Distressed Debt Analysis: Strategies for Speculative Investors

Distressed Debt Analysis: Strategies for Speculative Investors
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Invaluable

Great & Comprehensive Practical Review

must buy

A Complete Introduction

Valuable insights, useful commentary, and professionally written.

Distressed Debt Analysis: Strategies for Speculative Investors
Stephen G. Moyer
Manufacturer: J. Ross Publishing
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books
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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

ASIN: 1932159185

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.

The Handbook of Business Valuation and Intellectual Property Analysis

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The Handbook of Business Valuation and Intellectual Property Analysis
Robert F. Reilly , Robert Schweihs , and Robert Reilly
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

General | Administrative Law | Law | Subjects | Books

General | Law | Subjects | Books

General | Intellectual Property | Law | Subjects | Books

Business | English Law | Law | Subjects | Books

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Similar Items:

Valuing Intangible Assets
Valuing Small Businesses and Professional Practices (Art of M & A)
Valuation for Financial Reporting : Fair Value Measurements and Reporting, Intangible Assets, Goodwill and Impairment
Intellectual Property: Valuation, Exploitation, and Infringement Damages
Valuation and Pricing of Technology-Based Intellectual Property

ASIN: 0071429670

Book Description

The art and science of business valuation is currently undergoing a huge transformation and is facing new and important challenges. The Handbook of Business Valuation and Intellectual Property Analysis provides valuation and investment professionals with the latest thinking on economic damages, lost profit analysis, and numerous other key business and intellectual property valuation issues.

Executive Compensation Report: Comprehensive Industry Sector Analysis, 2007 Edition (Supplemented Annually)

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Executive Compensation Report: Comprehensive Industry Sector Analysis, 2007 Edition (Supplemented Annually)
Aon Consulting
Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Paperback

General | Popular Economics | Business & Investing | Subjects | Books

Labor & Industrial Relations | Economics | Business & Investing | Subjects | Books

Business Law | Reference | Business & Investing | Subjects | Books

General | Law | Subjects | Books

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ASIN: 0735561796

Product Description

Executive Compensation Report: Comprehensive Industry Sector Analysis, 2007 Edition by Aon Consulting's eComp Data Service delivers rich statistics to help you establish and defend your clients' compensation. Whether you're advising your clients on contract structure or defending their interests against shareholders' proposals, this unique reference will help you access the latest benchmarking data for senior managements' executive pay against peer companies and quickly define the overall industry context. Each chapter begins with an industry sector description and overview, providing fast access to important information such as the number of companies within the industry, how they break down by revenue range, summary statistics for executive compensation, and representative samples of the SIC codes for companies whose filings were analyzed. Executive Compensation Report provides one-of-a-kind summaries on: Executive Compensation for 26 Key Industries Data on Senior Levels - from CEO to CTO Average, Mean, and Benchmark Percentile Statistics Analysis of Cash Compensation, Stock Options, and Other Long-Term Incentives

Cost-Benefit Analysis: Economic, Philosophical, and Legal Perspectives

Average customer rating:

Good overview

Cost-Benefit Analysis: Economic, Philosophical, and Legal Perspectives

Manufacturer: University of Chicago Press Journals
ProductGroup: Book
Binding: Paperback

General | Popular Economics | Business & Investing | Subjects | Books

Theory | Economics | Business & Investing | Subjects | Books

Corporate Finance | Finance | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books
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A Guide to Benefit-Cost Analysis
New Foundations of Cost-Benefit Analysis
Cost-Benefit Analysis
Cost Benefit Analysis: Concepts and Practice (3rd Edition)
Cost-Benefit Analysis: Theory and Application

ASIN: 0226007634

Book Description

Cost-benefit analysis is a widely used governmental evaluation tool, though academics remain skeptical. This volume gathers prominent contributors from law, economics, and philosophy for discussion of cost-benefit analysis, specifically its moral foundations, applications and limitations.

This new scholarly debate includes not only economists, but also contributors from philosophy, cognitive psychology, legal studies, and public policy who can further illuminate the justification and moral implications of this method and specify alternative measures.

These articles originally appeared in the Journal of Legal Studies.

