Podcasts about sujeet indap

AI is eating the world, or so the headlines say. But what does this really mean for debt markets? Where does AI truly excel, and what limitations persist? What implications does this technological shift hold for analysts' jobs? And how is 9fin deploying AI to address specific challenges confronting debt market professionals?Sujeet Indap, Wall Street editor at the Financial Times, sat down with Steven Hunter, CEO and co-founder of 9fin, to cut through the hype and dissect the real impact of AI on debt markets. This episode was produced from a recent 9fin webinar. If you'd like to learn more about how 9fin's AI-powered platform can give you a competitive edge in debt markets, we'd love to chat.Schedule a personalised demo→ https://9fin.com/sign-up?utm_source=hubspot&utm_medium=email&utm_campaign=ai_debtmarkets_webinarOr, stay up to date with all the latest for 9fin's insights, news, upcoming events, and new featuresJoin our newsletter→ https://share.hsforms.com/1KaeNlWvzRlqYjJGJjHbZmgby77cFollow us on LinkedIn→ https://www.linkedin.com/company/9finHave any feedback for us? Send us a note at podcast@9fin.com.

Disputes over power and pay aren't unusual at Wall Street's top firms. What isn't ordinary is when the conflict turns into a decade-long legal battle. That was the case for boutique investment firm Perella Weinberg Partners and their former star banker, Michael Kramer. After 10 years, their dispute recently went to trial in Manhattan. The FT's Wall Street editor Sujeet Indap had a seat inside the courtroom, and tells us what he learned about the inner workings of the firm. Clips from Bloomberg, Fox Business- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Perella Weinberg trial lifts veil on bitter feud among top bankers Court brawl reveals fractious world of investment banking Wall Street's battle of the bankers - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Sujeet Indap on X (@sindap) or on Bluesky (@sindap.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Was passiert, wenn eine Firma pleite geht? Das gehört zum Allgemeinwissen und die Anwältin Magdalena Nitsche gibt uns in dieser Folge eine Einführung für Anfänger:innen in die schlaue Grundidee von Insolvenzen. Magdalena Nitsche ist seit 2013 in den Bereichen Restrukturierungen und Insolvenzrecht sowie Versicherungsrecht bei DORDA tätig. Seit 2019 ist sie als Rechtsanwältin eingetragen.Diese Bücher empfiehlt Magdalena:Inside Signa: Aufstieg und Fall des René Benko. Ein Blick hinter die Kulissen und neue Fakten über groteske Deals, Politnetzwerke und den Zerfall eines Imperiums von Sebastian Reinhart und Rainer FlecklInsolvency ReviewThe Caesars Palace Coup: How A Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street von Sujeet Indap und Max FrumesMagdalenas Shoutout an Medien:Für Zeitungen liest sie gerne Die Presse und die New York Times.Als Podcast hört sie gerne Alles gesagt? von der ZEIT.Was nehme ich mir mit?Die Idee hinter Insolvenzen ist schlau. Wenn einer Firma das Geld ausgeht soll sie eine zweite Chance bekommen. Das gehört zum unternehmerischen Risiko einfach dazu. Und die Leute, denen das Unternehmen Geld schuldet, sollen gleich behandelt werden und alle gleich viel oder wenig Geld zurückbekommen.Das System in Österreich ist ein Erfolg. Es gibt sowohl eine Absicherung für die Mitarbeiter:innen, die ihr Geld von einem Fonds bekommen, wenn die Firma ausfällt. Und es gibt viele Möglichkeiten für eine zweite Chance für Unternehmen. Der Fokus liegt auf der Sanierung, nicht der Abwicklung von Firmen und seit 2021 gibt es zusätzlich das Restrukturierungsverfahren.Für eine Insolvenz gibt es zwei Auslöser. 1. Zahlungsunfähigkeit. Die liegt dann vor, wenn man fünf Prozent seiner fälligen Schulden nicht begleichen kann. 2. Überschuldung. Also wenn man mehr Schulden als Vermögen wie Maschinen, Kapital oder Gebäude hat. In beiden Fällen ist man rechtlich dazu verpflichtet, rechtzeitig Insolvenz anzumelden, sonst macht man sich strafbar.  ***Erklär mir die Welt hilft dir dabei, die Welt besser zu verstehen. Hilf wie 380+ andere Hörer:innen mit, den Podcast zu finanzieren. Danke an alle Unterstützer:innen! ***So kannst du noch mithelfen Schick uns deine Fragen und Wünsche für EpisodenErzähl uns von dir! Mach bei der Hörer:innen-Befragung mit ***Du willst mehr?Bewirb dich als Hörer:in des MonatsHol dir Updates zum Podcast per WhatsApp, Newsletter, Telegram oder SignalFolge uns bei Tiktok, Instagram und FacebookQuatsche mit anderen Hörer:innen auf DiscordAlle Folgen ab Mai 2023 gibt es mit Video auf YouTubeSchau im Merch-Shop vorbeiHier kannst du Werbung im Podcast buchenAndreas' Buch "Alles gut?!" darüber, was er im Kampf gegen Armut auf der Welt beitragen kannGroße Empfehlung für Steady, wenn du wie ich von deiner Community leben möchtest ***Das Team:Mitarbeit: Sidonie SagmeisterVermarktung: Missing LinkAudio Production: Audio Funnel Video Production: DomotionLogo: Florian HalbmayrMusik: Something Elated by Broke For Free, CC BYBeatbox am Ende: Azad Arslantas

Apollo Global Management is publicly traded and one of the largest alternative asset managers in the world. But what does it really do? Today on the show, Rob Armstrong asks reporters Sujeet Indap and Eric Platt to describe the parts that make up Apollo. Also they go long Boeing and long News Corp. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Robert Armstrong at robert.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

This week, we're revisiting an episode from last November, about a Wall Street saga that lost shareholders more than $10bn. In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, the FT's Ortenca Aliaj and Sujeet Indap explain how things did not work out as planned. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Sculptor Capital: grey areas cause grey hairs in messy bidding warFight over Sculptor hedge fund sale entwined in Daniel Och's tax affairsSale of Sculptor Capital on cusp of approval after hedge fund brawl- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Hosted on Acast. See acast.com/privacy for more information.

