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Counsel Concerns
For the second time in six months, a law firm representing a Caesars Entertainment entity has narrowly avoided trouble in bankruptcy court. This time a court-appointed bankruptcy examiner found in March that Paul, Weiss, Rifkind, Wharton & Garrison was in a compromised position when it simultaneously represented parent company Caesars Entertainment Corp. (CEC) and its casino-operating subsidiary in intercompany transactions during a period when the operating unit became insolvent.
In a report filed in U.S. bankruptcy court in Chicago, where Caesars Entertainment Operating Co. (CEOC) has been in Chapter 11 bankruptcy since January 2015, the examiner wrote: “Paul Weiss did have a conflict of interest in representing both CEOC and CEC in at least some of the relevant transactions.” But the examiner concluded that any action by the estate or its creditors seeking damages against the firm would likely fail.
The report, which serves as a road map for creditor claims litigation, found that there was no basis at all for claims against the casino companies' previous outside corporate counsel, O'Melveny & Myers, which represented several interconnected Caesars entities long before the operating company was insolvent. (One of the key partners working for the gambling giant, O'Melveny restructuring group co-chair Gregory Ezring, was among seven partners who in 2011 jumped to Paul Weiss, where he continued to work on the Caesars matter.)
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