Contributors:
- Matthew D. Adler - Gary S. Becker
- John Broome - Robert H. Frank
- Robert W. Hahn - Lewis A. Kornhauser
- Martha C. Nussbaum - Eric A. Posner
- Richard A. Posner - Henry S. Richardson
- Amartya Sen - Cass R. Sunstein
- W. Kip Viscusi

Customer Reviews:

Good overview.......2007-08-27

An excellent collection of helpful and challenging discussions of cost-benefit analysis, covering both strengths and weaknesses from a variety of perspectives. Some major names in the fields (such as Amartya Sen, Martha Nussbaum, Richard Posner, and Cass Sunstein) are included.

International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (Quantitative Finance) (Quantitative Finance)

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International Mergers and Acquisitions Activity Since 1990: Recent Research and Quantitative Analysis (Quantitative Finance) (Quantitative Finance)
Greg N. Gregoriou , and Luc Renneboog
Manufacturer: Academic Press
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

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Consolidation & Merger | Management & Leadership | Business & Investing | Subjects | Books

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ASIN: 0750682892

Book Description

It is now a well-know fact that mergers and acquisitions activity comes in waves. The most recent wave, the 5th takeover wave of the 1990s, was characterized by an unprecedented number of corporate restructurings in terms of mergers and acquisitions (M&As), public-to-private transactions, spin-offs and divestitures, and leveraged recapitalizations. Following the collapse of the stock market in March 2000, M&A activity slumped dramatically, but this pause ended in the second half of 2004 when takeover deals occurred again quite frequently. Indeed, some observers wonder whether the 6th takeover wave has started. The takeover wave in the 1990s was particularly remarkable in terms of size and geographical dispersion. For the first time, Continental European firms were as eager to participate as their US and UK counterparts, and M&A activity in Europe hit levels similar to those experienced in the US. Due to its financial impact and the unprecedented activity in Continental Europe, the 5th takeover wave of the 1990s and recent takeover activity (in biotech, utilities, pharmaceuticals) have triggered a great deal of interesting academic research. This volume brings together a selection of insightful papers. An impressive group of international authors address the following themes: takeover regulation; the cyclical pattern of the M&A markets and probable causes and effects; methods to determine the performance of success of M&A actions; cross border deals; means of payment and its effects; studies of hostile bids; high leverage takeovers and delistings.

*A selection of the best and latest quantitative research on M&A activity worldwide
*Impressive collection of international authors
*Provides important insights and implications for practitioners

Fraud And Corruption: Prevention And Detection

Average customer rating:

Foolish
fraud and corruption

Fraud And Corruption: Prevention And Detection
Nigel Iyer , and Martin Samociuk
Manufacturer: Gower Publishing Company
ProductGroup: Book
Binding: Hardcover

Company Profiles | Biography & History | Business & Investing | Subjects | Books

General | Organizational Behavior | Business & Investing | Subjects | Books

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Leadership | Management & Leadership | Business & Investing | Subjects | Books

Risk Assessment | Management & Leadership | Business & Investing | Subjects | Books

Criminology | Crime & Criminals | Nonfiction | Subjects | Books

All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
ASIN: 0566086999

Customer Reviews:

Foolish.......2007-09-27

This book quotes the Jetlag Travel guide to Molvania as source material.

The Jetlag Travel guide to Molvania is a parody, & Molvania is a fictional country.

fraud and corruption.......2007-05-07

i have not received the book yet.

kindly help me to trace it

Average customer rating:

Project Finance, BOT Projects and Risk
Jeffrey Delmon
Manufacturer: Aspen Publishers
ProductGroup: Book
Binding: Hardcover

General | Popular Economics | Business & Investing | Subjects | Books

Corporate Finance | Finance | Business & Investing | Subjects | Books

General | Business & Investing | Subjects | Books

Risk Assessment | Management & Leadership | Business & Investing | Subjects | Books

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Principles of Project Finance
Modern Project Finance: A Casebook

ASIN: 9041123652

Book Description

Project and other structured finance models have become a method of choice for financing infrastructure projects in many different sectors across the globe. They allow greater flexibility for governments and project sponsors wishing to develop infrastructure without the concomitant burden on their balance sheets and their ability to fund other needs and priorities.

