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Max Frumes

Global Head of Distressed and Restructuring, 9fin · 1 appearance on the record.

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journalistauthor@maxfrumes ↗simonandschuster.com/authors/Max-Frumes/184132223 ↗

Max Frumes is a debt markets journalist best known for co-authoring the restructuring chronicle The Caesars Palace Coup alongside Sujeet Indap. He previously served as the founding editor of Reorg and led special situations coverage at LevFin Insights before joining 9fin to build out its global distressed coverage.

12statements → 11claims → 11claims resolved → 91%fully supported → 3.92/5average certainty → 2/5average debate potential → ≈4.5/5argument clarity, estimated →

10 supported 1 partly supported 0 contradicted how the 11 claims stand · each chip opens the sources

11 assertions · 1 insight · every statement was checked. The predictions and assertions are the 11 claims: statements the public record can support or contradict. 11 are resolved. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Max argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Elliott secured Caesars bankruptcy date agreement to trigger CDS payout
“And he had been running very tough negotiation with Apollo and struck a very, very tough deal because he knew that Apollo needed an ally really badly. And so he got all sorts of goodies, including a convertible preferred security, as well as one of these well-…”
Max Frumes Aug 16, 2021 ▶ 29:57 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
100% certainty 3
94% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Max Frumes on measured tape to publish a rate. This says nothing about how they speak.

Everything Max Frumes said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Supported
Elliott secured Caesars bankruptcy date agreement to trigger CDS payout
“And he had been running very tough negotiation with Apollo and struck a very, very tough deal because he knew that Apollo needed an ally really badly. And so he got all sorts of goodies, including a convertible preferred security, as well as one of these well-…”
Max Frumes Aug 16, 2021 ▶ 29:57 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Caesars' B-7 loan eliminated its maintenance covenant and parent guarantee
“And they offered them very, very generous fees, among other things, to participate in this transaction that accomplishes three things. One, it's gonna give them some liquidity to refinance out some of their other debt. Two, it's going to remove the most onerou…”
Max Frumes Aug 16, 2021 ▶ 25:18 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Examiner found $5B in potential claims against Caesars and PE executives
“Richard Davis, a former Watergate prosecutor, chosen as an examiner at the beginning of the case and gets deep access and interviews, you know, 75 different people who are designing and behind these transactions. Goes through millions of documents with a team …”
Max Frumes Aug 16, 2021 ▶ 40:12 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Insight
LPs will fund aggressive managers as long as returns remain consistent
“The incentives are there and LPs at the end of the day, if someone is making them money consistently, Are going to continue to give those funds money and somebody's going to, there's no question about it. No matter what amount of bad behavior there may be, if …”
Max Frumes Aug 16, 2021 ▶ 52:46 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
GSO and BlackRock received roughly $220 million for Caesars B-7 loan
“First they had to get a couple of commitments from GSO and from BlackRock, which I think they committed to about half of this 1.7 billion dollar renew financing to be the seventh tranche of this term loan. And they got something like two hundred twenty million…”
Max Frumes Aug 16, 2021 ▶ 25:54 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Caesars creditors achieved above-par recoveries across debt tranches in restructuring
“You're talking about there was a 66 cent settlement for the second liens, but that came with equity options that ultimately took that above par. For the first liens, they were paid out at par plus these convertible preferred that brought that well above par. T…”
Max Frumes Aug 16, 2021 ▶ 42:32 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Apollo raised record PE fund following Caesars bankruptcy loss
“And while it was a Huge loss for Apollo and TPG. Their reputations of being able to fight for their LPs allowed them to immediately after the conclusion of the bankruptcy and the confirmation in 2017, two years later, they raised the largest private equity fun…”
Max Frumes Aug 16, 2021 ▶ 43:01 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Partly supported
Caesars second-lien holders filed involuntary bankruptcy ahead of Apollo
“And at this point, because the second liens have been shunted from the negotiations, they have a plan to file an involuntary bankruptcy, which is very rare. They pushed that two days prior to the bankruptcy that Caesars is filing.”
Max Frumes Aug 16, 2021 ▶ 31:04 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Caesars sold interactive gaming unit for $4B to fund bankruptcy settlement
“The interactive gaming business that is just kind of chugging along wasn't even allowed to pursue online gambling and just wound up being sort of a not for gambling poker game on your cell phone with the world series of poker brand winds up becoming a four bil…”
Max Frumes Aug 16, 2021 ▶ 41:39 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Dave Miller's Caesars instrument made Elliott Management nine figures
“Dave Miller Home run with this incredibly innovative convertible preferred instrument that he just slipped into the RSA and continued to get like re-upped as the Caesars case went on. It probably made Elliott nine figures.”
Max Frumes Aug 16, 2021 ▶ 49:08 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
Oaktree held a major position in Caesars second-lien bonds by 2014
“Oak tree was probably the main example of a large fund with multiple investments in Caesars from the very beginning. And by 2014, one of their largest position was in the second lien bonds.”
Max Frumes Aug 16, 2021 ▶ 22:47 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)
Assertion Supported
A fund manager received a six-month prison sentence in a bankruptcy case
“Recently, there was a fund manager who was prosecuted and is going to prison for six months for a criminal infraction in a bankruptcy case.”
Max Frumes Aug 16, 2021 ▶ 54:09 Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Capital Allocators, EP.209)

Appearances (1)

EpisodeDateSpeaking time
Max Frumes and Sujeet Indap –Inside the Sausage Factory of the Caesar's Restructuring (Cap Aug 16, 2021 20m
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