Millions owed top Caesars execs may be lost forever
Loveman is one of 279 current and former Caesars executives and directors owed more than $78.6 million through a deferred compensation program now classified as unsecured debt in the Chapter 11 reorganization of Caesars Entertainment Operating Co.
In a bankruptcy, unsecured creditors wait at the end of the line for a share of whatever money, if any, is left after secured debt is covered.
According to filings with the U.S. Bankruptcy Court in Chicago, there are a total of 14,962 individuals and businesses with claims in the operating unit’s bankruptcy.
On Tuesday, after a celebration of the first anniversary of The Linq’s High Roller observation wheel, Loveman declined to say exactly how how much he is owed. Court filings, however, peg the amount at $71,427 — a lot of money for some, but small change in comparison to $11.7 million in deferred compensation owed to an employee identified in court papers only as “Participant 001.”
and that's why you should take the $ lump sum instead of deferment. (I'm assuming people take deferment for tax planning.)
and omg.. $11.7M owed to Participant 101??
I had some of my compensation deferred before. Unfortunately it wasn't because the company was doing well. It was very uncomfortable and unpleasant.
I ran into an employee the other day. He put thirty years in. His unemployment ran out after 6 months. He's now on assisted living and getting "training" for a new jobs.
There are many things wrong with this situation. #1. The union representing them is pathetic. #2. Where's the pension money going? #3. Where's the government assistance for those that have been devastated here? Many People paid in 30 years to unemployment. #4 the casino business and its executives have become cold and heartless, also very rich.
Quote: IntheknowHere in Atlantic City the Atlantic Club closed over a year ago. Workers were given 1month notice.
I ran into an employee the other day. He put thirty years in. His unemployment ran out after 6 months. He's now on assisted living and getting "training" for a new jobs.
There are many things wrong with this situation. #1. The union representing them is pathetic. #2. Where's the pension money going? #3. Where's the government assistance for those that have been devastated here? Many People paid in 30 years to unemployment. #4 the casino business and its executives have become cold and heartless, also very rich.
people don't get the pension till 62 or whatever the pension retirement age is.
it should be in an escrow acct, separate from regular business. thus untouchable by bankruptcy.
employees don't pay into unemployment. the employer does.
6months is the standard everywhere in the US, not just AC.
Quote: KeyserPeople should definitely think twice before putting up any front money in the cages at any of Caesar's property.
Or paying back markers I got about $500k in markers and a bunch of Caesers chocolate coins. Catch me if you can!
Quote: 100xOddspeople don't get the pension till 62 or whatever the pension retirement age is.
it should be in an escrow acct, separate from regular business. thus untouchable by bankruptcy.
employees don't pay into unemployment. the employer does.
6months is the standard everywhere in the US, not just AC.
I see. Maybe the employees should have saved for a rainy day.
