Book Description
Recently, reorganizations, restructurings, and bankruptcies have replaced IPOs as the common financial vehicle of the times. However, these distressed companies can still provide an avenue for profitable investing. This eagerly anticipated new reference helps guide you through this treacherous landscape in order to master the multi-move chess-like strategies required to achieve financially advantageous results for your portfolio. It is the most up-to-date and comprehensive book on the market to deal with the myriad of issues surrounding a distressed company.
Providing theoretical and practical insight, Distressed Debt Analysis: Strategies for Speculative Investors presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The book covers the broader financial environment of the reorganization and the basic process of investment analysis and investment strategies. The author uses numerous real-world examples and case studies to emphasize important concepts and critical issues.
The developments that have created these extraordinary investment opportunities have also created tremendous demand for professionals with experience and knowledge in the restructuring process. Distressed Debt Analysis: Strategies for Speculative Investors addresses the complete knowledge needs of investors and professionals in the burgeoning world of financially distressed companies. It is perfect for bankruptcy departments of law firms, restructuring advisory groups, turnaround consulting firms, and reorganization and distressed securities departments of investment banks.
Customer Reviews:
Invaluable.......2007-05-07
Extremely helpful in preparing our new hires - it is required reading. This book will be a desk reference for years to come.
Great & Comprehensive Practical Review.......2007-01-05
Unlike many academic books, this is a practical analysis of distressed debt, the bankruptcy process, and all the related financial, accounting and valuation issues that arise in this context. It is well written and well organized.
Some other books on the topic go into significantly more detail in esoteric issues; however this book is a must for a grounded detailed understanding of the topic. I have recommended this book to a number of colleagues in the industry and all were equally appreciative.
must buy.......2006-03-14
It's a must buy for people in high-yield/distressed analysis. I was suggested this book at my first day at work.
A Complete Introduction .......2005-11-02
The premise of this book is really quite simple.
Identify securities (bonds, stocks or whatever) from companies that are in trouble. Buy these securities when other investors are ignoring or even selling them. Then when the company gets turned around, you can make a fortune. What you don't want to do is buy these securities only to see the companies go out of business so that your securities are now completely worthless.
As you might guess from the title, this book is about how to analyze distressed companies that offer this potential investment path. It covers virtually every aspect of finding such companies, determining if the proposed investment is feasible, explains the differences in the company going through one of the various bankruptcy procedures, the legal and financial due diligence issues, and more. The final result is a set of basic investment strategies and analytical techniques, complete with case studies and referrences to numerous real-world examples to emphasize important concepts and critical issues.
Along with the book is a companion web site that offers additional information, checklists, sample letters, and more.
This book is a complete introduction to this new and emerging field.
Valuable insights, useful commentary, and professionally written........2005-10-22
Like many of us, perhaps you've owned some bonds that have fallen into junk status or worse, distress/bankruptcy. In most cases, did you throw up your arms either selling at a loss or confused by smallprint mail solicitations? Stephen Moyer is an absolute pro and de-mystifies what some may think of as a blackbox only understood by investment specialists, asset pirates, and/or bankruptcy lawyers.
Conversely, if you are a professional and seeking to augment your understanding, Moyer provides insightful commentary on areas like negotiation leverage points, key area to control, legal bounds of control, pre & post-bankruptcy valuation approaches, and comparisons to real deals done recently in the marketplace. Most of his examples are from 1998-2003, and he tries to use contemporary issues to highlight arguments. Unfortunately, you will not find the most recent Bankruptcy Code reforms which commenced Oct 17, 2005. For instance, he states on page 77 that management can "...extend the [bankruptcy] exclusivity period virtually indefinitely...", which today is essentially limited to 18 months. Although a shortcoming to the book, any professional investor would have access to materials to become up-to-date on the recent reforms.
Moyer's CV reads long: Stanford Law, Chicago MBA, CFA, CPA, and Drexel Lambert heritage. Obviously, he knows what he is talking about. His writing interests do seem to be lawyer-ly; for instance, he spends an inordinate amount of time explaining issues around confidentiality agreements and duties. But, I appreciated his clear and concise style and sentences. No arrogance in his style nor is he trying to sell his current firm.
Excellent book. Strongly recommend despite the price.
Book Description
A step-by-step action plan to quick and lasting recovery after personal bankruptcy. Indexed.
