By George Schultze, Janet Lewis
"A specific examine the self-discipline of contemporary distressed making an investment. making an investment in distressed securities/financially afflicted credit is an process that comprises either nice danger and chance. Occurrences from the new credits quandary have replaced this enjoying box immensely, no longer lots when it comes to genuine legislation being revised yet within the government's greater position. What are the repercussions of the obstacle and its bailouts on lending to financially stricken businesses? Do an identical ways which have been used for over sixty years nonetheless carry actual or have the various ideas replaced? The artwork of Vulture making an investment will resolution those, and plenty of different, vital questions. knowledgeable within the box distressed making an investment, writer George Schultze knows the hazards and possibilities of making an investment in financially bothered businesses, specifically within the wake of a shaken credits and immense executive bailouts. Now, within the artwork of Vulture making an investment, he stocks his broad insights and services with you. all through this booklet, he skillfully discusses distressed safety making an investment idea and procedure, whereas providing present examples with a purpose to demonstrate how the panorama has replaced in recent times. bargains priceless info on post-financial problem distressed safety making an investment Examines the possibilities and dilemmas of the trendy portfolio supervisor who invests in distressed securities contains in-depth case reviews of Chrysler and Tropicana in case you are seeking to improve your realizing of the distressed making an investment self-discipline, this booklet is the simplest position to start"-- �Read more...
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Additional resources for The art of vulture investing : adventures in distressed securities management
When you buy a company’s debt, sometimes your aim is to get it at a significant discount to its full face value (par), which in some cases can be pennies on the dollar. You may then reap a good return when the bankrupt company pays off its creditors, preferably at par—or at least at a smaller discount than you got in the open market. You could also sell the debt for a quick profit if the value increases in anticipation of a bankruptcy, especially if the market believes the company has some worthwhile assets to realize.
Even though that price represented a nice premium to my average purchase price for the stock (less 32 Learning to Scavenge than C$20), I was sad to see Algoma go for a relatively low valuation. 02× its trailing EBITDA, which, although nearly three times its prior trading price, was still below the average industry multiple. Washington Group International (WGI) is another interesting example of a successful fulcrum security investment, but in two different fulcrums— one I bought into during the reorganization, and one afterward.
I had worked with the Icahn team over the years, usually on the same side, so I was surprised and dismayed by subsequent developments. Icahn’s first move was to put his right-hand man, Vincent Intrieri, a senior managing director at Icahn Enterprises, on the board. During the Tropicana Casinos bankruptcy in 2009, I’d gotten to know the shrewd but volatile Intrieri, whose profane outbursts during tension-filled negotiations became legendary. Shortly after Intrieri joined the board, it appointed a financing and restructuring committee and made Intrieri its chair.