Vulture Investors And The Market For Control Of Distressed Firms PDF Download
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| Author | : Edith S. Hotchkiss |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
Download Vulture Investors and the Market for Control of Distressed Firms Book in PDF, ePub and Kindle
This paper investigates the role of external agents, known as vulture investors, in the governance and reorganization of a sample of 288 firms which default on their public debt. Vultures are frequently active on boards and in the management of target companies, and gain control of 16% of the sample firms, often through the purchase of senior claims. We find positive abnormal returns for the target's common stock and bonds in the two days surrounding the announcement of a vulture purchase of public debt or equity. Valuation effects are strongly dependent on the level of priority of the claim purchased, and are greater when the investor becomes CEO or Chairman or gains control of the target firm. We also find the improvement in post-restructuring operating performance relative to the pre-default level is positively related to the presence of a vulture investor in management of the target firm. The evidence suggests vulture investors add value by disciplining managers of distressed firms.
| Author | : Hilary Rosenberg |
| Publisher | : John Wiley & Sons |
| Total Pages | : 422 |
| Release | : 2000-02-07 |
| Genre | : Business & Economics |
| ISBN | : 0471361895 |
Download The Vulture Investors Book in PDF, ePub and Kindle
"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
| Author | : George Schultze |
| Publisher | : John Wiley & Sons |
| Total Pages | : 230 |
| Release | : 2012-09-13 |
| Genre | : Business & Economics |
| ISBN | : 1118234731 |
Download The Art of Vulture Investing Book in PDF, ePub and Kindle
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.
| Author | : Hilary Rosenberg |
| Publisher | : HarperCollins Publishers |
| Total Pages | : 422 |
| Release | : 1993 |
| Genre | : Business & Economics |
| ISBN | : 9780887306488 |
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A senior editor at Institutional Investor presents vivid anecdotes of big-time investors, more than 75 candid and personal interviews with vulture investors who hold nothing back in their explanations of how they operate in their attempt to spin gold from the corporate rag.
| Author | : Philip Samuel Russel |
| Publisher | : |
| Total Pages | : 284 |
| Release | : 1996 |
| Genre | : Bankruptcy |
| ISBN | : |
Download The Distressed Securities Market Book in PDF, ePub and Kindle
| Author | : Stephen G. Moyer |
| Publisher | : J. Ross Publishing |
| Total Pages | : 518 |
| Release | : 2004-11-15 |
| Genre | : Business & Economics |
| ISBN | : 1932159185 |
Download Distressed Debt Analysis Book in PDF, ePub and Kindle
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.
| Author | : Michael Lee Hing |
| Publisher | : |
| Total Pages | : 84 |
| Release | : 2004 |
| Genre | : Finance |
| ISBN | : |
Download Vulture Funds and Distressed Securities Book in PDF, ePub and Kindle
| Author | : Aswath Damodaran |
| Publisher | : John Wiley & Sons |
| Total Pages | : 698 |
| Release | : 2016-02-08 |
| Genre | : Business & Economics |
| ISBN | : 0470049375 |
Download Damodaran on Valuation Book in PDF, ePub and Kindle
"Aswath Damodaran is simply the best valuation teacher around. If you are interested in the theory or practice of valuation, you should have Damodaran on Valuation on your bookshelf. You can bet that I do." -- Michael J. Mauboussin, Chief Investment Strategist, Legg Mason Capital Management and author of More Than You Know: Finding Financial Wisdom in Unconventional Places In order to be a successful CEO, corporate strategist, or analyst, understanding the valuation process is a necessity. The second edition of Damodaran on Valuation stands out as the most reliable book for answering many of today?s critical valuation questions. Completely revised and updated, this edition is the ideal book on valuation for CEOs and corporate strategists. You'll gain an understanding of the vitality of today?s valuation models and develop the acumen needed for the most complex and subtle valuation scenarios you will face.
| Author | : Patrick A. Gaughan |
| Publisher | : John Wiley & Sons |
| Total Pages | : 634 |
| Release | : 2002-07-31 |
| Genre | : Business & Economics |
| ISBN | : 0471237299 |
Download Mergers, Acquisitions, and Corporate Restructurings Book in PDF, ePub and Kindle
The most comprehensive and up-to-date guide to modern corporate restructuring techniques Mergers and acquisitions are two of today's most important competitive tools used by corporations in a rapidly changing global business landscape. In this new updated and revised Third Edition of his groundbreaking book-winner of the Book of the Year Award in its category from the Association of American Publishers-author, business valuations expert, and professor Patrick Gaughan illustrates how mergers, acquisitions, and other vital forms of restructuring can work for corporations. This University Edition includes review questions specifically designed for finance students and those studying for the MBA degree. Packed with helpful advice and proven strategies, this book: * Explains virtually every type of corporate restructuring, including mergers and acquisitions, divestitures, reorganizations, joint ventures, leveraged buyouts, and more * Details the latest trends and delivers a modern, international perspective on the field * Integrates the latest relevant research in the field of mergers into the book's pragmatic treatment of the subject * Offers comprehensive coverage of the latest methods and techniques for business valuations of both public and closely held companies * Looks at the key strategies and motivating factors that arise during the course of restructurings * Analyzes and incorporates necessary legal, economic, and corporate finance considerations * Offers the best offensive and defensive tactics for hostile takeovers
| Author | : Sanford U. Mba |
| Publisher | : Springer |
| Total Pages | : 285 |
| Release | : 2019-06-29 |
| Genre | : Law |
| ISBN | : 3030197492 |
Download New Financing for Distressed Businesses in the Context of Business Restructuring Law Book in PDF, ePub and Kindle
This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.
