Wall Street Editor and sometimes golf correspondent at The Financial Times, erstwhile I-banker, co-author: CAESARS PALACE COUP, Diversion Books, March 2021
New York, NY
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Imagine Oaktree, Elliott, and GSO in a 50th floor Kirkland & Ellis conference room fighting over... a penny
Institutional Investor has kindly excerpted my favorite chapter of our book:
institutionalinvestor.com/ar…
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Reed Smith firm-- already representing Cam Smith-- adds Matt Wolff, Cameron Tringale, Ben An, and Marc Leishman as clients:
casedocs.omniagentsolutions.…
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NEW: Why has the LIV Golf bankruptcy docket gone quiet while the BC Partners’ tight deadlines on its deal have come and gone? PIF is demanding behind the scenes that BC show it is serious about LIV 2.0 and not just chasing the $5 billion NOL:
ft.com/content/b0125efa-396b…
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imo Imran on a very short list of people smart and clever enough to keep up with Marc and, in retrospect, that might have been the problem.
(separately, note Apollo acknowledges breaches of fiduciary duty are Bad, at least when they are the victim):
ft.com/content/c57e73d1-547d…
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many bangers in the FT/ Apollo canon over the years, but this one I think is my fave:
ft.com/content/7f43b824-aa07…
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Sujeet Indap retweeted
Excellent investigation led by @leee_harris on the money moving around Mark Walter’s empire as investors recently dug into a revenue shortfall at his asset manager.
giftarticle.ft.com/giftartic…
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the American mind cannot comprehend the top private equity lawyer in Europe:
ft.com/content/a4d98da2-12e2…
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Cam Smith first LIV player to have a lawyer notice an appearance on their individual behalf:
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Judge Kaplan notes that the LIV Golf UCC might have some star power. My recap of today's first-day hearing:
ft.com/content/326beea4-5d90…
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key point here is that players who don't wanna stay for LIV 2.0 can still settle their existing claim against LIV 1.0 by taking equity in that NewCo
per the BC Partners term sheet, LIV players "[r]eceive the following as recovery for their allowed claims in the Chapter 11 Cases, subject to providing mutual releases to all parties, and signing certain settlement agreements:"
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per the BC Partners term sheet, LIV players "[r]eceive the following as recovery for their allowed claims in the Chapter 11 Cases, subject to providing mutual releases to all parties, and signing certain settlement agreements:"
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to be clear, this was a tactical move by PIF to create seniority in the anticipated ch 11 and control the case. Little expectation of being repaid but allowed them to be funder of the super priority $50 million DIP loan:
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LIV says that’s PIF’s funding to finish 2026 season came in form of a $495 secured loan:
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Jamie and Paul Weiss are advising BC Partners in the LIV ch 11 and LIV 2.0 negotiation I’m told:
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NEW: this is why the listed amounts owed to players (e.g. $7.4 million to Jon Rahm) seem so small, relative to previous understanding of contract valuations:
ft.com/content/08da69fa-ee6e…
LIV ch 11 petition hits the docket. Here are the top 10 unsecured creditors starting with Jon Rahm and Bryson DeChambeau:
ecf.njb.uscourts.gov/doc1/11…
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LIV ch 11 petition hits the docket. Here are the top 10 unsecured creditors starting with Jon Rahm and Bryson DeChambeau:
ecf.njb.uscourts.gov/doc1/11…
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