However, the fall of Enron, WorldCom and so many other organisations who pushed the structured finance model one step too far has raised alarm bells. Has project and structured finance seen the end of its useful life? Are the risks surrounding such projects so extreme as to bring into question their usefulness?

The viability of structured infrastructure projects relies on a comprehensive, yet sensible assessment of risk and allocation of that risk in an efficient manner. Yet our understanding of efficient risk allocation often runs contrary to the actual risk allocation models that we apply to such projects. Risk analysis for complex projects requires a level of sophistication and objectivity of which few individuals are capable.

Jeff Delmon's book addresses the many issues around risk and structured infrastructure projects. It is not a dry legal treatise, but an eminently readable and practical explanation of efficient risk allocation and the contractual framework which forms the bedrock of BOT and other project finance transactions. Based on Jeff's practical experience in the sector, this book provides practical guidance and insight into many of the pitfalls often encountered in such projects.

This book is ideal for those relatively new to the issues surrounding project finance and risk as well as those with significant experience as an aide-memoire and a challenge to the approaches to risk allocation that are so often applied to such transactions.

Valuing a Business : The Analysis and Appraisal of Closely Held Companies (3rd Edition)
Average customer rating:

A bit hard to understand

This is a Terrific Resource for Practitioners Not Investors

Super

An Excellent Private Equity Valuation Primer

Good technique, directed at the professional practitioner

Valuing a Business : The Analysis and Appraisal of Closely Held Companies (3rd Edition)
Shannon P. Pratt , Robert F. Reilly , and Robert P. Schweihs
Manufacturer: Irwin Professional Pub
ProductGroup: Book
Binding: Hardcover

Corporate Finance | Finance | Business & Investing | Subjects | Books
General | Business & Investing | Subjects | Books
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Similar Items:

Valuing Small Businesses and Professional Practices (Art of M & A)

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Valuing Intangible Assets

Business Valuation Discounts and Premiums

Financial Valuation Workbook: Step-by-Step Exercises to Help You Master Financial Valuation (Wiley Finance)

ASIN: 1556239718

Book Description

WIth over 35,000 copies sold in previous editions, Valuing a Business by Shannon P. Pratt, Robert F. Reilly, and Robert P. Schweihs has become an indispensable reference. Now, in this updated and revised Third Edition, the authors provide you with three books in one: a comprehensive reference for bankers involved in active business appraisals; a complete, self-contained text suitable for both academic courses and beginning appraisers; an easy-to-use reference for bankers not directly involved in appraisals; but who are still looking for more complete appraisal information.

Download Description

This easy-to-use reference features increased emphasis on valuation court cases and decisions; new information on arbitration and mediation; updated data on stock option valuation; and much more.

Customer Reviews:

A bit hard to understand.......2004-12-02

I had an older edition of this book, which wasn't very helpful, so I bought the new one hoping it was an improvement, but came away rather disappointed because, for an instructional manual, this one is hard to follow. Apparently, the authors have been in the valuation business for a long time, but it's not always easy to translate experience effectively into words. For most, this is a how-to project with potentially big consequences, so the instructions should be more clear than this. I liked "Unlocking the Value of Your Business" as an alternative. Once I read that book, I understood better what these guys were talking about.

This is a Terrific Resource for Practitioners Not Investors.......2004-09-16

I am a lawyer who has tried valuation cases and this book is a terrific resource for valuation experts and attorneys. I used it to defend and to attack witnesses. It is respected. It is used at the Federal Judicial Center as training for judges on these issues. It is not at all appropriate for people who are trying to value companies for investment purposes.

Super.......2003-01-08

This book, guide, reference, ... or what ever you name it. is essential for all business, financial and investment guides.

An Excellent Private Equity Valuation Primer.......2002-04-08

I have found Mr. Pratt's book to be an outstanding and practical general reference guide to valuing privately-held businesses. Due to the book's breadth of material and balanced focus on both the science and art of valuation, I have found "Valuing A Business" to be an excellent professional reference for anyone entering the field of business valuation. I highly recommend it.

