A former Watergate prosecutor is due to release a report on a court-ordered fraud investigation into a series of corporate deals involving Caesars Entertainment Corp. that could break a deadlock in one of the biggest fights on Wall Street over the bankruptcy of Caesars’ casino operating unit, Caesars Entertainment Operating Co. Inc. (CEOC), Reuters reported on Friday. Richard Davis and a team of lawyers and advisers have spent a year trying to determine if Caesars fairly tried to rescue CEOC, or stripped away the best properties and left it with faded regional casinos and a crushing $18 billion of debt. The examiner said in a court filing that the report would be filed under seal the week of March 7 with an outside date of March 14, along with a public summary of Davis' findings. The full report will be made public in the weeks following the initial, redacted release. Caesars has proposed injecting $1.5 billion into its operating unit to settle allegations of asset-stripping, and the examiner's report could show whether or not that amount is fair.