Red Lobster used to be a respectable place to eat too much seafood. Now it's bankrupt. Today on the show, host Rob Armstrong and the FT's Wall Street editor Sujeet Indap put on their bibs and pick apart the exoskeleton of a fast-casual icon. They talk about pasta water, real estate, and whether the real killer was the all-you-can-eat shrimp promotion. Also we go long Chili's, and deliver the results of an informal art poll. For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedofferYou can email Rob Armstrong at rob.armstrong@ft.com and Katie Martin at katie.martin@ft.com. Hosted on Acast. See acast.com/privacy for more information.

When a company is sold there tends to be a standard playbook: There's some tough negotiations. Then, the buyer gets a business and the seller gets a check. Everyone's happy. That's not what happened when a private equity firm recently bought a California grocery store chain. The FT's Wall Street editor Sujeet Indap explains how the deal went off the rails, and how the supermarket's owners might end up paying millions of dollars to sell their company. Clip from KCRA - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:The inequity method of accountingOpposition shadows Cerberus windfall from Albertsons supermarket deal The pool is closed, part 1- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Reddit shares soared during its public market debut, US prosecutors filed a landmark antitrust lawsuit against Apple, and the FT's Sujeet Indap explains why Hertz's pivot to electric vehicles went awry.Mentioned in this podcast:US accuses Apple of building smartphone market monopoly in antitrust caseHow Hertz's bets on Tesla and a Goldman veteran veered off courseSocial media site Reddit soars 48% in New York IPOGet 40% off a digital FT subscription: ft.com/briefingsaleThe FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Kyra Assibey-Bonsu, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT's executive producer. The FT's global head of audio is Cheryl Brumley. The show's theme song is by Metaphor Music.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

A Delaware court recently struck down Elon Musk's $56 billion Tesla pay package. Soon after, Musk took to his social network X and offered some advice: “Never incorporate your company in the state of Delaware.” But will anyone take it? The FT's Wall Street editor Sujeet Indap explains how Delaware became the favourite place for big companies to incorporate and why that's unlikely to change. Clips from BBC, WFAA- - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Can Elon Musk derail Delaware?Texas is throwing down a legal challenge to DelawareDelaware versus Elon Musk- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Let's get ready to rumble! This week, we're pregaming this Sunday's Super Bowl, which could break records as the most-watched television event in US history. The FT's sports business correspondent Sara Germano and Wall Street reporter / sports fanatic Sujeet Indap join Lilah to set the scene for the Super Bowl as a cultural event: the teams, the history, the drama, the head injuries, the halftime shows, the Taylor Swift conspiracies! Whether you watch football or not, you'll be ready for Sunday's game.-------We love hearing from you. Lilah is on Instagram @lilahrap and we're on X @lifeandartpod. You can email us at lifeandart@ft.com. We are grateful for reviews, on Apple, Spotify, etc.-------Links (all FT links get you past the paywall): – The Super Bowl goes live at 3.30PM PT / 6.30PM EST this Sunday, February 11. You can watch it in the UK at 10.45 PM on ITV.– Sara is on X @germanotes. Sujeet is @sindap. Both excellent follows.– You can follow Sara's sports reporting here: https://www.ft.com/sara-germano. She will be in Vegas covering the Super Bowl over the weekend, so watch this space! – Sara's piece on the resurgence of the Detroit Lions is here, co-written with Mark Vandevelde: https://on.ft.com/3SAht2g – Sujeet's reporting on Wall Street is here: https://www.ft.com/sujeet-indapMore or less: – Sara wants more house remixes of Creed. You can check out Book Club Radio here: https://www.youtube.com/@bookclubradio. The ‘One Last Breath' remix is here: https://www.youtube.com/watch?v=6fdKfaq1YN8 – Sujeet wants more independent news and tough questions. You can read more about the Super Bowl commissioner Roger Goodell avoiding tough questions here: https://www.cbsnews.com/boston/news/roger-goodell-saying-nothing-super-bowl-press-conference-invite-only/ – Lilah wants more funny novels. She has been reading Come and Get It by Kiley Reid, who also wrote Such A Fun Age (2021)-------Special FT subscription offers for Life and Art podcast listeners, from 50% off a digital subscription to a $1/£1/€1 trial, are here: http://ft.com/lifeandart-------Original music by Metaphor Music. Mixing and sound design by Breen Turner, Sam Giovinco, and Katie McMurran. Clip courtesy of Pepsi, Sony Music, Weathered and Jojo Lorenzo. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Wrapping up our 3-part Caesars Palace Coup series by interviewing one of the authors, Financial Times writer Sujeet Indap.  Sujeet explains securitization, subordination, and distressed debt investing through the lens of Caesars' LBO and subsequent restructurings.  We discuss the future of private credit, a segment of the industry currently getting a lot of attention.  Sujeet gives us the inside scoop on what it was like interviewing the titans of private equity, hedge funds, and law (as well as combing through thousands of pages of legal documents).  And we touch on the role (or lack thereof) of women on the private investing side of the industry.  Caesars Palace Coup, by Max Frumes and Sujeet Indap, is available here:  https://www.amazon.com/Caesars-Palace-Coup-Billionaire-Exposed/To book a private consultation with Kristen and Jen, click here:  http://intro.co/JenniferSaarbachFor courses and training to get you up the curve in finance, go to http://finance-able.com and use code “thewallstreetskinny” for 20% offFollow us on Instagram and Tik Tok at @thewallstreetskinnyhttps://www.instagram.com/thewallstreetskinny/

