Chapter 9. Turning Duds into Dreams
Long before I became a consultant, then an attorney advising companies in distress, I made my reputation in the turnaround industry by buying underperforming companies, guiding their return to profitability, and exiting via a sale as a healthy, restructured entity. My experiences cover but one of the many facets of the world of distressed investing, however. Investment vehicles of all stripes have proliferated, including investment funds advertising themselves as focusing on "distressed" assets. One could be a real estate fund focusing entirely on purchasing small REO ("real estate owned," or a situation where a bank has unsuccessfully attempted to sell a property at a foreclosure auction) opportunities in one ...
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