What: Shares of Caesars Entertainment Corp (CZR) fell12% in January according to S&P Capital IQ data as the company's bankruptcy saga continued.

So what: Caesars is trying to reorganize its largest operating company, Caesars Entertainment Operating Company, which is currently in bankruptcy court, without taking the parent company into bankruptcy -- and that plan may have hit a snag in January. Judge Benjamin Goldgar said that a reorganization won't be a given without the parent being pulled into bankruptcy, and may also force the release of a court ordered investigation into transactions that created Caesars Entertainment Operating Company in the first place.  

Now what: Court rulings keep going against Caesars, and if that continues through March 14 the company could be in big trouble. That's when a trial alleging the improper transfer of assets in Caesars subsidiaries is set to take place, and if junior bondholders win they could pull the whole company into bankruptcy. That could leave investors with nothing, which is why I wouldn't go anywhere near this stock.