In Part II of this three-part case study of Sujeet Indap and Max Frumes' book Caesars Palace Coup, we pick up in 2008 after Apollo and TPG's $30bn Leveraged Buyout of Caesars closed.  With the economy immediately taking a nosedive, Apollo spearheaded a series of restructurings to stave off bankruptcy.  These restructurings ranged from more vanilla "distress-for-control" maneuvers to extremely questionable, cloak-and-dagger asset transfers and severing of guarantees.  These ultimately culminated in a showdown between the titans of Private Equity and the creditors they'd effectively superseded through expert manipulation of Caesars' legal and capital structures. To book a 1-on-1 consult with Kristen and Jen, please click here:  http://intro.co/JenniferSaarbachFor 20% off best-in-class financial prep courses from Financeable, use code thewallstreetskinny here:  http://finance-able.comFollow us on Instagram and Tik Tok at @thewallstreetskinnyhttps://www.instagram.com/thewallstreetskinny/

Private equity is one of the most coveted job opportunities on the buyside in the current market environment.  In this episode, we do a deep dive into a Leveraged Buyout (“LBO”) using one of the largest, craziest deals in history: the $30bn LBO of Caesars Palace by Apollo and TPG.  In part 1 of this 3-part series, we discuss the deal structure, explain the financing terms, and help you understand the motivations of the private equity titans at the helm of the world's biggest megafunds.  We will walk you through the LBO from start to finish using Financial Times writer Sujeet Indap's fantastic book, Caesars Palace Coup.  Follow us on Instagram and Tik Tok at @thewallstreetskinnyhttps://www.instagram.com/thewallstreetskinny/

In 2007, when Dan Och took his hedge fund public, he was making a bet that his company would stand the test of time. More than 15 years, a bribery scandal, and a feud with his protégé later, things have not worked out as planned. The FT's Ortenca Aliaj and Sujeet Indap go inside the saga that lost shareholders more than $10bn. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:Sculptor Capital: grey areas cause grey hairs in messy bidding warFight over Sculptor hedge fund sale entwined in Daniel Och's tax affairsSale of Sculptor Capital on cusp of approval after hedge fund brawl- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Ortenca Aliaj (@OrtencaAl), Sujeet Indap (@sindap) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

What caused Silicon Valley Bank to collapse in only 44 hours, and how likely will the contagion spread, leading to other bank failures?Topics covered include:How losses on bonds blew up SVB's balance sheetHow is Silicon Valley Bank similar and different than other regional banksWhat the FDIC and Federal Reserve are trying do to restore confidence and stop bank runsHow a weakening of the Frank-Dodd bank regulation act set the stage for SVB's failureWhy bailing out uninsured depositors is controversialThree scenarios of what might happen nextActions we can take to protect ourselves when private money failsFor more information on this episode click here.SponsorsMasterworks – invest in contemporary artMoney for the Rest of Us Plus membershipShow NotesSilicon Valley Bank launches $2.25bn share sale to shore up capital base by Joshua Franklin and Antoine Gara—The Financial TimesUS Bank Capital Regulation: History and Changes Since the Financial Crisis by John Walter—Economic QuarterlySVB's 44-Hour Collapse Was Rooted in Treasury Bets During the Pandemic by Brian Chappatta—BloombergRemarks by FDIC Chairman Martin Gruenberg at the Institute of International Bankers—FDICHow Silicon Valley Turned on Silicon Valley Bank by Ben Foldy, Rachel Louise Ensign, and Justin Baer—The Wall Street JournalSEC Filings Details—Silicon Valley BankFDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California—FDICUninsured Silicon Valley Bank depositors seek fire sale of assets by Joshua Franklin, Sujeet Indap, Colby Smith, and George Hammond—The Financial TimesJoin Statement by Treasury, Federal Reserve, and FDIC—Federal ReserveFDIC Acts to Protect All Depositors of the former Silicon Bank, Santa Clara, California—FDICUS regulators are setting a dangerous precedent on SVB by Sheila Bair—The Financial TimesBack-to-Back Bank Collapses Came After Deregulatory Push by David Enrich—The New York TimesWill another bank fall? by Robert Armstrong—The Financial TimesShares in US regional banks close sharply lower over fears of deposit flight by Jennifer Hughes, James Fontanella-Khan, Ortenca Aliaj, and Brooke Masters—The Financial TimesCharles Schwab shares drop 12% even as the firm defends financial position by Yun Li—CNBCRelated Episodes405: When Volatility Spikes, Financial Things Break392: What Is Money and How to Use It305: Are Banks Safe?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

