Max Frumes

Business journalist, Global Head of Distressed News @9fin, co-author "Caesars Palace Coup". Opinions own.

[Max Frumes @maxfrumes]

It’s been a long time in the making but the Caesars bankruptcy saga by me and @sindap is finally in full, printed book form! Get one here: https://t.co/gJKlYC7f4W

[9fin @9finHQ]

In April, two LMEs crossed the finish line and two more progressed with announced transactions, while another 13 companies hit milestones that typically precede an LME, according to 9fin data.

Get the break down on each of these situations in our LME update: https://t.co/gtnmefVrZE

[Max Frumes @maxfrumes]

The Taste of Leverage. Filling, yet hollow? https://t.co/Pwqxo4r0PO

[Max Frumes @maxfrumes]

9fin LatAm launch event in NYC #9fin https://t.co/HMCfPh4JxT

[BigBaller @Bigba11r]

@LeylaKuni @junkbondanalyst @junkbondinvest @pvtcreditguy This was a topic on @9fin about a month ago. They held a panel discussion regarding LMEs and DQs. J Mudrick mentioned that lists to not preclude a Fund from gaining exposure, loan purchase, anything. An IB can create CDS exposure or reference. 1/2

[9fin @9finHQ]

Liability management exercises (LMEs) are every bit as complex as they are prevalent in the distressed markets — but mastering them doesn’t have to be.

In our online course, our Head of LMEs Jane Komsky gets you up to speed on:

1. The LME basics
2. The first wave of LMEs, with drop-downs
3. Uptiers, with Serta and Mitel examples
4. The complex world of double dips and hybrids
5. LMEs in 2025

Plus a chance to access bonus content, and a guest curator — no other than our global head of distressed, restructuring and LevFin, @maxfrumes 👀

Make sure you’re in the know on all things LMEs — sign up here: https://t.co/keQI9dEOSb

[Rachel Butt @rachel_butt]

Apollo got a look on part of First Brands’ off-balance sheet funding before scrutiny of the auto parts supplier's financing arrangements clouded its future. More on @9finHQ: https://t.co/skY9rNUsgQ with @maxfrumes

[Max Frumes @maxfrumes]

An early look at the First Brands DIP terms @9finHQ https://t.co/uehnq3jysN

[Max Frumes @maxfrumes]

A must-read for restructuring professionals and pun-lovers alike

[Kathryn Rubino @Kathryn1]

Aquagirl swam so Biglaw Biter could run @DavidLat

[Max Frumes @maxfrumes]

Join me at 10am eastern tomorrow along with @KobreKimLLP @alvarezmarsal and @dan_zwirn to talk private credit enforcement: Register now
https://t.co/9gGHDEXvNC

[Max Frumes @maxfrumes]

Join me at 10am eastern tomorrow along with @KobreKimLLP @alvarezmarsal and @dan_zwirn to talk private credit enforcement: Register now
https://t.co/9gGHDEXvNC

[Max Frumes @maxfrumes]

Shocking that K&E's "debt architect" (love that name!) thinks co-ops are illegal https://t.co/fWushzChLX

[Max Frumes @maxfrumes]

$htz makes it official, it's going to attempt an at-the-market offering. Those of us covering distressed in 2020 are now solid armchair restructuring advisors: As I wrote in the @9finHQ distressed weekly on April 18:

[Rachel Butt @rachel_butt]

@BillAckman @Hertz What about the company’s cash burn, 2026 debt maturities and $340m in makewhole payment?

[Max Frumes @maxfrumes]

still have not gotten an answer as to what pro bono work entails when "Ensuring fairness in our Justice System"

[Commentary Donald J. Trump Posts From Truth Social @TrumpDailyPosts]

Today, President Donald J. Trump and Cadwalader, Wickersham & Taft, LLP (“Cadwalader”) announce the following commitments regarding a series of actions to be taken by Cadwalader:

1. Cadwalader will provide a total of at least $100 Million Dollars in pro bono Legal Services, during the Trump Administration, and beyond, to causes that President Trump and Cadwalader both support, such as: Assisting Veterans and other Public Servants including, among others, members of the Military, Gold Star families, Law Enforcement, and First Responders; Ensuring fairness in our Justice System; and Combatting Antisemitism. Cadwalader’s pro bono Committee will ensure that pro bono matters are consistent with these objectives, and that pro bono activities represent the full political spectrum, including Conservative ideals.

2. Cadwalader affirms its commitment to Merit-Based Hiring, Promotion, and Retention. Accordingly, the Firm will not engage in illegal DEI discrimination and preferences. Cadwalader affirms that it is Cadwalader’s policy to give Fair and Equal consideration to Job Candidates, irrespective of their political beliefs, including Candidates who have served in the Trump Administration, and any other Republican or Democrat Administration. Cadwalader will engage independent outside counsel to advise the Firm in confirming that employment practices are fully compliant with Law, including, but not limited to, Anti-Discrimination Laws.

3. Cadwalader affirms that it will not deny representation to clients, such as members of politically disenfranchised groups and Government Officials, employees, and advisors, who have not historically received Legal representation from major National Law Firms, including in pro bono matters and in support of non-profits, because of the personal political views of individual lawyers, consistent with our intake and conflicts procedures and capabilities.

Statement from the White House: “President Trump and his Administration have entered into an agreement with Cadwalader, Wickersham & Taft, LLP, which voiced their strong commitment to ending the Weaponization of the Justice System and the Legal Profession. The President will not stop fighting until we have ended Partisan Lawfare in the United States of America, and restored Liberty and Justice for ALL.”

