A comprehensive guide to distress investing around the world
Increasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. Following this trend, a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender. Distress Investing puts this topic in perspective and covers the essential aspects of this discipline-from its theoretical underpinnings to its practical applications. The book features cases studies of some of the biggest distress investing situations, including Kmart and Pacific Gas & Electric. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, readers will learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Written by the leading practitioner of distress investing and coauthored by a leading academic in the field, this book is certain to become the bible on this topic for professional investors and students alike.
Martin J. Whitman (New York, NY) is Chairman and Co-CIO of Third Avenue Management LLC. He is also the author of Value Investing (978-0-471-16292-6) and The Aggressive Conservative Investor (978-0-471-76805-0), from Wiley. Fernando Diz (Syracuse, NY) is the Martin J. Whitman Associate Professor of Finance and Director of The Ballentine Investment Institute at Syracuse University.
Increasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. Following this trend, a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender. Distress Investing puts this topic in perspective and covers the essential aspects of this discipline-from its theoretical underpinnings to its practical applications. The book features cases studies of some of the biggest distress investing situations, including Kmart and Pacific Gas & Electric. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, readers will learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Written by the leading practitioner of distress investing and coauthored by a leading academic in the field, this book is certain to become the bible on this topic for professional investors and students alike.
Martin J. Whitman (New York, NY) is Chairman and Co-CIO of Third Avenue Management LLC. He is also the author of Value Investing (978-0-471-16292-6) and The Aggressive Conservative Investor (978-0-471-76805-0), from Wiley. Fernando Diz (Syracuse, NY) is the Martin J. Whitman Associate Professor of Finance and Director of The Ballentine Investment Institute at Syracuse University.
