Soreide Law Group has been contacted by several bond investors in Harrah's, now known as Caesars Entertainment Corporation. Many of these investors, who lost their entire investment, purchased these bonds through Aegis Capital Corporation. Aegis has been in business since 1984 and is located in New York City.
Caesars Entertainment changed its name from Harrah's Entertainment, and was taken private with a $28 billion buyout by Apollo and Texas Pacific Group in 2007.
According to a recent Reuters' article, Caesars Entertainment Operating Co (CEOC), the main operating unit of Caesars Entertainment Corp, said that it will not pay the $225 million in bond interest payments, triggering a default on its $18.4 billion debt. Caesars has been battling its creditors over efforts to restructure operations. As of September 30, 2014, CEOC had about $1.5 billion of cash/cash equivalents.
If your broker or financial advisor recommended the purchase of Harrah's/Caesars bonds, through Aegis Capital or other brokerages, call the Soreide Law Group for a free consultation with an attorney at: 888-760-6552. We will represent our clients nationwide before FINRA.
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