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Optimising Distressed Loan Books: Practical solutions for dealing with non-performing loans by John Michael Sheehan

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Introduction

Since the late 1980s, speculative investors all over the world have raised billions of dollars to purchase distressed debt from banks and enormous profits have been made from these investments. The investors include investment banks, hedge funds, sovereign wealth funds, pension funds and even commercial banks themselves. Many of the principals running these organisations have made colossal personal fortunes that have been used to buy indulgences like racehorses, luxury yachts, private jets, castles or even tropical islands.

For every winner though, there is a loser. Distressed debt is not a win-win situation; it is a zero-sum game. Simply put: I win, you lose. The gain of the investor is the loss of the bank. There may be other ...

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