When a multibillion dollar bankruptcy looms, lawyers, accountants, and legalists of all shapes and sizes huddle together in rugby scrum as dense as a neutron star and come up with some really complicated, convoluted, confusing, mind-numbing shuffling shell game filled with so many acronyms that you’ll forget how to sing the alphabet.

Don’t blame Caesars. They’re just using the tools available to them built up over hundreds of years of laws and bureaucracies designed to “protect the markets” layered on top of one another in a way that feels like each generation of politicians was simply trying to make his mark on the regulation pile without at all worrying about how much sense it makes. The maze becomes so tortuous that massive bankrupt companies like Caesars can hide in the thicket and hope to wait it out, praying that nobody will ever find them in there.

An investment in Caesars, either the main stock (CZR) or Caesars Acquisition Company (CACQ), is essentially a bet that the company can remain hiding in that thicket indefinitely until the dogs are called off. That’s what going long Caesars means. It’s not about earnings, fundamentals, growth prospects or anything else. It’s just about whether they can escape or not by hiding for as long as possible in that regulatory labyrinth dreamed up by the ingenious brains of generations of former student council presidents.

Caesars is the only company I’ve seen that actually has to put a chart of its organizational structure on its public filings. Here it is: