Caesars: Lost pensions are consequence of bankruptcy

Tim Donovan, general counsel for Caesars Entertainment, said although the company asked its attorneys twice if it could make $33 million in pension payments to 63 retirees -- some of whom it lost paperwork on -- the idea was turned down for fear it would "impact the credibility" of the company. "We're sympathetic with the issues," Donovan said. "This is a terrible consequence of the bankruptcy." The supplemental retirement plans are viewed as unsecured debt by the bankruptcy court; retirement plans covering 51,000 other employees were not affected in the bankruptcy.

meanwhile the top execs will make out like bandits!