The Art of Vulture Investing. Adventures in Distressed Securities Management. Wiley Finance

  • ID: 2293111
  • Book
  • 224 Pages
  • John Wiley and Sons Ltd
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Praise for The Art of Vulture Investing

"Over the years, George Schultze has demonstrated considerable knowledge of distressed securities and value investing. He now shares his extensive overall experience in this very sector in a clear and understandable manner, which should be of considerable interest to any person interested in the subject."
—Grant Stoddart, CEO, Sharp Performance USA, Inc.

"George′s easy–to–read style compels the reader to learn more about the opportunities to invest in troubled companies. It′s a good read for anyone interested in learning how to tackle the tough issues with a thoughtful and honest approach."
—Ron S. Geffner, Partner, Sadis & Goldberg LLP

"Happy to see George has learned his lessons well."
—Phil Smith, adjunct professor at Columbia Business School, Managing General Partner, Private Equity Partnership, and Vice Chairman of Spencer Trask & Co.

"This book offers a fascinating inside look into the specialized, and often misunderstood, world of distressed debt investing. The strategies and tactics that these investors use to create or realize value in distressed companies are memorably illustrated through one prominent investor′s personal experiences—blow–by–blow—in some of the most challenging and controversial restructurings of the past decade. This is not investing for the faint of heart."
—Professor Stuart C. Gilson, Steven R. Fenster Professor of Business Administration, Harvard Business School and author of Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups

"A great inside account showing that vulture investors don′t feed on carcasses, but resurrect failing businesses. They allocate capital more efficiently and often save and create jobs. Vultures in nature don′t add value; vulture investors like George Schultze do."
—Charles E. F. Millard, Head of Pension Relations at Citigroup; former director, Pension Benefit Guaranty Corporation

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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

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George Schultze
Janet Lewis
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