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.
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this is the best book that I have read since The Black Swan do yourself a favor and pick up a copy; you′d be crazy not to. ( SeekingAlpha.com, June 11, 2009)From the Back Cover:
Praise for Distress Investing
"Marty Whitman has distilled decades of distressed investing experience into a text that is a must–read for everyone interested in the field, whether a student or a professional investor."
Wilbur L. Ross, Chairman and CEO, WL Ross & Co. LLC
"Distress Investing: Principles and Technique represents a detailed and unique perspective on an arcane arena of investment that is going to get a lot more attention. Marty Whitman is the master, and has set the standard for many years."
Sam Zell, Chairman, Equity Group Investments, LLC
"Martin Whitman and Professor Diz have produced a seminal work on the ins and outs of distressed investing for all distressed debt investors. It is jam–packed with information and guidance for the novice and the experienced. A must–read for anyone interested in distressed investing."
Lewis Kruger, Stroock & Stroock & Lavan LLP
"Marty Whitman, a legend in distress investing, packs decades of experience into these pages. The restructuring of the capital markets currently under way is sure to provide great distress investment opportunities, which this guide book can make count for you."
Bruce Flatt, Brookfield Asset Management Inc.
"The principles found in this book are those I used in the reorganization of my business from bankruptcy to an S&P 500 company with an investment grade rating and a multibillion–dollar market capitalization. An excellent premier by Marty Whitman and Professor Diz, integrating economic theory with real–world investment to help investors of all shapes and sizes understand and invest in distressed securities."
Gene Isenberg, Chairman and CEO, Nabors Industries, Inc.
"Marty Whitman, the unquestioned ′Dean′ of active distressed investors, and Fernando Diz, one of the few academics specializing in distressed investing, have teamed up to provide perhaps the best and most comprehensive primer on distressed securities and markets. I learned so much from this remarkable volume."
Edward I. Altman, Max L. Heine Professor of Finance, NYU Stern School of Business, Director of credit and debt markets research at the NYU Salomon Center and adviser to several financial institutions including, Paulson & Co. and Concordia Advisers
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