Customer Reviews:
The Book Is Actually An Ad For His $497 Course.......2007-09-12
This book is FULL of commercials but void of any specific information you can apply to your life. His advice on everything from getting credit cards, auto loans, installment loans, mortgages, what ever, is to research everything out there and interview every loan officer, credit mangager etc out there, and find the best deal.
This book, his internet site, and his "free" seminar are all in effect teases to get you to buy his "Increase Your Credit Scores - Improve Your Lifestyle" course which costs $497. Presumably, some actually utilizable information is in that.
Bankruptcy.......2007-03-22
There is a moderate amount of useful information about life after bankruptcy. Probably half of the information can be found on the internet. However, the author should not have used the bankruptcy information as a cover for preaching his religious beliefs. I felt mislead.
Bankruptcy.......2007-01-12
This is a good book for someone who filed bankruptcy this book has given me a lot of insight on thing
Waste of money.......2006-12-23
You can find all this information on line. There is nothing new here for a post bankruptcy person. Also, he has a RELIGIOUS BENT so be careful.
light at the end.......2006-11-08
I am seeing light at the end of the bankruptcy tunnel
Book Description
An authoritative, in-depth guide to all aspects of credit analysis from the experts at Standard & Poor's
Credit analysis--gauging an issuer's ability to repay interest and principal on a bond issue--plays an essential role in determining how bond issues are rated and priced. Fundamentals of Corporate Credit Analysis provides both analysts and investors with the practical, up-to-date information they need, backed by Standard & Poor's research, data, and experience, to properly assess the credit risk of virtually any entity.
Whether used as a handy all-in-one guide or as a comprehensive training tool, it will give anyone the knowledge and tools needed to dig beneath standard ratings and determine an organization's true creditworthiness.
Download Description
An authoritative, in-depth guide to all aspects of credit analysis from the experts at Standard & Poors
Credit analysis--gauging an issuer's ability to repay interest and principal on a bond issue--plays an essential role in determining how bond issues are rated and priced. Fundamentals of Corporate Credit Analysis provides both analysts and investors with the practical, up-to-date information they need, backed by Standard & Poor's research, data, and experience, to properly assess the credit risk of virtually any entity.
Whether used as a handy all-in-one guide or as a comprehensive training tool, it will give anyone the knowledge and tools needed to dig beneath standard ratings and determine an organization's true creditworthiness.
'
Customer Reviews:
read this before going for it.......2007-04-23
I did not like the book, since being in the industry for more than seven years i felt the book is basic. However it is a must read (Cover to Cover) for those who are in undergraduate in the field of risk management or finance. This books gives the introduction to financial model building. But this intro is so brief that it will be your imagination to make full use of it. However for new commers in this field or interested it is good to give it few hours.
A Definitive Book On Setting Corporate Analysis Policy.......2005-02-25
I had the pleasure of working with one of the authors 15 years ago. But don't let that sway you. I truly appreciate the scope and effort put into this book. We will use it as an outline for how our analysts should approach analyzing a credit. Chapter 3 alone is worth the price of admission as the authors list the elusive "qualitative" factors that go into a credit rating, beyond what the ratios tell you it should be. While the book barely scratches the surface of certain analytical methods (the Merton Model got 1/2 a page), and it is written more for the layman or student, I still learned many things. And I've been in the business 20+ years. The prior reviewer, and many others will say they wished they wrote this book. I will too. I even briefly started my own version recently. But I first turned to S&P's ratings criteria as an outline. As such, the right people wrote this book. The authors fully used the vast resources and data mining of S&P. This certainly feels like a team effort. The telecom analyst wrote a piece on the rapid decline of telecom credits in 2000-2002, and other professionals added real life examples. The book organizes itself in the top down approach to analysis. It starts with sovereign risk, then moves to industry, then company business/competitive risk. It then highlights the ratios to look for, and also gives data on seniority and recovery values for specific levels of debt. It then uses these tools to analyze a fictional company. It ends with case studies that cover M&A, sovereign risk and other topical reviews that act as a real life summary to what you just learned. Highly recommended. Well done.