Statement from Cadwalader Managing Partner, Patrick Quinn: “Cadwalader has achieved a successful agreement with President Trump and his Administration. We engaged with the President and his team in working together constructively to reach this agreement. The substance of our agreement is consistent with the principles that have guided Cadwalader for over 230 years: We always put our client’s interests first; We believe that Justice should be available to everyone; and We are committed to attracting, retaining and nurturing the very best talent from all backgrounds. The Firm looks forward to having a productive relationship with President Trump and his Administration. We firmly believe that this outcome is in the best interests of our clients, our people, and our Firm.”

From Donald Trump Truth Social 04/11/25 12:19 PM

[Max Frumes @maxfrumes]

safety in numbers

[Commentary Donald J. Trump Posts From Truth Social @TrumpDailyPosts]

Today, President Donald J. Trump and Kirkland & Ellis LLP, Allen Overy Shearman Sterling US LLP, Simpson Thacher & Bartlett LLP, and Latham & Watkins LLP (the “Law Firms”) announce the following agreement regarding a series of actions to be taken by the Law Firms:

1. The Law Firms will provide an aggregate total of at least $500 Million Dollars in pro bono and other free Legal services, during the Trump Administration and beyond, in the respective amounts set forth below, to causes that President Trump and the Law Firms both support and agree to work on, including in the following areas: Assisting Veterans and other Public Servants, including, among others, members of the Military, Gold Star families, Law Enforcement, and First Responders; ensuring fairness in our Justice System; and combatting Antisemitism. The Law Firms will take on a wide range of pro bono matters that represent the full political spectrum, including Conservative ideals.

The Law Firms and their commitments are: Kirkland & Ellis LLP, Allen Overy Shearman Sterling US LLP, Simpson Thacher & Bartlett LLP, and Latham & Watkins LLP: $125 Million Dollars each.

2. The Law Firms affirm their commitment to Merit-Based Hiring, Promotion, and Retention. Accordingly, the Law Firms will not engage in illegal DEI discrimination and preferences. The Law Firms affirm that it is their policy to give Fair and Equal consideration to Job Candidates, irrespective of their political beliefs, including Candidates who have served in the Trump Administration, and any other Republican or Democrat Administration. The Law Firms will engage outside counsel to advise the Law Firms in confirming their employment practices are fully compliant with Law, including, but not limited to, Anti-Discrimination Laws.

3. The Law Firms affirm that they will not deny representation to clients, such as members of politically disenfranchised groups and Government Officials, employees, and advisors, who have not historically received Legal representation from major National Law Firms, including in pro bono matters, and in support of non-profits, because of the personal political views of individual lawyers.

4. Concurrent with these agreements, the EEOC has withdrawn the March 17, 2025 letters to the Law Firms, and will not pursue any claims related to those issues.

Statement from the White House: "President Trump and his Administration have entered into an agreement with these long established firms, which have affirmed their strong commitment to ending the Weaponization of the Justice System and the Legal Profession. The President continues to fulfill his promise to the American People that the Age of Partisan Lawfare in America is OVER.”

Statement from the Law Firms: “Today, our Firms reached an agreement with President Trump and his Administration, including the U.S. Equal Employment Opportunity Commission (EEOC). We have resolved this matter while upholding long-held principles important to each of our Firms: Equal Employment Opportunity; providing pro bono assistance to a wide range of underserved populations, and ensuring fairness in the Justice System; and representing a broad spectrum of clients on various matters. We look forward to a continued constructive and productive relationship with President Trump and his team.”
-- Jon A. Ballis, Chairman, Kirkland & Ellis; Khalid Garousha, Global Senior Partner, AO Shearman; Alden Millard, Chair of Simpson Thacher’s Executive Committee; Richard M. Trobman, Chair and Managing Partner, Latham & Watkins.

From Donald Trump Truth Social 04/11/25 12:21 PM

[Max Frumes @maxfrumes]

@lolviolence Increasing the value of your out-of-the-money equity option by putting off your unrefinanceable debt using financial engineering

[Max Frumes @maxfrumes]

90s alternative rock fans will love this interview: Jane's LME Addiction - Scott Greenberg wants your cooperation https://t.co/5S5ByCFmw6 via @YouTube

[Cole Smead @Cole_Smead]

@maxfrumes and @sindap’s book is a treasure trove of legal, financial and political education. Also, a must read if you want a case study in industries that transform to a Propco and Opco model. Thanks to Munger for pointing this out and @denverlabrador for reminding us!

[Smead Capital Management @SmeadCap]

The Latest Episode of A Book with Legs is here!

Author and Global Head of Distressed and Restructuring at 9Fin, @maxfrumes, joins @Cole_Smead and @ConorForAZ to discuss his book, “The Caesars Palace Coup: How A Billionaire Brawl Over the Famous Casino Exposed the Power and Greed of Wall Street.” In this episode, they discuss the 2015 bankruptcy brawl for Caesars Entertainment in Las Vegas, the key figures involved, and more.

Listen here: https://t.co/49QCmb7zNv

Sign up to be notified about new episodes: https://t.co/Ve3iO7Lqbv

#ABookWithLegs #SmeadCapitalManagement #FearStockMarketFailure #Investing

@DiversionBooks

[Conor O’Callaghan @ConorForAZ]

Honored to make my first appearance on the “A Book with Legs” podcast w/ @SmeadCap CEO & PM @Cole_Smead!

In “The Caesars Palace Coup,” @maxfrumes (and Sujeet Indap) did an excellent job of capturing a wild time in buyout & bankruptcy lore.

Listen wherever you get your podcasts!