Download or read book Bankruptcy Investing How to Profit from Distressed Companies written by Ben Branch and published by Beard Books. This book was released on 2007-02 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This topical and easily understood handbook explains how bankruptcy can affect a corporation and its capital structure and how investors can profit from the corporate bankruptcy process.
Download or read book Investing in Bankruptcies and Turnarounds written by Sumner N. Levine and published by Harpercollins. This book was released on 1991 with total page 539 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Investing in Financially Distressed Firms written by Murali Ramaswami and published by Praeger. This book was released on 1990-01-22 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive new study examines the impact of the 1978 Bankruptcy Reform Act on firms that file under Chapter 11 and on investors who own shares or bonds in financially distressed corporations. Demonstrating that high average returns often accompany wise investment choices concerning bankrupt firms, the authors explain how to spot potential investment targets, assess investment risk, and profit from investing in firms undergoing reorganization following a bankruptcy filing. Both individual and institutional investors looking for new investment opportunities and students of corporate finance and financial management will find important new insights into the investment potential of financially distressed firms. Investing in Financially Distressed Firms represents a good buy for those who would like to hunt bargains in the broken angel sector of the market. Journal of High Yield Bond Research This comprehensive new study examines the impact of the 1978 Bankruptcy Reform Act on firms that file under Chapter 11 and on investors who own shares or bonds in financially distressed corporations. Demonstrating that high average returns often accompany wise investment choices concerning bankrupt firms, the authors explain how to spot potential investment targets, assess investment risk, and profit from investing in firms undergoing reorganization following a bankruptcy filing. The legal issues involved in investing in bankrupt firms, the environment within which the bankrupt firm operates, and the relationship between stock market efficiency and bankrupt firms also receive thorough coverage. Both individual and institutional investors looking for new investment opportunities and students of corporate finance and financial management will find here important new insights into the investment potential of financially distressed firms. The volume begins with an introduction which sets the stage for the discussion that follows by describing the reasons for the increasing rates of corporate bankruptcy in the 1980s. The authors go on to explore the incentives for investing in bankrupt firms and offer pointers for investors considering such a move. In order to provide the reader with the tools necessary to evaluate potential investment opportunities, the authors also describe the reasons for corporate financial failure, the effects of reorganization on a firm, the differences between old and new bankruptcy laws, and the legal settlement of bankruptcy claims. An analytical model for predicting successful reorganization--and thus a potentially lucrative investment target--is described and illustrated as are models of stock market efficiency. The study concludes with four detailed case studies that illustrate the process of bankruptcy and the possible investment outcomes. The text is accompanied by numerous explanatory tables and figures.
Download or read book The Vulture Investors written by Hilary Rosenberg and published by John Wiley & Sons. This book was released on 2000-02-07 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ein volatiler Markt bietet größere Chancen für den Handel mit unterbewerteten Aktien von Unternehmen mit Finanzproblemen. "The Vulture Investors" untersucht die obskure und dramatische Investion in finanzschwache Unternehmen und stellt die jeweiligen risikofreudigen Anleger vor, die sich auf diese Anlagemöglichkeit spezialisiert haben. Vor dem Hintergrund einiger großer Konkurse Ende der 80er und Anfang der 90er Jahre erläutert der Autor die Anlagetechniken dieser schillernden Spekulanten Schritt für Schritt. Er vermittelt dem Leser jedoch nicht nur deren Beweggründe und Methoden, sondern erklärt, wie wichtig diese Spekulanten für die Wiederbelebung der Konjunktur sind.
Download or read book Corporate Financial Distress and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2010-03-11 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Distress Investing written by Martin J. Whitman and published by John Wiley & Sons. This book was released on 2009-04-13 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial innovation, new laws and regulations, and the financial meltdown of 2007–2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance. Nobody understands this better than Martin Whitman—the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets—and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world. Divided into four comprehensive parts—the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy—this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals—from Kmart to Home Products International—will give you a better perspective of the business. Critical topics addressed throughout these pages include: Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing The "Five Basic Truths" of distress investing The difficulty of due diligence for distressed issues Distress investing risks—from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy Valuing companies by both going concern as well as their resource conversion attributes In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.
Download or read book Distressed Debt Analysis written by Stephen G. Moyer and published by J. Ross Publishing. This book was released on 2004-11-15 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.
Download or read book The Art of Vulture Investing written by George Schultze and published by John Wiley & Sons. This book was released on 2012-09-24 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: A 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 Investing, Schultze shares his valuable insights and experiences with you. Engaging and informative, this reliable guide offers a bird’s-eye into the opportunities and risks associated with vulture investing. And while it may not always be pretty, you’ll see exactly why this process is necessary for our economic ecosystem. Throughout this book, Schultze explains the theory and strategy of vulture investing in clear and lively prose, illustrating each concept with examples from his own varied experience that show how the landscape has changed in recent years. Offers valuable information on distressed securities investing since the 2007-2009 financial crisis Examines the opportunities and dilemmas for modern vulture investors Includes in-depth case studies of high-profile bankruptcies, including those of Chrysler Automotive and Tropicana Casinos and Resorts By its very nature, investing in distressed companies can be a complicated and risky business. But once the dust settles, these investments can yield extraordinary profits. The Art of Vulture Investing puts this discipline in perspective and shows you how to excel at this difficult, yet rewarding, endeavor.