Excellent Resource for Corporate Bankers & Credit Analysts.......2005-01-24
This book is long overdue. It typically takes a credit or corporate banking professional several years and several levels (analyst, senior analyst, associate/assistant vice president, and finally, vice president) to piece together the knowledge and analytical skills presented within this wonderful book. The book offers a comprehensive foundation in business, financial, and strategic analysis (among several other related topics) in a very easily digested and understood manner. I guess my only complaint is that I didn't have the opportunity to write it myself!! I would advise every credit or relationship management team leader to purchase this book for their entire team -- particularly for their analysts and associates (although... on second thought, perhaps everyone on the team should have a copy in their desk drawer.) Bottom line: Highly-recommended. AAA+++
Book Description
HOW TO SETTLE YOUR DEBTS, by Norman H. Perlmutter, CPA, is the book that everyone needs to prevent economic meltdown. It's the essential, up-to-date, comprehensive and gutsy survival guide to meet this ever growing serious problem of financial ruin that faces so many of us.
In a step-by-step format it guides individuals, families and businesses through a process that will end debt and reverse insolvency without filing bankruptcy. Even if you're on the brink of financial ruin, with this book you can regain financial health and get a fresh start without committing "financial suicide".
HOW TO SETTLE YOUR DEBTS provides legitimate workable solutions to repair financial chaos. It's written in a conversational style and organized in an outline format that promotes understanding and ease of reading for the average person. You will learn in no uncertain terms how to climb out of the hole you are in and get your financial life under control without causing irreparable damage to your future in the process.
The author is a practicing CPA and Financial Advisor who formerly owned a Debt Collection Agency. He understands the tactics of the conniving moneylenders and their debt collector enforcers and all the other scam artists who are out there waiting to rip you off. He knows how to deal with these people and how to stop them from harassing you and from ruining your credit and your reputation. Furthermore and most important, with this book he will teach you how to take control of your financial life and get out of the mess you are in.
HOW TO SETTLE YOUR DEBTS is for all those individuals, families and businesses whose debts grow deeper by the day and whose lives are being adversely affected by them. Here's a summary of how the book will help you deal with your problems with debt:
• It will teach you the basics - what you're up against, who the predators are, how to recognize and avoid their debt traps, the fundamentals of debt, the risks you take when you don't pay, and what they can and cannot do to collect from you.
• It will help you understand your problem - by following the steps outlined you will be able to expose, examine and evaluate your dilemma with debt, how it's affecting your life and the options you have to deal with it.
• You will learn to know your enemy - what makes creditors and bill collectors tick, what motivates them, what their weaknesses are, how you can exploit them and how they are vulnerable to attack.
• It will show you how to keep the wolves at bay - by creating doubt as to the validity and the collectability of your debts and by using "Dirty Tricks" and Counter Attack Techniques to frustrate and discourage creditors and bill collectors.
• It will teach you about your rights and how to take advantage of them - federal and state laws enacted to protect you from abuse and to punish bill collectors who violate them.
• You will learn how to negotiate a debt settlement plan - using basic negotiating skills and built in leverage to set up an advantageous arrangement with your creditors to workout and settle your debts.
• How to use the "Golden Rules of Debtsmenship" - to protect your assets and your privacy and to safeguard credit, and where necessary, how to repair credit and rebuild it.
• How to deal with lawyers - to negotiate debt settlements, contest lawsuits and protect your assets from judgment levies.
• How to settle secured debts and tax debts - by recognizing and seizing upon opportunities to settle or otherwise favorably resolve these debts that creditors have more power to collect.
• How to settle business debts - by understanding the differences that must be considered when negotiating workouts and settlements with business creditors.
• Where to get help if you need it - and how to watch out for all the scam artists who are out there waiting to take advantage of you.
• It's a reference manual as well as a guide - with its outline format and comprehensive index the book can be used to easily and quickly obtain information on any of the many subjects covered relating to debt and debt relief.
HOW TO SETTLE YOUR DEBTS ~ Without Committing Financial Suicide ~ shows you how to end debt and reverse insolvency without resorting to the self-defeating and demeaning ordeal of filing bankruptcy. It provides you with all the knowledge, the techniques and insight required to successfully accomplish this.