How public equity REITs differ from private REITs. Why investors are selling out of private REITs and why private REIT sponsors like Blackstone and Starwood are limiting investors' ability to do so.Topics covered include:What are public and private real estate investment trustsWhy has Blackstone's BREIT been such a successWhy investors are trying to exit private REITsWhy commercial property values are fallingIs now a good time to invest in public and private REITs?For more information on this episode click here.SponsorsPolicygeniusLinkedIn – Post your job for freeShow NotesHow the gates closed on Blackstone's runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial TimesInvestors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street JournalHow the gates closed on Blackstone's runaway real estate vehicle by Antoine Gara, Sujeet Indap, and Kaye Wiggins—Financial TimesInvestors Yank Money From Commercial-Property Funds, Pressuring Real-Estate Values by Konrad Putzier and Peter Grant—The Wall Street JournalProperty Insights: Roller Coaster by Michael Knott—Green StreetRising Interest Rates Threaten to Expose Office Buildings' Inflated Values by Konrad Putzier—The Wall Street JournalWhy Blackstone's $69 Billion Property Fund Is Signaling Pain Ahead for Real Estate Industry by John Gittelsohn and Patrick Clark—BloombergBlackstone's $70 Billion Real Estate Fund for Retail Investors Is Losing Steam by Dawn Lim and John Gittelsohn—BloombergRelated Episodes183: How To Invest In Commercial Real Estate230: Use Caution With Real Estate CrowdfundingSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hello everyone,I'm excited to share my conversation with Max Frumes, co-author of The Casesar's Palace Coup (with Sujeet Indap). I'm a big fan of the book and previously shared some notes on Twitter. It's a deep dive into the buyout and bankruptcy of casino giant Caesar's Entertainment and the slugfest between investors like Apollo, Oaktree, Appaloosa, GSO, Elliott, and some of the nation's most expensive law firms.It's a great introduction into the world of distressed investing and the prevailing culture. I've written previously about how distressed credit is a “knife fight over a limited number of slices” which shapes a scarcity mindset. The book illustrates the intense negotiations and explains the “creditor on creditor violence” that can take place (a recent example is Wesco).Max and I discussed how to break down such a complex story, explored key turning points, discussed the culture among distressed investors, what makes distressed investors successful, why there was no long-term damage for Apollo, how other investors were actually inspired by their moves, and how the space has changed in general.A key takeaway for me was that the participants in this game are very smart, creative, ruthless, and extremely competitive. This is a complex and difficult game to play and one should consider very carefully whether to enter the competition.I hope you enjoy the conversation. You can listen to it at: Spotify, Apple, at anchor, and via RSS.Marc Rowan, CEO of Apollo about the demise of Drexel:“You want chaos, things to be shaken up, the system to be brought down and built up again. When you think the world is coming to an end, that is the time to build a career and build the next great fortune.”A few quotes from the conversation:* “It is a very rich, fascinating industry because it is a combination of chess and poker, depending on what stage a restructuring is at.”* “Each of these firms does have their own personality. We go into detail about the origins of Apollo which was the most interesting because it was defined by brilliance and impunity, willing to push the bounds to the very edge of what is what's permissible under the law, under the credit docs. And that does go back to Mike Milken's firm Drexel Burnham. That's where Leon Black was one of the senior directors at the time it went bankrupt.”* “Firms who are the most successful in this industry are those who have expert knowledge and a good handle on the legal aspect, understanding valuation, and then the industry knowledge itself mixed with understanding game theory. Some people are more savvy with the press. Some people are more savvy with the orchestration of creditor or organization. Some people are more willing to be an iconoclast and go against the grain.”* “Ultimately the examiners reports said they had actual and constructive fraudulent conveyance claims against and corporate governance claims … a lot of them were simply because the creditors did not have independent directors during the time these decisions … where there's conflicts of interest. It seemed like the private equity sponsor was basically controlling everything. … So the lesson wasn't, maybe we shouldn't do those things. The lesson was let's put some independent directors in there.”Disclaimer: I write and podcast for entertainment purposes only. This is not investment advice. I am not your fiduciary or advisor. Do your own work and seek your own financial, tax, and legal advice before making any investment decisions. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit alchemy.substack.com/subscribe

I'm excited to share my conversation with Max Frumes, co-author of The Casesar's Palace Coup (with Sujeet Indap). I'm a big fan of the book and previously shared some notes on Twitter. It's a deep dive into the buyout and bankruptcy of casino giant Caesar's Entertainment and the slugfest between investors like Apollo, Oaktree, Appaloosa, GSO, Elliott, and some of the nation's most expensive law firms. It's a great introduction into the world of distressed investing and the prevailing culture. I've written previously about how distressed credit is a “knife fight over a limited number of slices” which shapes a scarcity mindset. The book illustrates the intense negotiations and explains the “creditor on creditor violence” that can take place (a recent example is Wesco). Max and I discussed how to break down such a complex story, explored key turning points, discussed the culture among distressed investors, what makes distressed investors successful, why there was no long-term damage for Apollo, how other investors were actually inspired by their moves, and how the space has changed in general. A key takeaway for me was that the participants in this game are very smart, creative, ruthless, and extremely competitive. This is a complex and difficult game to play and one should consider very carefully whether to enter the competition. A few quotes from the conversation: “It is a very rich, fascinating industry because it is a combination of chess and poker, depending on what stage a restructuring is at.” “Each of these firms does have their own personality. We go into detail about the origins of Apollo which was the most interesting because it was defined by brilliance and impunity, willing to push the bounds to the very edge of what is what's permissible under the law, under the credit docs. And that does go back to Mike Milken's firm Drexel Burnham. That's where Leon Black was one of the senior directors at the time it went bankrupt.” “Firms who are the most successful in this industry are those who have expert knowledge and a good handle on the legal aspect, understanding valuation, and then the industry knowledge itself mixed with understanding game theory. Some people are more savvy with the press. Some people are more savvy with the orchestration of creditor or organization. Some people are more willing to be an iconoclast and go against the grain.” “Ultimately the examiners reports said they had actual and constructive fraudulent conveyance claims against and corporate governance claims … a lot of them were simply because the creditors did not have independent directors during the time these decisions … where there's conflicts of interest. It seemed like the private equity sponsor was basically controlling everything. … So the lesson wasn't, maybe we shouldn't do those things. The lesson was let's put some independent directors in there.”

