A detailed and compelling look at distressed securities investing in today's market
In the corporate world, "vulture" investors in distressed securities serve the same cleanup function as vultures do in the natural world: they deal with failing companies, digest bad debt, and mop up after bankruptcies. Since this market's structural and legal complexities create greater inefficiencies than in other investment fields, it's a style of investing that can make money during both booms and busts. While recent economic carnage has made opportunities for vulture investors, more convoluted bankruptcies, conflicts of interest, and even government intervention have made this arena harder to negotiate.
Nobody understands this better than author George Schultze, founder of Schultze Asset Management. During his successful career as a vulture investor, he's learned a number of lessons and developed an investment philosophy that has served him well. Now, in The Art of Vulture Investing, Schultze shares his valuable insights and experiences with you. Engaging and informative, this reliable guide offers a bird's-eye into the opportunities and risks associated with vulture investing. And while it may not always be pretty, you'll see exactly why this process is necessary for our economic ecosystem.
Throughout this book, Schultze explains the theory and strategy of vulture investing in clear and lively prose, illustrating each concept with examples from his own varied experience that show how the landscape has changed in recent years.
Offers valuable information on distressed securities investing since the 2007-2009 financial crisis
Examines the opportunities and dilemmas for modern vulture investors
Includes in-depth case studies of high-profile bankruptcies, including those of Chrysler Automotive and Tropicana Casinos and Resorts
By its very nature, investing in distressed companies can be a complicated and risky business. But once the dust settles, these investments can yield extraordinary profits. The Art of Vulture Investing puts this discipline in perspective and shows you how to excel at this difficult, yet rewarding, endeavor.
Table of Contents
- Wiley Global Finance
- Title Page
- Chapter 1: Emerging from the Egg
- Chapter 2: Learning to Scavenge
- Chapter 3: Looking for Prey
- Chapter 4: Waiting On a Limb
- Chapter 5: Swooping In: Tropicana
- Chapter 6: Fighting Over the Carcass: Chrysler
- Chapter 7: Digesting the Remains
- Chapter 8: A Vulture’s Philosophy
- Appendix 1: Net Operating Loss Carry Forwards
- Appendix 2: Copy of Continued Objection by Ad Hoc Committee of Washington Group Class 7 Claim Holders
- Appendix 3: Letter to Washington Group's Board of Directors
- Appendix 4: Shareholder Complaint against Winn-Dixie Board et al.
- Appendix 5: Objection by Schultze Asset Management to Owens Corning Disclosure Statement
- About the Authors
- Title: The Art of Vulture Investing: Adventures in Distressed Securities Management
- Release date: October 2012
- Publisher(s): Wiley
- ISBN: 9781118234730