Customer Reviews:
Buy it and Save $$$.......2006-11-16
Using the information contained in the book, especially to have Patience and Persistence, I have settled 2 credit card debts, and saved $16,000 from what Credit Card #1 and Credit Card #2 were demanding. They gave in before I wore out. Having gone through this, I now feel extremely confident on settling the remaining debt for less then the current balance. Using the advice contained in Norman's book WILL work as long as don't give in until you feel you have reached a fair settlement.
Great book.......2006-04-17
Gives you the law and practicalities. After reading this book I wrote to one lender and one collection agency and (5 months later) haven't heard from them again.
Excellent! Very Informative .......2006-02-10
This book was great! I began reading the book with much debt and minimal knowledge of how to become victorious in the world of debt and credit. This book was written in lay terms, so it was very easy to understand. Included in the book were sample letters and laws that helped me to know my rights as a consumer.
As I was reading this book, I began to apply much of what was written and I immediately began to gain control over my finances. I was no longer going to fall prey to credit or be victim to the collector. I now have a budget, live beneath my means, have devised a plan to remain out of debt and am on my way to rebuilding my credit. I would recommend this book to any and everyone. It was absolutely outstanding!
Low on Substance.......2006-01-01
I got this book because of the outstanding reviews it already had. In hindsight, I suspect not all of them are legitimate reviews. It's difficult to imagine anyone could read the advice in this book, put it to use, and actually gain significant benefit. Though the book's description sounds very promising, I found that it didn't deliver the information it promised. Many of the scenarios in the book are unrealistic and make unhelpful assumptions. Over and over again the author directs the reader to research topics elsewhere without providing even basic information. For example: "Credit reports are difficult to read and even more difficult to understand. There are some excellent books available to help you with this." While this book is not specifically about dealing with your credit report, it seems that a bit more information about credit reports would have been provided.
Most of the advice is common sense (live within your means) or biased against any course of action other than settling with creditors. The author writes from the viewpoint that bankruptcy is the worst thing you could possibly do, but never backs up that claim with any information. I was left with the impression that the author himself isn't really sure what effect bankruptcy has.
In fact, the author's pervasive use of generalities and unrealistic suggestions made me think he doesn't actually know that much about credit (despite his alleged qualifications). For example, he repeatedly suggests bargaining with your creditors that you will pay part of your debt if they remove negative information they have already reported to the credit bureaus. But the author seems oblivious to the fact that the credit bureaus have specific rules against creditors doing this. Numerous such suggestions ruin the author's credibility.
At best, this book might be helpful as motivation to action for someone who lives behind his or her means. But if your debts are the result of unfortunate and unavoidable events in your life, and you are ready to take decisive action to get your debt under control and your credit back on track, you will find this book preachy and unhelpful.
This is the best resource currenty available ..........2005-11-05
... for learning how to settle unsecured debt such as credit card debt. It is comprehesive and yet concise. There is no BS or fluff and it touches on every area of the landscape you need to be aware of when trying to settle unsecured debt on your own. Even though there is one far more powerful solution to settling credit card debt that is not discussed in this or any other book that I have read on this subject, I still gave the book five stars because all of the information contained in it is essential to know and is very well presented. As such, this book is the ideal starting point for learning about how the business of debt and collection works and how to deal with it. I highly recommended it.
Book Description
The most trusted names in workouts and turnarounds share their valuable strategies Compiling insights and methods from industry experts, this authoritative and practical guide cuts through the maze of corporate restructuring jargon to give corporate leaders and professionals the proven techniques and clear advice needed to understand today's corporate turnarounds and workouts. Workouts & Turnarounds II: Global Restructuring Strategies for the Next Century gives detailed coverage of the key issues involved in this process-from both the creditor and company positions. You'll learn how to identify a troubled company and determine the chances of turnaround, and what management should focus on before it's too late. One of the leading authorities in financial and operational restructuring services, Dominic DiNapoli has assembled experts from around the country who have provided their insights and years of experience in the various topics covered in this book. From business regeneration tactics, to managing corporate communications, to the roles of lawyers and lender services, you'll find a wealth of information in this comprehensive reference. In addition, this guide contains case studies of turnarounds in progress, illustrating many of the techniques and strategies currently available. Whether you are a CEO, an attorney, or a lender restructuring or investing in distressed companies, Workouts & Turnarounds II: Global Restructuring Strategies for the Next Century gives you the crucial information you need to make the right decisions today.
