reuters
Junior creditors of Caesars Entertainment launched a fresh attack against a top U.S. restructuring attorney, alleging that James Sprayregen of Kirkland & Ellis misled a judge and asking that the law firm be disqualified from parts of the casino group’s bankruptcy case.
Jones Day, the junior bondholders’ law firm, asked the court to reconsider a May order that allowed the bankrupt unit of Caesars Entertainment Corp to hire Kirkland, led by Sprayregen.
The dispute between two of the best-known law firms in corporate restructuring adds another layer of feuding to Caesars’ $18 billion bankruptcy, which involves the biggest U.S. private equity and hedge fund firms.
When a major law firm wants & decides to separate itself from the proceedings due to a term like “constructively fraudulent”. . .means this case stinks even worse than I thought. . .
Garry…No doubt about the stink! $18 BILLION ???
Stinks to High Heaven