Max Frumes and Sujeet Indap are the authors of the book The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street. And the story they tell in the book is intense. Back in the mid-2000s, a private equity firm called Apollo bought Caesars, the company that owns casinos and hotels all over the country, like Caesars Palace in Las Vegas. The deal to buy Caesars was a leveraged buyout, also known as an LBO. Which just means that Apollo borrowed money through loans and bonds to buy it. And then after the deal, Caesars itself was on the hook to pay back those loans and bonds. This is all quite normal -- it's just how these deals work. But the timing was awful. Soon after, the financial crisis of 2008 collapsed the economy. Caesars really struggled because people weren't gambling anymore, and because its customers were no longer booking big conventions and events in its hotels. And so it was inevitable that Caesars would struggle to pay what it owed on all that new debt. And so a bunch of distressed debt investors, including the hedge funds Oaktree and Apaloosa, bought the Caesars debt from the investors who owned it before. So now Caesars owed them the money. So those are the two sides... And they ended up waging an utterly brutal fight in the legal system for control of Caesars, the company. This is a story that raises all kinds of fascinating questions about how finance actually works in the real world. Whether this kind of antagonistic, adversarial system is in the best interest of the capital markets, the economy, society. And whether it's the best way for all these brilliant financiers and lawyers and others to spend their time. But also, if you have any interest in finance, it's just one helluva suspenseful tale.Related links: The Caesars Palace Coup (Amazon page)Sujeet Indap and Max Frumes on Twitter See acast.com/privacy for privacy and opt-out information.

I have in the past mused about the idea of a market maker for mergers and acquisitions.[1] Like, you run a public company, you want to sell it, you go... mused ideafrom Sujeet Indap and James Fontanella-Khan at the Financial Timeswho also serves as a senior advisor at Bloomberg L.P.press releaseVeoneer’s merger proxypress release has been pretty lucrative this year here’s a story how happy this makes retail meme-stock tradersWellFinancial Times explainsPerson of the Year awardtweeting early this morningwent uphave talked lot abouta profile of AMC Chief Executive Officer Adam AronHe has Bloomberg News this morning Crypto ExpansionFrench Tax CasePost-Archegos Reshuffle Offloads More Tesla SharesKroll Bond Rating AgencyFacebook WeiboLithium Toppled Confederate StatuesPocket Watchsubscribe at this linkherea real fact pattern toehold got Pershing Square suedultimately it settled

This is it, the big one, RTFM, the deep dive. Fintan and Jon have just the one guest this week, but what a guest - author and journalist Max Frumes discusses his superb book The Caesars Palace Coup: How A Billionaire Brawl Over The Famous Casino Exposed The Power and Greed of Wall Street. As you can see, the book also has an excellent title. Max co-authored the book with Sujeet Indap who unfortunately couldn't join us.

Fintan and Jon have just the one guest this week, but what a guest - author and journalist Max Frumes discusses his superb book The Caesars Palace Coup: How A Billionaire Brawl Over The Famous Casino Exposed The Power and Greed of Wall Street. As you can see, the book also has an excellent title. Max co-authored the book with Sujeet Indap who unfortunately couldn't join us.

My guests on today's show are financial journalists Max Frumes and Sujeet Indap, co-authors of “The Caesars Palace Coup,” a book detailing the bankruptcy of Caesars Entertainment. Coming off the heels of our Private Equity Masters mini-series, this conversation dives into a private equity deal gone wrong, including some technical aspects of what it takes to emerge from a bankruptcy. We walk through the intricacies, tensions and dynamics of the Caesars bankruptcy, whose stakeholders included Apollo, TPG, GSO, Elliot, Silver Point, Oaktree, and Appaloosa – a literal who's who of giants in private equity and distressed investing. We then turn to applicable lessons for investors, including power dynamics, the unwritten rules of distressed investing, and the role of skill and luck.  Learn More Subscribe: Apple | Spotify | Google Follow Ted on Twitter at @tseides or LinkedIn Subscribe Monthly Mailing List Read the Transcript

Co-author Sujeet Indap discusses his new book, “The Caesars Palace Coup,” which details the epic 2015 billionaire bankruptcy brawl over Caesars Entertainment that pitted legendary private-equity firms against some of the world's most famous hedge-fund shops. Host: Dominic Nolan, CEO of Pacific Asset Management. 