Customer Reviews:
Not to the point.......2002-08-23
This book will explain how the rules were created and turned to what they are today. Who cares how they came to be, the only important thing is what you can and cannot do under the circumstances. It will explain what to consider, in general terms, when valuing distressed companies. But what discount rate should you use? How would you value different assets? It doesn't explain. There are no numbers in this book. It's not practical. It's like buying a cooking book and when you want to know how to make a cake the book reads: "use eggs, milk, flower and mix". Ok, thanks.
What to Do...What Not to Do.......2000-05-09
Every executive should make active use of a basic reference library of about 12-15 business books; Workouts & Turnarounds II should be one them. Edited by Dominic DiNapoli, it consists of 21 different chapters, written (or co-authored) by experts on various subjects. These chapter titles suggest some of the issues which are addressed:
* Trouble-Spotting: Assessing the Likelihood of a Turnaround
* Looming Financial or Business Failure: Fix or File -- A Legal Perspective
* Preparing for Bankruptcy: Building the War Chest
* The Lawyer's Role in Representing the Distressed Company
* The Accountant's Role in the Workout Environment
* Dealing with Employee Issues in a Bankruptcy Situation
* Mergers and Acquisition Strategies for the Distressed Company
At one time or another, all organizations experience serious problems. Many of them eventually recover. The wealth of information and advice provided in this single volume explains HOW. Other organizations, unable to solve their problems, are either liquidated or acquired. This book explains WHY. I know of no other single volume which offers more and better information about workouts and turnarounds, corporate restructuring, and bankruptcy proceedings. This book can be of substantial value to those involved with a distressed organization. It was written primarily for them. However, I think this book can also be of substantial value to those whose organization is (at the moment) thriving and who are determined to sustain that success. Knowing what NOT to do is often as important as knowing what to do.
Book Description
A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default
This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.
Edward I. Altman (New York, NY) is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He received his MBA and PhD in finance from the University of California, Los Angeles. Edith Hotchkiss (Chester Hill, MA) is Associate Professor of Finance at Boston College. She received her PhD from the Stern School of Business and her BA from Dartmouth College.
Download Description
A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more. Edward I. Altman (New York, NY) is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He received his MBA and PhD in finance from the University of California, Los Angeles. Edith Hotchkiss (Chester Hill, MA) is Associate Professor of Finance at Boston College. She received her PhD from the Stern School of Business and her BA from Dartmouth College.
Customer Reviews:
Excellent research & source book.......2006-12-31
High quality data and right up to date (Autumn 2006). The book is helpfully divided into two parts ~ the first half explains many of the useful topics needed to understand restructured debt and corporate distress and the second half gives detailed advice on building or understanding typical models on default probablities and the risk return assessment of distressed debt together with practical examples of valuing distressed companies and their debt. It also includes summaries of the legal implications, but there are much better books on that subject. I thought this was good value for the money.
More relevant than you think........2006-11-16
Most people in the investing world don't read this book. But they should. It's a textbook so not something to breeze through at the beach. However, the techniques described in the book are very applicable to any company, not just those in disress or bankruptcy. In fact I did some work on EMC many years ago when they *appeared* to be growing rapidly but in reality they were getting into trouble. This was way back in the early 1990's when the stock collapsed from $78. Having shared my analysis with Wall Street types at the time I soon found myself there!
The main point is you can use this type of analysis effectively and because most people in general equity investing don't, it just might give you a bit more edge.
Book Description
Teaches consumers and their lawyers how to fight the debt collector! Author is a consumer protection attorney who has been suing the debt collector for over a decade. Learn their secrets. Learn their tricks. Learn how to sue them. Complete with sample complaints and End Notes.
Customer Reviews:
Worth the price.......2007-09-30
I used this book to successfully fight a $20,000 debt that was not even mine. It's true that debt collectors do not want you to know your rights. I wrote a total of 4 letters to the agency, gave them documentation on why I didn't owe it (proved that it had actually been paid off) and they left me alone. It even gives sample letters to write. I highly recommend this book based on actual experience.
Decent Book.......2006-05-26
This is a decent book. I am a 3L law student thinking of doing collections. This book is an excellent choice for the average person with no legal education. As a law student though I always expect more though but it does set out the basics in an unbiased manner with the law printed in the appendix. Definitely worth the price.
