Some know it as one of the longest running Las Vegas pre-bankruptcy dramas. But what Caesars Entertainment really is, is the biggest hedge fund hotel in "special situation" history: with "investors" such as Paulson, Omega, Canyon, Soros, JMB, Scoggin, Pentwater, Och Ziff and many others, this is quite literally the who is who of biggest and baddest US hedge funds.
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But apparently not bad enough.
Moments ago Bloomberg reported that a judge said Caesars Entertainment must face lawsuits that could force the gambling company into bankruptcy alongside its main operating unit, dealing a blow to efforts to restructure billions in debt.
The immediate result: CZR is now halted after falling record a 40% to lowest since Nov. 2012 on >3.2x avg. daily volume.
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The real result is that a whole lot of hail mary's at the most prominent hedge funds may have just missed ttheir target. It also means that tonight will be an empty bar at Hustler, Penthouse Club and Sapphires.
And another way of showing what just happened at a great many trading desks:
