Caesars World, Inc. v. Sosnoff

1987 LEXIS 14293 (1987)

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Caesars World, Inc. v. Sosnoff

United States District Court for the Central District of California

1987 LEXIS 14293 (1987)

Facts

Martin Sosnoff (defendant) tendered an offer to buy out shareholders in Caesars World, Inc. (plaintiff). Sosnoff planned to raise almost half the necessary financing through loans directly secured by Caesars World stock. Caesars World sued for a federal district court’s injunction to block the tender offer. Based on preliminary evidence, the court found it likely that Caesars World could prove that Sosnoff planned to finance the rest of the tender offer with debt instruments issued by MTS Holdings Company (MTS), a shell corporation that Sosnoff allegedly organized specifically for that ultimate purpose.

Rule of Law

Issue

Holding and Reasoning (Rea, J.)

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