STAY AWAY from To Pay or Not to Pay: Insider Secrets to Beating Credit Card Debt and Creditors by Stanley G. Hilton. I also purchased that book and it was horrible. Even as a 3L I know that many of the "solutions" he outlines are not realistic (suing a doctor for malpractice to stop a collection is pure insanity). Stick with DiMaggio's book.
Collection Agency Harassment: - ok.......2006-04-17
so -so review, Mostly common sense. But a few good tips on mounting a counter attack although it doesn't let you know the practicalities of enforcing the FDCPA, namely that federal and state agencies typically don't respond to your complaints except with a form letter and no action.
Empowering!.......2005-06-23
This book gave me the information I needed to take control. Collection agencies do not have a right to harass you when obviously you've hit a rough time. After reading this book I am no longer intimated by a letter or phone call because I now know my rights and how I can use them.
This book was a great source of education and empowering!
This Book Says It All!.......2005-04-05
I would first like to state that I read both of Rich DiMaggio's books: Credit Repair and the other, Collection Agency Harassment. I have also seen him speak. He is an outstanding speaker and a really intelligent man. When I get done listening to him, I finally feel like I have power over "the system". Truthfully--he would probably speak for your group, too, because he has a true passion about these subjects. He gives advice based on 15 years in the courtroom against the credit industry.
These are 2 distinct books, and should not be lumped into one category. There is overlap because debt collectors use our credit reports against us, but the similarities stop there. Mr. DiMaggio will teach you how to draft exacting letters of disputes, and where to send them. He explains the intricacies of the bankruptcy law, charge-offs, divorce, false identities, FICO scoring an more. I don't have a clue what Chrissy is saying about misleading titles. This book is the best I have seen.
(By the way, if you go to the web site, the author actually responds to emails!)
Book Description
"What kinds of investors actually choose to make their living by seeking out troubled companies and becoming mired in the complexities and contentiousness of a bankruptcy or out-of-court workout?" - Hilary Rosenberg (from The Vulture Investors)
Welcome to the big-time, big-stress-and big-profit-world of vulture investing. From the eleventh-hour save of Donald Trump's casinos, to the tempestuous history of Wheeling-Pittsburgh Steel, to the rocky restructuring of the massive Revco discount drugstore chain, Hilary Rosenberg takes us on a fast-moving journey through some of the major bankruptcies of the 1980s and 1990s-and brings to life the infamous, talented arbiters at the heart of their recovery. Meet the so-called "vulture investors" who cast their sights on distressed concerns, buy out debt, and skillfully forge their way to rich returns. Quietly upstaging the flashier corporate tycoons and raiders of the previous decade, men like Leon Black, Ronald LaBow, Sam Zell, Talton Embry, and Martin Whitman have helped to make a more efficient market in this obscure sector of investment, and their success may even inspire the quickly evolving business cultures of Asia and Latin America.
The vulture investors made their way to the forefront of American business during the troubled period when declaring bankruptcy became commonplace among debt-heavy companies. Buying out debt and seeing through the rehabilitation of companies as well-known as Sunbeam and Bloomingdale's, these unique players have changed the face of the distressed securities market. In her own animated, absorbing, and original style, Hilary Rosenberg creates thoroughly researched reenactments of the vultures' greatest exploits to offer an intriguing examination of their methods and their madness-and reveals the important role of these controversial characters in aiding worldwide economic recovery.
Praise for The Vulture Investors
"A lively account of the hardy band of investors who look for-and find-gold in capitalism's junk pile. Rosenberg not only tells their stories with captivating relish but weighs the overall economic impact of their exploits. This book is a valuable introduction to 1990s-style deal-making." - Chris Welles, Senior Editor, Business Week
"In a tour de force of punchy business writing, Rosenberg dissects a little-known but increasingly common high-stakes financial game: preying on companies in distress. . . . The author relates these intricate, suspenseful narratives in a clear, lively style that always instructs and often amuses." - Publishers Weekly
"Reads like a good suspense novel." - Library Journal
Customer Reviews:
One of the best!!!!!.......2006-08-16
What a great read! To say that this book is Educational & Entertaining does not do it justice. The author takes you into a world of high finance and even higher stakes as companies hang in the balance & investors fight for profits.
The author does a great job of taking a very, very complex business and breaking it down so that most readers can understand the world of "Vulture Investors".
