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Nobody understands this better than Martin Whitman—thelegendary founder of Third Avenue Management LLC and a pioneer inthe field of distressed markets—and leading academic Dr.Fernando Diz of Syracuse University. That's why they decided towrite Distress Investing. As an outgrowth of annual distress andvalue investing seminars the two have taught together at SyracuseUniversity's Martin J. Whitman School of Management, this reliableresource will help you gain a better understanding of the essentialprinciples and techniques associated with distress investing andshow you how to effectively apply them in the real world.
Divided into four comprehensive parts—the GeneralLandscape of Distress Investing, Restructuring Troubled Issuers,the Investment Process, and Cases and Implications for PublicPolicy—this book comprehensively covers the practice ofbuy-and-hold investing in distressed credits, whether it beperforming loans or the reinstated issues of a reorganizedissuer.
From the recent changes to U.S. bankruptcy code and creditorrights to cash bailouts, you'll quickly learn how to analyzedistressed situations such as pricing issues, arbitrageopportunities, tax disadvantages, and the reorganization of fundingplans. Along the way, case studies of both large and small distressinvesting deals—from Kmart to Home ProductsInternational—will give you a better perspective of thebusiness.
Critical topics addressed throughout these pagesinclude:
Chapter 11 bankruptcy and why it's not considered an ending, butrather a beginning when it comes to distress investing
The "Five Basic Truths" of distress investing
The difficulty of due diligence for distressed issues
Distress investing risks from reorganization risk to riskassociated with the alteration of priority of payments inbankruptcy
Valuing companies by both going concern as well as theirresource conversion attributes
In today's turbulent economic environment, distress investingpresents some enticing opportunities. Put yourself in a betterposition to excel at this endeavor with Distress Investing as yourguide.