Download or read book Distressed Investment Banking written by Henry Furlow Owsley and published by Beard Books. This book was released on 2005 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive work on the role of the investment banker in a troubled company situation.
Download or read book Distressed Securities written by Edward I. Altman and published by Beard Books. This book was released on 1999 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Guide to Distressed Debt and Turnaround Investing written by Kelly DePonte and published by . This book was released on 2007 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Analyzing Investment Opportunities in Distressed and Bankrupt Companies written by Thomas A. Bowman and published by . This book was released on 1991 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Private Equity Acquisitions of Bankrupt Firms in the United States and Germany written by Elmar Gans and published by GRIN Verlag. This book was released on 2009-02 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2005 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,7, LMU Munich, 110 entries in the bibliography, language: English, abstract: In early December, 2004, German newspapers reported the acquisition of bankrupt automotive supplier Peguform GmbH, based in B tzingen, by U.S. private equity investor Cerberus Capital Management1. The transaction was announced 30 months after Peguform, a company with more than 5,000 employees that recorded EUR 1.4 billion in revenues in 20032, had filed for bankruptcy. As it involved a large firm with substantial importance for Germany's core automotive industry, this transaction shone a spotlight on a sector of the private equity business that has not yet been widely recognized in Germany: investments in bankrupt firms. While traditional private equity buyouts of financially stable firms have become more and more commonplace in Germany in recent years3, little attention has been devoted to the niche of transactions at the corporate cycle's very end. In the United States, in contrast, private equity funds investing in bankrupt firms constitute a well-established part of the financial markets. In this thesis, I aim at providing an overview of the most important aspects concerning private equity acquisitions of bankrupt firms, both in the United States and Germany. This comprises an analysis of the institutional framework for such acquisitions, an investigation of the transaction process and the management of acquired businesses, a closer look at the actual market for these transactions and its development in recent years, and two case studies for practical insight and validation of the findings.
Download or read book Optimal Consumption and Investment with Bankruptcy written by Suresh P. Sethi and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents papers on continuous-time consumption investment models by Suresh Sethi and various co-authors. Sir Isaac Newton said that he saw so far because he stood on the shoulders of gi ants. Giants upon whose shoulders Professor Sethi and colleagues stand are Robert Merton, particularly Merton's (1969, 1971, 1973) seminal papers, and Paul Samuelson, particularly Samuelson (1969). Karatzas, Lehoczky, Sethi and Shreve (1986), henceforth KLSS, re produced here as Chapter 2, reexamine the model proposed by Mer ton. KLSS use methods of modern mathematical analysis, taking care to prove the existence of integrals, check the existence and (where appro priate) the uniqueness of solutions to equations, etc. KLSS find that un der some conditions Merton's solution is correct; under others, it is not. In particular, Merton's solution for aHARA utility-of-consumption is correct for some parameter values and not for others. The problem with Merton's solution is that it sometimes violates the constraints against negative wealth and negative consumption stated in Merton (1969) and presumably applicable in Merton (1971 and 1973). This not only affects the solution at the zero-wealth, zero-consumption boundaries, but else where as well. Problems with Merton's solution are analyzed in Sethi and Taksar (1992), reproduced here as Chapter 3.
Download or read book Workouts and Turnarounds written by Dominic DiNapoli and published by Irwin Professional Publishing. This book was released on 1991 with total page 824 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book From Red to Black written by Tony Melvin and published by Flows Publishing. This book was released on 2011-01-11 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a MUST for anyone who is in debt and wants to get out of it for good! The ability of making money and controlling money are two very different skills. Tony Melvin had mastered the skill of making money at an early age, yet despite this ability he found himself in massive debt. At the age of 28, after selling all of his assets, he was still $300,000 in the red. This book shows you how he got out of debt, avoided bankruptcy and mastered the art of controlling money. Here’s a taste of what’s inside: How to maintain a good credit rating How to control your money How to communicate with creditors (with example letters) How to deal with legal firms How to avoid going bankrupt How to organize your life and minimize stress How to achieve your financial goals How to develop successful money habits How to play the Game of Investing and WIN!
Download or read book Optimal Consumption and Investment with Bankruptcy written by Suresh Sethi and published by . This book was released on 2017 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problem of optimal consumption and investment is concerned with the decisions of a single agent endowed with some initial wealth who seeks to maximize total expected discounted utility of consumption. The decisions are the rate of consumption and the allocation of their wealth directed to risky and risk-free investments over time. The problem was first studied by Paul Samuelson and Robert Merton in 1969; however none of their formulations took into account the possibility that an agent might go bankrupt in the process. In a set of articles published in 1979 and 1983, Suresh Sethi and co-authors (Abel Cadenillas, Myron Gordon, Brian Ingham, Ioannis Karatzas, John Lehoczky, Ernst Presman, Steven Shreve, and Michael Taksar) explicitly introduced a bankruptcy value/penalty in the consumption/investment model. In addition, they also introduced a nonzero subsistence consumption level, which makes the consideration of bankruptcy even more important. This provided the ability to deal mathematically with the problems of bankruptcy in the study of consumption and investment. Optimal Consumption and Investment with Bankruptcy provides a useful frame for deepening our understanding of the consumption and portfolio selection behavior of individuals and households. Foreword by Harry M. Markowitz. Not included are Chapters 2, 3 and 13, which are available directly from the websites of the specified journals in which they first appeared.
