Drinker Biddle’s Corporate Restructuring Group successfully represented a group of hedge funds in a groundbreaking litigation against Caesars Entertainment Corporation arising from Caesars’ attempts to avoid payment on billions of dollars of corporate debt.
In the midst of briefing an appeal of one of the issues in the case, Caesars agreed to a settlement that provided our clients with a recovery that is 72 percentage points higher than Caesar’s initial offer, along with the payment in full of all attorney’s fees and costs incurred by our clients in litigation.
For the last two years, the Drinker Biddle team handled litigation actions in multiple jurisdictions, including a suit filed by our clients in the Southern District of New York and a multibillion-dollar bankruptcy filed in the Northern District of Illinois (one of the largest on record).
At the heart of these cases were claims developed by Drinker Biddle based on the Trust Indenture Act, a Depression-era statute intended to protect minority bondholders.
Partner Jim Millar led the Drinker Biddle team, which included more than a dozen lawyers from the restructuring, litigation and government relations groups, including Clay Pierce, Dan Collins, Frank Velocci, Marc Leaf, Heath Rosenblat, Marsha Indych, Levi Giovanetto, Robert Esposito, Katie Garayoa and Caitlin Munley. The firm’s efforts in the Chicago bankruptcy were led by Kristin Going, Frank Velocci, Tim Casey, Brian Morgan and Ravi Vohra.