The international community is responding to the military's protest crackdown in a variety of ways, and a look at why Nasdaq is separating its existing marketplace for private company shares into a new unit. Plus, the FT's markets editor, Katie Martin, talks about the performance of the FT's annual stock picking contest, thus far. US places sanctions on head of Cuban military over protest crackdownhttps://www.ft.com/content/11d34723-0e79-4718-a9d3-7884ab96e306Nasdaq: private market exchange is the next frontier, with US Lex editor Sujeet Indap https://www.ft.com/content/630ac956-c521-4973-9d14-b707fe16c5a3?FT stockpicking contest: winners and losers at the half way mark, with markets editor Katie Martin https://www.ft.com/content/1625ef6f-83d5-4a0d-8bbf-7a61b06a963b?The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show's editor is Jess Smith. Our intern is Zoe Han. Additional help by Gavin Kallmann, Michael Bruning, and Persis Love. The show's theme song is by Metaphor Music. The FT's global head of audio is Cheryl Brumley. See acast.com/privacy for privacy and opt-out information.

Mitch Julis is the Co-Founder and Co-Chairman of Canyon Partners, one of the largest and best-performing multi-strategy hedge funds in the world. If you listen to the end of our interviews or visit our website, you'll see that Policy Punchline is generously funded by the Julis-Rabinowitz Center for Public Policy and Finance (JRCPPF) at Princeton University. The Center was created by Mr. Julis and named in honor of his father and mother. After 150 episodes, we're finally having Mitch on the show, and everything is truly coming back in full circle here. We start the interview with an introduction to Canyon Partners and Mitch's background. “You can't be a great equity investor without being a solid credit analyst” – Mitch gives a detailed overview to credit investing, Canyon's various strategies and funds, and his overarching investment philosophy. We also touch on many of the macro trends before and after Covid, the Federal Reserve's “insurance policy” for financial markets with persistently low interest rates, the rise of SPACs and Bitcoin, and many more current event topics and beyond. One of the interview highlights is Mitch's explanation of “reframing financial and economic analysis as political economy to understand how structure determines behavior and behavior determines structure in the capital markets.” To illustrate how to cope with complex situations, he brings up Canyon's recent investment in AMC Theatres during the company's struggle in the Covid pandemic, as well as their previous investment in Caesar Entertainment. He also A recent book published in April 2021, “The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Corruption of the Private Equity Industry,” by Sujeet Indap and Max Frumes talks about the Caesars Entertainment restructuring, which Mitch referenced a few times throughout the interview and recommends those who are interested to read more. Mitch co-founded Canyon Partners in 1990 with Josh Friedman after his old firm Drexel Burnham Lambert was closed. Canyon subsequently flourished into one of the best-performing hedge funds in the world over the last three decades, growing into various strategies from distressed credit to CLOs and real estate. Disclaimer by Canyon Partners, LLC: • This presentation does not constitute an offer or solicitation to subscribe for or purchase any securities in any jurisdiction. • Certain information contained herein constitutes “forward-looking statements.” Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. • Nothing contained in this presentation constitutes investment advice or offers any opinion with respect to the suitability of any security or asset class, and the views expressed in this presentation should not be taken as advice to buy, sell or hold any security or asset class. • Any representative investment or strategy described herein is for illustrative purposes to describe a type of investment Canyon either has acquired or, opportunity permitting, may acquire in the future. Such descriptions are summary in nature and do not purport to list all the salient features of the investment or the strategy described. There is no guarantee that similar opportunities will be available for a fund in the future, or that a fund will acquire further investments of the type described in such summaries. • Canyon has numerous other investments – successful and not successful. An investment profiled in this presentation may not be held by all Canyon funds. It is not known whether any position(s) currently held will be profitable when sold. • Past performance of an investment, strategy, or fund is not a guarantee of future results. • This presentation may contain confidential information and shall not be redistributed without the express written consent of Canyon Partners, LLC.

Edmund Lee of the New York Times joins Felix Salmon, Emily Peck, and Stacy-Marie Ishmael to talk about AT&T's massive WarnerMedia-Discovery merger, this week’s Bitcoin crash, and burnout.   In the Plus segment: Future media merger speculation.  Mentioned in the show: “U.S. Telecoms Decide Focusing on Pipes Isn’t So Dumb After All,” by Nic Fildes, Anna Nicolaou ,and Sujeet Indap for the Financial Times  “‘Why the Bitcoin Crash Was a Big Win for Cryptocurrencies,” by Jim Bianco for Bloomberg  “The Lie of ‘No One Wants to Work’,” by Gaby Del Valle for Eater Email: slatemoney@slate.com Podcast production by Jessamine Molli. Twitter: @felixsalmon, @EmilyRPeck, @s_m_i  Learn more about your ad choices. Visit megaphone.fm/adchoices

Edmund Lee of the New York Times joins Felix Salmon, Emily Peck, and Stacy-Marie Ishmael to talk about AT&T's massive WarnerMedia-Discovery merger, this week’s Bitcoin crash, and burnout.   In the Plus segment: Future media merger speculation.  Mentioned in the show: “U.S. Telecoms Decide Focusing on Pipes Isn’t So Dumb After All,” by Nic Fildes, Anna Nicolaou ,and Sujeet Indap for the Financial Times  “‘Why the Bitcoin Crash Was a Big Win for Cryptocurrencies,” by Jim Bianco for Bloomberg  “The Lie of ‘No One Wants to Work’,” by Gaby Del Valle for Eater Email: slatemoney@slate.com Podcast production by Jessamine Molli. Twitter: @felixsalmon, @EmilyRPeck, @s_m_i  Learn more about your ad choices. Visit megaphone.fm/adchoices

