It’s an old saw that if you don’t know who the chump is at the poker table, it’s probably you. This book ( The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Corruption of the Private Equity Industry) from 2021 is a great read on personality and money, and how people in credit and private equity are not your friends, particularly when it comes down to some issues with debt and public shareholders.

Yes, I occasionally get sucked into situations — properly sized — in which there is a debt issue that I think can be resolved with a positive outcome for the common shareholder. Sometimes I hate myself for doing it.

The live example is Cable One: CABO. The enclosed court filing by CABO is Caesars Palace Coup-like, and I probably know 20% of the backstabbing. Painfully fascinating as a small equity and debt holder. The acronym that will become increasingly popular is LME – Liability Management Exercise.