The Art of Vulture Investing: Adventures in Distressed Securities Management (Wiley Finance Series)

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.

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.

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

"A detailed look at the discipline of modern distressed investing. Investing in distressed securities/financially troubled credits is an approach that contains both great risk and opportunity. Occurrences from the recent credit crisis have changed this playing field immensely, not so much in terms of actual laws being revised but in the government's larger role. What are the repercussions of the crisis and its bailouts on lending to financially troubled companies? Do the same approaches that have been used for over sixty years still hold true or have some of the rules changed? The Art of Vulture Investing will answer these, and many other, important questions. An expert in the field distressed investing, author George Schultze understands the risks and opportunities of investing in financially troubled companies, especially in the wake of a shaken credit industry and sizeable government bailouts. Now, in The Art of Vulture Investing, he shares his extensive insights and expertise with you. Throughout this book, he skillfully discusses distressed security investing theory and strategy, while presenting current examples in order to reveal how the landscape has changed in recent years. Offers valuable information on post-financial crisis distressed security investing Examines the opportunities and dilemmas of the modern portfolio manager who invests in distressed securities Includes in-depth case studies of Chrysler and Tropicana If you're looking to enhance your understanding of the distressed investing discipline, this book is the best place to start"-- � Read more... Abstract: Bullying Interventions in Schools outlines the existing methods used to address bullying, describing when and how each method can best be applied. Six major methods are addressed: the disciplinary approach; strengthening the victim; mediation; restorative practice; support group method; and shared concern method. � Read more... "A detailed look at the discipline of modern distressed investing. Investing in distressed securities/financially troubled credits is an approach that contains both great risk and opportunity. Occurrences from the recent credit crisis have changed this playing field immensely, not so much in terms of actual laws being revised but in the government's larger role. What are the repercussions of the crisis and its bailouts on lending to financially troubled companies? Do the same approaches that have been used for over sixty years still hold true or have some of the rules changed? The Art of Vulture Investing will answer these, and many other, important questions. An expert in the field distressed investing, author George Schultze understands the risks and opportunities of investing in financially troubled companies, especially in the wake of a shaken credit industry and sizeable government bailouts. Now, in The Art of Vulture Investing, he shares his extensive insights and expertise with you. Throughout this book, he skillfully discusses distressed security investing theory and strategy, while presenting current examples in order to reveal how the landscape has changed in recent years. Offers valuable information on post-financial crisis distressed security investing Examines the opportunities and dilemmas of the modern portfolio manager who invests in distressed securities Includes in-depth case studies of Chrysler and Tropicana If you're looking to enhance your understanding of the distressed investing discipline, this book is the best place to start"-- Provided by publisher Content: Foreword vii Acknowledgments ix Introduction xi Part 1 Interventions in Perspective 1 1 The Current Situation 3 2 A Brief Background to School Bullying 14 3 Preparing to Intervene 25 Part 2 Methods of Intervention in Cases of Bullying 35 4 The Traditional Disciplinary Approach 37 5 Strengthening the Victim 51 6 Mediation 64 7 Restorative Justice 74 8 The Support Group Method (Formerly the No Blame Approach) 86 9 The Method of Shared Concern 96 Part 3 The Choice of Intervention Method 109 10 The School and the Community 111 11 Choosing a Method 116 12 Backdrop and Beyond 139 Appendices 144 A Handling Bullying Questionnaire with Results 144 B Exercise on Fogging 149 References 151 Index 161