Description
Book SynopsisA 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 Inv
Table of Contents
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 of Washington Group Class 7 Claim Holders 141
APPENDIX 3 Letter to Washington Group’s Board of Directors 153
APPENDIX 4 Shareholder Complaint against Winn-Dixie Board et al. 157
APPENDIX 5 Objection by Schultze Asset Management to Owens Corning Disclosure Statement
About the Authors 185
Index 189