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Authors Max Frumes and Sujeet Indap on their new book The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street: https://amzn.to/3cFgNVJ From the blurb: It was the most brutal corporate restructuring in Wall Street history. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards. In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. On one side: Apollo Global Management and TPG Capital. On the other: the likes of Elliott Management, Oaktree Capital, and Appaloosa Management. ABOUT THE PODCAST Hi, I'm Tobias Carlisle. I've launched a new podcast called The Acquirers Podcast. The podcast is about finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations. We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success. SEE LATEST EPISODES https://acquirersmultiple.com/podcast/ SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/ FOLLOW TOBIAS Firm: https://acquirersfunds.com/ Website: https://acquirersmultiple.com/ Twitter: https://twitter.com/Greenbackd LinkedIn: https://www.linkedin.com/in/tobycarlisle Facebook: https://www.facebook.com/tobiascarlisle Instagram: https://www.instagram.com/tobias_carlisle ABOUT TOBIAS CARLISLE Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, bus

Today we speak to the authors of The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street https://tinyurl.com/caesarsbook This is where Oceans 11 meets Chapter 11 It was the most brutal corporate restructuring in Wall Street history. The 2015 bankruptcy brawl for the storied casino giant, Caesars Entertainment, pitted brilliant and ruthless private equity legends against the world's most relentless hedge fund wizards.   In the tradition of Barbarians at the Gate and The Big Short comes the riveting, multi-dimensional poker game between private equity firms and distressed debt hedge funds that played out from the Vegas Strip to Manhattan boardrooms to Chicago courthouses and even, for a moment, the halls of the United States Congress. On one side: Apollo Global Management and TPG Capital. On the other: the likes of Elliott Management, Oaktree Capital, and Appaloosa Management.   The Caesars bankruptcy put a twist on the old-fashioned casino heist. Through a $27 billion leveraged buyout and a dizzying string of financial engineering transactions, Apollo and TPG—in the midst of the post-Great Recession slump—had seemingly snatched every prime asset of the company from creditors, with the notable exception of Caesars Palace. But Caesars' hedge fund lenders and bondholders had scooped up the company's paper for nickels and dimes. And with their own armies of lawyers and bankers, they were ready to do everything necessary to take back what they believed was theirs—if they could just stop their own infighting.   These modern financiers now dominate the scene in Corporate America as their fight-to-the-death mentality continues to shock workers, politicians, and broader society—and even each other.   In The Caesars Palace Coup, financial journalists Max Frumes and Sujeet Indap illuminate the brutal tactics of distressed debt mavens—vultures, as they are condemned—in the sale and purchase of even the biggest companies in the world with billions of dollars hanging in the balance.   Sujeet Indap is the U.S. editor of the Lex Column at the Financial Times, where he contributes stories across the paper. He has written extensively on the intersection of corporate finance and corporate law. Indap was previously an investment banker before he joined the Financial Times in 2013. He is a graduate of Pomona College and the Wharton School at the University of Pennsylvania. Indap lives in Manhattan, NY, with his wife.   Max Frumes leads a news team at Fitch Solutions covering corporate debt and restructuring. He previously was the founding editor of a leading publication covering corporate bankruptcy, and before that reported for S&P's Leveraged Commentary & Data and The Deal. Frumes received his undergraduate degree from the University of California, Berkeley, and an MSJ from Northwestern's Medill School of Journalism. He lives in Brooklyn with his wife and daughter.  

Max Frumes and Sujeet Indap, authors of a new book detailing the vicious, protracted Caesars restructuring, discuss the historic case in this week's Drinks With The Deal podcast.

The Trump administration is considering fast tracking a UK Covid-19vaccine for use in America ahead of the presidential election, and new research shows global dividends have suffered the worst quarterly fall in a decade. Plus, the US editor of the FT’s Lex column, Sujeet Indap, explains why a hedge fund manager is in hot water over the Neiman Marcus bankruptcy case. Trump considers fast-tracking UK Covid-19 vaccine before US electionhttps://www.ft.com/content/b053f55b-2a8b-436c-8154-0e93dcdb3c1aGlobal dividends suffer worst quarterly fall since 2009ft.com/content/a136da68-4cc8-489f-9265-a719b11f75e6?Hedge fund manager admits ‘grave mistake’ in Neiman Marcus battlehttps://www.ft.com/content/084ba24b-a96b-4888-9bd4-c80001c0be07 See acast.com/privacy for privacy and opt-out information.

About 10 years ago, two legendary private equity firms, Apollo Global Management and TPG, teamed up to carry out a leveraged buyout of one of the biggest and most iconic gaming companies, then known as Harrah’s. They financed the purchase by taking advantage of Harrah’s real estate. Now, an obscure regional casino group out of Reno, Nevada is set to scoop up what has become the Caesars Entertainment empire in a deal that is making use of a pretty similar kind of financing. The FT’s Sujeet Indap tells the story. See acast.com/privacy for privacy and opt-out information.

Kraft Heinz was created by 3G Capital in a Warren Buffett-backed 2015 megamerger of Kraft and Heinz. Now the food group’s shares have crashed and Mr Buffett has admitted that he overpaid. Katie Martin discusses what went wrong with James Fontanella-Khan and Sujeet Indap.Contributors: Suzanne Blumsom, executive editor, Katie Martin, capital markets editor, James Fontanella-Khan, US corporate finance and deals editor and Sujeet Indap, Lex columnist. Producer: Fiona Symon See acast.com/privacy for privacy and opt-out information.