Insightful...except the update.......2005-08-17
Great book, interesting stories.
The update is not worth the extra dollars though
Great book.......2005-08-13
As usual, Ms. Rosenberg has written an outstanding book that is clear and compelling. Although it is a business book I will be brave and say it is also entertaining. This makes Vulture investments clear to an English major. I have bought several and recommend it to all friends.
A WASTE OF MONEY AND A TIME.......2005-05-16
I found this book to be a complete waste of time and money. The book has very little substance, it is highly and extremely boring. Every story sounds the same and absolutely NO attention is paid to how the vultures decide what firm to buy into.
Review of Vulture Investors, By Professor John Kercheval.......2005-05-09
This is an excellent book for those interested in the small field of Vulture Capital. It outlines numerous transactions across a diverse range of industry groups and gives the novice an idea of how these transactions are effected. Excellent and highly recommended.
Professor John Kercheval
Book Description
Introduction to Bankruptcy Law, fifth edition, is a perfect reference for practicing paralegals and attorneys as well as for paralegal courses in bankruptcy law. This new edition corresponds to the changes in bankruptcy law after enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Material in this edition includes changes in the bankruptcy code and practice, new and revised official and procedural bankruptcy forms, revised bankruptcy rules, and bankruptcy cases that detail the case from initiation of the attorney/client relationship through the closing of the case. The book also includes new flow charts for each type of bankruptcy filing that emphasize the two tracks of bankruptcy; the administration of the bankruptcy estate and the debtor s desire to receive a discharge from as many debts as possible. Other key features are a brief history of bankruptcy law, research aids, alternatives to bankruptcy, a discussion of the role of the various parties involved in the bankruptcy process, and an overview concerning eligibility and the selection of the appropriate bankruptcy chapter under which the case should be filed. The book retains its step-by-step approach to each type of bankruptcy filing so the bankruptcy process is clear and understandable to the reader. Greater emphasis is placed on the paralegal s role in the fact gathering process and the interface with clients, and the concept-example-problem format of provides the opportunity for lively discussion.
Customer Reviews:
Frey & Hurley Deliver.......2007-06-27
With the substantial revisions to the consumer bankruptcy law in 2005, there was a real need for a new book for paralegals and others handling these cases. Martin Frey and Phyllis Hurley put a great deal of work into this book and it shows. Kudo's. For readers looking for a good introduction to Business Reorganizatons under Chapter 11, I also like Chapter 11 Business Reorganizations: For Business Leaders, Accountants And Lawyers
Book Description
A collection of case studies illustrates real-world techniques, implementation, and strategies on corporate restructuring
Over the period 1981-1998, public companies with combined assets of over half a trillion dollars filed for Chapter 11 bankruptcy. Over the same period, over 400 public companies underwent corporate spin-offs, divesting businesses valued at more than $250 billion. Each of these companies, and all of these dollars, were in some way or another involved in corporate restructuring. Gilson's cases studies have been used extensively in executive programs and are perfect tools to refer to when faced with real-world corporate restructuring issues.
Stuart C. Gilson (Boston, MA) is an Associate Professor at Harvard University and a widely acknowledged expert on corporate restructuring. He has studied and published on the intricacies of both domestic and international corporate restructuring.
Customer Reviews:
Finance with Negative Signs.......2004-01-23
Someone (perhaps it was I) has said that bankruptcy is corporate finance with negative signs. This has always been true but it is amazing how far mainstream finance has gone to try to resist the comparison. The resistance must be, must have been more cultural than economic, because it is axiomatic that anything is a bargain at the right price, and that there is no more or less money to be made in "distress investing" than in any other. Two generations ago, there seems to have been only one person in American that really understood this point - the late Max Heine, who made his grubstake by investing in out-of-favor railroad bonds in the Great Depression, and then riding the wave of prosperity that emerged in World War II. In the same vein, 40 years ago just about any bankruptcy judge would have looked on an "assigned claim" as some kind of monster.
Times have changed. Now everybody's an arbitrageur. The "vulture investors" have their conferences, their social clubs, and for all I know, their own softball team.
