The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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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-…”
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…”
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 …”
Caesars restructuring centered on fraudulent conveyance accusations over property transfers
“The mass tort in the case of Caesars is the accusation of fraudulent conveyance in these transactions where many of the top properties of the Caesars opco ended up in these affiliated entities where Apollo owned them, and they were out of the hands of Creditor…”
Apollo and TPG transferred Caesars casinos to bankruptcy-remote entities
“Apollo and TPG executed a series of these complex asset deals, asset transfers, financial engineering, where more money is put in the business. They buy casinos from the existing Caesars and Harris Opgo, all in an attempt, ostensibly, to Keep everybody's inves…”
Kleinman: Apollo was first to house private credit and PE together
“We were the first folks to come out of the GFC saying, well, we should have private credit business and a private equity business under the same roof.”
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…”
Rubenstein: Blackstone, Carlyle, KKR, Apollo make 95% of profits in developed markets
“In the end, if you look at the large firms that we're now talking about, and I'll use the four big ones, Blackstone, Carlyle, KKR, and Apollo. They make 95% of their money in the developed markets. I'm counting China and India, I suppose, is developed for this…”
Stavros: Top PE firms each control up to one million employees
“Or in a more concentrated way, could you convince Blackstone, Carlyle, TPG, Apollo, Aries, Warburg, Pincus, Bain, a handful of companies which each control half a million, million employees.”
Apollo aligned with Elliott and GSO to pressure junior creditors
“They go into bankruptcy with this deal with Elliott. They very quickly get a deal with the GSO group, and that is supposed to create all kinds of pressure on the most junior debt holder, which is the Oak Tree Appaloosa second lead bondholders.”
Rubenstein: Blackstone, KKR, and Apollo lacked global footprints when Carlyle expanded
“Blackstone, KKR, and Apollo really hadn't built international businesses, honestly, at that time, as we were beginning to do it.”
Kleinman: Apollo Bought Compass Minerals Under 6x EBITDA, Made 5x Return
“We bought it at under six times enterprise value to EBITDA, but because of the nature of that business, much of its business went into highway salt. You were able to scale the business. It was a surprisingly more stable business than you would have thought, an…”
Blackstone, Blue Owl, KKR, and Apollo have hundreds serving wealth
“Blackstone has a team of hundreds of people. Blue Owl, hundreds of people, KKR, Apollo, hundreds of people to serve the Wealth Channel.”
Apollo was founded to buy distressed assets originally financed by Drexel
“And a firm I eventually went to work for Apollo came out of Drexel, and their business was buying up the assets that they had been the investment bank for that actually raised the money and issued all the junk bonds.”