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The Vulture Investors, by Hilary Rosenberg
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"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
- Sales Rank: #811709 in eBooks
- Published on: 2008-05-02
- Released on: 2008-05-02
- Format: Kindle eBook
From Publishers Weekly
In a tour de force of punchy business writing, Institutional Investor senior editor Rosenberg dissects a little-known but increasingly common high-stakes financial game: preying on companies in distress. Operating in a $400 billion "debt market," financiers like Paul Kazarian and Marty Whitman snap up an ailing firm's bonds and bank loans at a discount, then participate in the ensuing bankruptcy or other reorganization process, which usually results in their holdings substantially increasing in value. Case histories illuminate the investors' methods, introduce the field's key players and give blow-by-blow accounts of major corporate upheavals at Wheeling-Pittsburgh Steel, Coleco Toys, New Hampshire's Seabrook atomic power plant, Donald Trump's casinos and Allegheny International. The author relates these intricate, suspenseful narratives in a clear, lively style that always instructs and often amuses.
Copyright 1992 Reed Business Information, Inc.
From Library Journal
At last, a book on bankruptcy that explains basic concepts before beginning the broader discussion of deals and dealmakers. The author anticipated all the questions this reviewer had and answered them where they were raised. Rosenberg has written about an arcane area of finance, and the book reads like a good suspense novel. The "winners" of the subtitle are the investors themselves, the "losers" the shareholders (and usually management) of the original company and, more often than not, the American taxpayer. Recommended for academic and public libraries holding James B. Stewart's Den of Thieves ( LJ 10/1/91) and for readers of Stewart's book, as a glimpse into the aftermath of poor management decisions or of gorging at the financial trough.
- Alex Hartmann, Bloomsburg Univ. Lib., Pa.
Copyright 1992 Reed Business Information, Inc.
From Kirkus Reviews
A blue-chip rundown on the predatory Wall Streeters who incur sizable risks in hope of realizing handsome rewards--by taking big positions at a discount in the distressed debt securities of Chapter 11 casualties. A senior editor at Institutional Investor, Rosenberg chronicles the latter-day emergence of a new breed of opportunist as the takeover wars of the 80's have given way to the restructuring battles of the 90's. By her informed and instructive account, many of the high-profile enterprises that borrowed substantial amounts (e.g., in the junk-bond market and from banks) in aid of leveraged buyouts or other dubious deals soon found themselves unable to meet their debt-service obligations. Many wound up in federal bankruptcy court, where they became fair game for the money men (no women of note as yet) whom the author characterizes as ``vulture investors.'' Lineal descendants of the gentlemanly souls who patiently searched for value among the fiscal wreckage of Depression-era railroads, vulture investors are, on the anecdotal evidence of Rosenberg's text, a hard-nosed, unsentimental lot. Backed to a surprising extent by public pension money (a mainstay of the prior decade's merger mania), the loan-arrangers don't hesitate to throw their weight around and antagonize creditor committees or, if need be, judges. Rosenberg offers an accessible, frequently entertaining guide to the role played by these scavengers in more than a dozen reorganizations, including those involving Southland (of 7-Eleven fame), Donald Trump's Atlantic City casinos, and Allegheny International (Oster-Sunbeam). She also profiles major players, few of whom (save Carl Icahn) are household names. An evenhanded introduction to as unlovable and consequential a crew as ever pounded a boardroom's conference table. -- Copyright �1992, Kirkus Associates, LP. All rights reserved.
Most helpful customer reviews
15 of 15 people found the following review helpful.
Excellent
By Rick Spell
I found this book to be exactly what I hoped for. I like to read business stories. The author's goal was to teach the reader about investing in bankrupt companies and the method used was with detailed narratives of past deals. This was perfect for what I wanted.
The book went into great detail about the hierarchy of security claims and how they work in bankruptcy. The examples showed how the investor classes work with and against each other in bankruptcy and the roles the b/k judge and attorneys played. With many different narratives the reader is able to see different outcomes and the extreme risks and rewards involved in this type investing.
The book's main focus was on the personalities involved in buying distressed debt and then trying to influence the b/k process mainly through the courts but sometimes in prepackaged b/ks.
In summary, I learned a lot and enjoyed the stories also. The only caveat I would have is that the book was originally written in the early 90s so there are not new examples although the author did give summary updates on the companies and investors up through 1998.
10 of 10 people found the following review helpful.
Not for the faint of heart
By Frank DeRose
The book covers the practice of investing in the securities of distressed/bankrupt companies. Topics include: investing in distressed debt; the reorganization process under Chapter 11; the contests for control between conflicting classes/interests in the reorganization process.
But, the book doesn't cover these topics in mere textbook fashion. Rather, it introduces us to some of the most famous vulture investors of all time and provides exciting narratives of their significant investment successes and failures. The cast of characters is fascinating. One ends up with a very good feel for the type of personality needed to work in this field: financial/legal wizard who combines the ferocity and tenacity of a wolverine with the haggling skills of a hat merchant from the garment district.
One of the most famous of the vulture investors is Marty Whitman, whose book "Value Investing: A Balanced Approach" forms an invaluable companion text to this book. "Value Investing" provides the theoretical underpinnings; "Vulture Investors" shows the theories in action.
3 of 4 people found the following review helpful.
Excellent Read
By A Customer
This book provides the reader with an excellent introduction into the various strategies and techniques that "special situation" investors apply when seeking to profit from distrssed companies.
The author engages the reader in a story book fashion with actual bankruptcy stories, the cast of characters, investment philosophies/strategies and lessons to be learned.
The author also sprinkles in bankruptcy laws and procedures for those who are not as conversant in the field.
Overall, I highly recommend this book to anyone who is interested in profiting from distressed companies.
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