In addition to the common "science side" valuation techniques, issues, and approaches that are found in many valuation textbooks, Pratt provides unique, valuable insight into the "art side" of valuation. The book also includes real life project execution considerations for litigation support, expert witness testimony, and taxation. "Valuing A Business" offers solid information to assist a practitioner in building a quality framework for conducting a comprehensive private company valuation.

Good technique, directed at the professional practitioner.......2001-10-18

I take issue with the reviewer who suggested that Tom Copeland/McKinsey's book "Valuation" is better than this one or is more directed at valuaing big businesses. ... On the other hand, it should be said that valuation techniques do not differ between big companies and small companies (especially if big/small companies are publically traded). Valuation techniques vary depending on (a) what sort of asset is being valued (public equity, vs. private equity, vs. business assets as a whole, etc) and (b) why valuation is being done (for M&A, litigation between business partners, divorce, ESOPs, for equity investment/divestment). If an investor is valuing a $50 Billion public company and a $50 million public company, the technique used for both is (probably) the same.

If anything, this book does an excellent job in reminding us of the diversity of valuation techniques in use, and the diversity of reasons for doing valuations. Given the frequency with which privately held companies are bought, one would think that knowing how to value companies whose stock is not publically traded is useful for general businesspeople, not just accountants and attorneys. But if you absolutely insist that you just want to know how to value publically traded companies and don't give a hoot for calculating "private equity discounts" or "minority shareholder discounts", then I would recommend Aswath Damodaran's books "Damodaran on Valuation", "The Dark Side of Valuation" or "Investment Valuation". Damodaran, professor of Finance at NYU, actually uses the same techniques taught here, but applied to public equity investing and with different names (for example, what is called the "Market approach" here is just what Damodaran calls "relative valuation" in a different context).

An analysis of the relative U.S. tax burden of U.S. corporations having substantial foreign ownership.(Statistical Data Included): An article from: National Tax Journal
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An analysis of the relative U.S. tax burden of U.S. corporations having substantial foreign ownership.(Statistical Data Included): An article from: National Tax Journal
Michael Kinney , and Janice Lawrence
Manufacturer: National Tax Association
ProductGroup: Book
Binding: Digital

Nonfiction | Subjects | Books | Audiobooks | Automotive | Crime & Criminals | Current Events | Economics | Education | Foreign Language Nonfiction | Government | Holidays | Law | Philosophy | Politics | Social Sciences | Transportation | True Accounts | Urban Planning & Development | Women's Studies
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ASIN: B0008H3W4Q
Release Date: 2005-07-28

Book Description

This digital document is an article from National Tax Journal, published by National Tax Association on March 1, 2000. The length of the article is 7292 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the author: We compare the tax-paying behavior of U.S. firms substantially influenced by foreign-domiciled firms with other U.S. firms. Because public information is lacking on U.S. firms wholly-owned by foreign investors, we concentrate on publicly held firms with "significant," but not 100 percent, foreign ownership. Public financial statements are analyzed rather than Internal Revenue Service data. We find firms with significant foreign ownership pay less tax than other U.S. firms, but find no support for the hypothesis that the reduced tax burden is attributable to income manipulation. Our evidence suggests that foreign investors select U.S. targets that are (or become) less profitable than their industry counterparts.

Citation Details
Title: An analysis of the relative U.S. tax burden of U.S. corporations having substantial foreign ownership.(Statistical Data Included)
Author: Michael Kinney
Publication: National Tax Journal (Refereed)
Date: March 1, 2000
Publisher: National Tax Association
Volume: 53 Issue: 1 Page: 9

Article Type: Statistical Data Included

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Banking. (1994 Corporate Reports: A Supplement to Arkansas Business): An article from: Arkansas Business

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Banking. (1994 Corporate Reports: A Supplement to Arkansas Business): An article from: Arkansas Business
J. French Hill
Manufacturer: Journal Publishing, Inc.
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Arkansas Business, published by Journal Publishing, Inc. on August 22, 1994. The length of the article is 800 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Banking. (1994 Corporate Reports: A Supplement to Arkansas Business)
Author: J. French Hill
Publication: Arkansas Business (Magazine/Journal)
Date: August 22, 1994
Publisher: Journal Publishing, Inc.
Volume: v11 Issue: n34 Page: pS9(1)

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