Schultze / Lewis The Art of Vulture Investing

Adventures in Distressed Securities Management
1. Auflage 2012
ISBN: 978-1-118-23473-0
Verlag: John Wiley & Sons
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 224 Seiten, E-Book

Reihe: Wiley Finance Editions

A detailed and compelling look at distressed securitiesinvesting in today's market
In the corporate world, "vulture" investors indistressed securities serve the same cleanup function as vulturesdo in the natural world: they deal with failing companies, digestbad debt, and mop up after bankruptcies. Since this market'sstructural and legal complexities create greater inefficienciesthan in other investment fields, it's a style of investingthat can make money during both booms and busts. While recenteconomic carnage has made opportunities for vulture investors, moreconvoluted bankruptcies, conflicts of interest, and even governmentintervention have made this arena harder to negotiate.
Nobody understands this better than author George Schultze,founder of Schultze Asset Management. During his successful careeras a vulture investor, he's learned a number of lessons anddeveloped an investment philosophy that has served him well. Now,in The Art of Vulture Investing, Schultze shares his valuableinsights and experiences with you. Engaging and informative, thisreliable guide offers a bird's-eye into the opportunities andrisks associated with vulture investing. And while it may notalways be pretty, you'll see exactly why this process isnecessary for our economic ecosystem.
Throughout this book, Schultze explains the theory and strategyof vulture investing in clear and lively prose, illustrating eachconcept with examples from his own varied experience that show howthe landscape has changed in recent years.
* Offers valuable information on distressed securities investingsince the 2007-2009 financial crisis
* Examines the opportunities and dilemmas for modern vultureinvestors
* Includes in-depth case studies of high-profile bankruptcies,including those of Chrysler Automotive and Tropicana Casinos andResorts
By its very nature, investing in distressed companies can be acomplicated and risky business. But once the dust settles,these investments can yield extraordinary profits. The Art ofVulture Investing puts this discipline in perspective and showsyou how to excel at this difficult, yet rewarding, endeavor.

Autoren/Hrsg.

Schultze, George

Lewis, Janet

Inhaltsverzeichnis

Foreword ix
Acknowledgments xi
Preface xiii
CHAPTER 1 Emerging from the Egg 1
CHAPTER 2 Learning to Scavenge 17
CHAPTER 3 Looking for Prey 39
CHAPTER 4 Waiting On a Limb 63
CHAPTER 5 Swooping In: Tropicana 73
CHAPTER 6 Fighting Over the Carcass: Chrysler 95
CHAPTER 7 Digesting the Remains 115
CHAPTER 8 A Vulture's Philosophy 131
APPENDIX 1 Net Operating Loss Carry Forwards 139
APPENDIX 2 Copy of Continued Objection by Ad Hoc Committee ofWashington Group Class 7 Claim Holders 141
APPENDIX 3 Letter to Washington Group's Board of Directors153
APPENDIX 4 Shareholder Complaint against Winn-Dixie Board et al.157
APPENDIX 5 Objection by Schultze Asset Management to OwensCorning Disclosure Statement
About the Authors 185
Index 189

Über Autor(innen)

GEORGE J. SCHULTZE is a highly regarded authority ondistressed securities investing who has been active in this fieldsince 1994. In 1998, he founded Schultze Asset Management, LLC tooffer global clients an opportunity to co-invest through a varietyof investment vehicles. He is a frequentspeaker at investmentconferences and has been interviewed by journalists from Bloomberg,Fox, CNBC, TheStreet.com, CNN, the Wall Street Journal, theDow Jones Daily Bankruptcy Review, and many others. He is adirector of the Hedge Fund Association and is also active inphilanthropic activities through the Schultze Foundation. Mr.Schultze earned MBA and JD degrees from Columbia University.
JANET LEWIS is a writer, editor, and marketing/PRconsultant with more than twenty years of experiencecovering allaspects of finance. Ms. Lewis has written for publications in NewYork, London, and Paris including Fortune, the Banker,Global Finance, the European, Dealmaker, FX Week,where she served as European editor, and InstitutionalInvestor, where she was associate editor.