Stuart C. Gilson"s "Corporate Restructuring" symbolizes the sea change from the old attitude to the new. It adds the imprimatur of the Harvard Business School to the notion that vulture investing is just another way of making money. As others have noted, this isn't a work of high theory - indeed it has a kind of slapdash, direct-off-the-photocopier feel that is remarkably common in business publications. For fancy theory, you look elsewhere - in law to the likes of Douglas Baird or Lucian Arye Bebchuk; in finance to the developing lore of "real options." But the case studies are an excellent device for getting a sense of the texture and possibilities of vulture investing. It can be read with profit alongside Hilary Rosenberg's "The Vulture Investors." Ambitious students who want the full theoretical framework will match it with David G. Luenberger's "Investment Science." But Gilson's work has merit on its own as one kind of introduction to this revolution in investment thinking.
Only usefull for students.......2003-03-04
What a waiste of money.... The writer has not included any anlyses or real solutions to the cases that a provided. Unless you are a student in a class that use this book, this book gives you absolute nothing.
Good book but needs a companion text.......2003-02-18
This is a very good case book, complete with intricate case studies illustrating numerous aspects of challenges often faced in restructuring in bankruptcy. However, the book assumes a level of knowledge about M&A concepts that many readers may not have. Consequently, I would recommend using this book in conjunction with another excellent text by DePamphilis entitled Mergers and Acquisitions: Integrated Approach. There are two editions. The second edition is more complete and up to date. It also tackles some of the problems illustrated in this book.
Just a collection of old cases.......2003-01-30
This book is a complete waste of time. It is just a collection of case studies bundled together and resold. There is no analysis done. The cases are merely reprinted word for word from the original HBS cases. There are three short intros to the different sections, but once again nothing useful. Great marketing ploy, lousy book.
Corporate Restructuring: It's Not Just for Lawyers Anymore.......2002-12-05
You'd be surprised by how few business schools offer courses on bankruptcy and restructuring. I know that I was. I came to Wharton this year to teach "Advanced Corporate Finance" in the MBA program. In preliminary "due diligence," I discovered there were no finance electives on bankruptcy and restructuring. To bridge the gap, I decided to conclude my course with two modules, one on Corporate Restructuring and the other on Bankruptcy.
Material for both modules came straight from Gilson's book. Students relished the case studies. They fueled many of the most lively and engaging discussions we enjoyed all term. Students are worried about the economy. For the first time, many also sense career opportunities in the area of distressed debt. When I planned the course, I counted on both to spur interest in the modules.
What I didn't count on was how well Gilson's cases would frame virtually all other material that I covered. Key lessons resurfaced from all modules: Financial Analysis and Forecasting, Capital Structure Policy, Capital Budgeting, and Mergers and Acquisitions. In each case, revisiting the ideas in the context of bankruptcy and restructuring threw them into high relief. So much so that I was able to substitute restructuring cases for those I had intended as "comprehensive" case discussions.
As important for educators, Gilson's cases provide all necessary background information about how key legal and procedural aspects of the Bankruptcy Code influence managers' decisions. In Gilson's cases, the decisions featured are crucial to determining how to maximize value in distressed situations, as well as how to distribute it when all is said and done.
In the final analysis, aren't these *exactly* the issues that MBA courses in corporate finance should address? My students at Wharton this term sure thought so. In the spring, my two sections are also already full. I've been told the "buzz" is mostly due to Gilson's restructuring material. Hopefully, some value was created in the delivery. Nonetheless, I couldn't recommend any material more highly for anyone planning to teach a spring term corporate finance course.
Books:
- Distressed Debt Analysis: Strategies for Speculative Investors
- Eat What You Kill: The Fall of a Wall Street Lawyer
- Every Dreamer's Handbook: A Simple Guide to Understanding Your Dreams (Understanding the Dreams You Dream, Vol. 2)
- Financial Armageddon: Protecting Your Future from Four Impending Catastrophes
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- Getting Things Done: The Art of Stress-Free Productivity
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- Growing Profits: How to Start & Operate a Backyard Nursery
- Harry Potter and the Deathly Hallows (Book 7)
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Books Index
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General
| Popular Economics
| Business & Investing
| Subjects
| Books
Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition
The Vulture Investors, Revised and Updated
Standard & Poor's Fundamentals of Corporate Credit Analysis
High Yield Bonds: Market Structure, Valuation, and Portfolio Strategies
Bankruptcy Investing - How to Profit From Distressed Companies
