By Nick Brown
March 23 Mon Mar 23, 2015 6:14pm EDT
March 23 (Reuters) - Restructuring lawyer Richard Davis will likely lead an investigation into transactions by the operating unit of Caesars Entertainment Corp, which filed for Chapter 11 this year.
The bankruptcy arm of the U.S. Justice Department on Monday recommended Davis as the examiner in the massive case, asking a judge to consider approval of the pick at a hearing on Wednesday.
Davis, a former partner at bankruptcy powerhouse Weil Gotshal & Manges, has served in several investigative roles both in and out of bankruptcy.
Most recently he was tasked with probing the dealings of bankrupt hedge fund Fletcher International, whose founder, Alphonse "Buddy" Fletcher, is the husband of Ellen Pao, the plaintiff in a high-profile gender discrimination lawsuit against venture capital firm Kleiner Perkins Caufield & Byers.
Caesars Entertainment Operating Co, or CEOC, filed for bankruptcy in January to cut its debt by $10 billion. Prior to filing, it transferred a number of its most valuable properties to affiliates of its parent as it struggled to overhaul operations.
Creditors have alleged the moves were illegal efforts by the parent to place the assets beyond the reach of creditors.
U.S. Bankruptcy Judge Benjamin Goldgar this month directed the Justice Department to appoint an examiner to analyze the deals. CEOC did not challenge the directive, but sought unsuccessfully to narrow the scope and cost of an investigation.
In a report in U.S. Bankruptcy Court in Chicago on Monday, Davis said he would charge $850 an hour for the work and retain his own team of lawyers.
Davis was part of the Watergate Special Prosecution Force in the 1970s, and he later joined the U.S. Treasury Department as assistant treasury secretary, where he was "deeply involved" in the financial agreements that led to the release of hostages during the Iranian hostage crisis, he said in his report.
He was a partner at Weil from 1981 through 2011.
(Reporting by Nick Brown; Editing by Leslie Adler)
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