Five years after quitting the Nasdaq exchange, Michael Dell's technology company is set to return to the public market after a fierce fight over its valuation. The FT's US editor of the Lex column, Sujeet Indap, explains the backstory. See acast.com/privacy for privacy and opt-out information.

Sujeet Indap, journalist at the FT wrote the following in July, 2018 " Apollo’s life insurance affiliate Athene Holding (ATH) and Caldera are battling each other for control of American Equity Investment Life (AEL), an Iowa retirement annuities specialist that said in May it had put itself up for sale and has attracted a number of bidders. Athene is also a defendant in the suit. Caldera accused the defendants of “disparaging Caldera in the marketplace, issuing commercial and legal threats to those doing or considering business with Caldera and filing sham litigation in domestic and foreign fora”. Caldera is asking for at least $1.5bn in damages. Sujeet joined me last week to update and discuss this ongoing dispute in what I regard as one of Wall St. most under-the-radar dramas...

Superstar partners are drawing salaries akin to those of top bankers and sports stars, as upstart firms challenge the traditional seniority-based compensation system. James Fontanella-Khan, Sujeet Indap, and Barney Thompson report. Produced by Joshua Oliver. See acast.com/privacy for privacy and opt-out information.

Banker, business school professor and author Jonathan Knee joins Sujeet Indap to discuss his career, the evolution of modern investment banking and finding a way to be influential. Music by Podington Bear. See acast.com/privacy for privacy and opt-out information.

US business leaders have fallen out with Donald Trump, abandoning two high profile industry panels because of his ambivalent response to the far-right marches in Virginia last weekend. Ben Hall discusses what prompted them finally to give up on the president, with the FT's Brooke Masters and Sujeet Indap See acast.com/privacy for privacy and opt-out information.

Doctors in the US are wasting hundreds of millions of dollars a year prescribing expensive branded medicines even when cheaper generic alternatives are available, according to an FT analysis. David Crow and Sujeet Indap discuss the findings. See acast.com/privacy for privacy and opt-out information.

Lex writer Sujeet Indap explains why Verizon's $4.8bn acquisition of Yahoo's core operating business is a good deal for the US telecom giant and what it means for Yahoo. Visit FT.com for more on the story. See acast.com/privacy for privacy and opt-out information.

Patrick Jenkins and guests discuss what banks think about a possible Brexit and Credit Suisse's unexpected portfolio of high risk assets, and in the US, Sujeet Indap asks Alistair Gray, US financial correspondent, what the squeeze on interest rates means for bank margins. See acast.com/privacy for privacy and opt-out information.

Valeant said on Monday that chief executive Mike Pearson would be stepping down. The Canadian drugmaker also traded blame with its former chief financial officer over providing incorrect information to the company’s auditors that it said led to the filing of erroneous reports with the US securities regulator. The FT's David Crow and Sujeet Indap discuss the company's future. See acast.com/privacy for privacy and opt-out information.

What are the justifications for the call from Federal Reserve of Minneapolis President Neel Kashkari that the major banks should be broken up, and are his motivations political or in the best interests of society and investors? Lex US editor Sujeet Indap and US banking editor Ben McLannahan discuss. Music by Kevin MacLeod. See acast.com/privacy for privacy and opt-out information.

More than 30 years after China instituted the one-child policy to temper population growth, the country's demographics have greatly transformed. Author Mei Fong joins hosts Shannon Bond and Cardiff Garcia to talk about the societal and economic implications of the policy, the subject of her book "One Child". Later, the blood testing device developed by Theranos was expected to disrupt the healthcare sector, but that seems less likely now that it has run into regulatory trouble. FT journalists David Crow and Sujeet Indap discuss. Go to FT.com/alphachat for show notes and links. See acast.com/privacy for privacy and opt-out information.

Corporate short-termism, or a company's tendency to reduce internal investment and focus on share price and dividend payments, is widely criticised by economists and politicians for its effect on the stock market. Michael Mauboussin, head of global financial strategies at Credit Suisse, explains his skepticism about this consensus. Then, a recent Goldman Sachs report suggests more millennials lived in their parents' homes in 2015 than the year before, despite a strengthening jobs market. The FT's Anna Nicolaou joins Cardiff and Shannon to discuss what's holding millennials back despite the fact that they are not unemployed. Finally, Lex writer Sujeet Indap shares a tale of two Wall St bankers. Music by Podington Bear and Broke For Free. See acast.com/privacy for privacy and opt-out information.

A battle of the bankers has gone public and may end up in court, drawing attention to the financial industry's hiring and retention practices. Sujeet Indap and James Fontanella-Khan investigate the dispute between Joe Perella and a former colleague who was fired amid allegations of a plot to quit and launch a rival firm See acast.com/privacy for privacy and opt-out information.

The Chinese entertainment conglomerate will acquire Hollywood studio Legendary Entertainment for a cash sum of $3.5bn. What does the deal mean for the two leading global theatrical markets, the US and China? The FT's Matt Garrahan and Sujeet Indap discuss. Plus, Matt offers some predictions on what to expect from Hollywood in 2016. Music by Sunsearcher. See acast.com/privacy for privacy and opt-out information.

Hosts Cardiff Garcia and Matt Klein respond to listener questions about young people and monetary policy; Sujeet Indap investigates the fate of bank analysts 15 years after their start; Robin Wigglesworth guides us through Puerto Rico's showdown with creditors; and Anna Nicolaou previews the Canadian elections. See acast.com/privacy for privacy and opt-out information.