Overview
"What kinds of investors actually choose to make their living byseeking out troubled companies and becoming mired in thecomplexities and contentiousness of a bankruptcy or out-of-courtworkout?" - Hilary Rosenberg (from The Vulture Investors)
Welcome to the big-time, big-stress-and big-profit-world of vultureinvesting. From the eleventh-hour save of Donald Trump's casinos,to the tempestuous history of Wheeling-Pittsburgh Steel, to therocky restructuring of the massive Revco discount drugstore chain,Hilary Rosenberg takes us on a fast-moving journey through some ofthe major bankruptcies of the 1980s and 1990s-and brings to lifethe infamous, talented arbiters at the heart of their recovery.Meet the so-called "vulture investors" who cast their sights ondistressed concerns, buy out debt, and skillfully forge their wayto rich returns. Quietly upstaging the flashier corporate tycoonsand raiders of the previous decade, men like Leon Black, RonaldLaBow, Sam Zell, Talton Embry, and Martin Whitman have helped tomake a more efficient market in this obscure sector of investment,and their success may even inspire the quickly evolving businesscultures of Asia and Latin America.
The vulture investors made their way to the forefront of Americanbusiness during the troubled period when declaring bankruptcybecame commonplace among debt-heavy companies. Buying out debt andseeing through the rehabilitation of companies as well-known asSunbeam and Bloomingdale's, these unique players have changed theface of the distressed securities market. In her own animated,absorbing, and original style, Hilary Rosenberg creates thoroughlyresearched reenactments of the vultures' greatest exploits to offeran intriguing examination of their methods and their madness-andreveals the important role of these controversial characters inaiding worldwide economic recovery.
Praise for The Vulture Investors
"A lively account of the hardy band of investors who look for-andfind-gold in capitalism's junk pile. Rosenberg not only tells theirstories with captivating relish but weighs the overall economicimpact of their exploits. This book is a valuable introduction to1990s-style deal-making." - Chris Welles, Senior Editor, BusinessWeek
"In a tour de force of punchy business writing, Rosenberg dissectsa little-known but increasingly common high-stakes financial game:preying on companies in distress. . . . The author relates theseintricate, suspenseful narratives in a clear, lively style thatalways instructs and often amuses." - Publishers Weekly
"Reads like a good suspense novel." - Library Journal
Welcome to the big-time, big-stress-and big-profit-world of vultureinvesting. From the eleventh-hour save of Donald Trump's casinos,to the tempestuous history of Wheeling-Pittsburgh Steel, to therocky restructuring of the massive Revco discount drugstore chain,Hilary Rosenberg takes us on a fast-moving journey through some ofthe major bankruptcies of the 1980s and 1990s-and brings to lifethe infamous, talented arbiters at the heart of their recovery.Meet the so-called "vulture investors" who cast their sights ondistressed concerns, buy out debt, and skillfully forge their wayto rich returns. Quietly upstaging the flashier corporate tycoonsand raiders of the previous decade, men like Leon Black, RonaldLaBow, Sam Zell, Talton Embry, and Martin Whitman have helped tomake a more efficient market in this obscure sector of investment,and their success may even inspire the quickly evolving businesscultures of Asia and Latin America.
The vulture investors made their way to the forefront of Americanbusiness during the troubled period when declaring bankruptcybecame commonplace among debt-heavy companies. Buying out debt andseeing through the rehabilitation of companies as well-known asSunbeam and Bloomingdale's, these unique players have changed theface of the distressed securities market. In her own animated,absorbing, and original style, Hilary Rosenberg creates thoroughlyresearched reenactments of the vultures' greatest exploits to offeran intriguing examination of their methods and their madness-andreveals the important role of these controversial characters inaiding worldwide economic recovery.
Praise for The Vulture Investors
"A lively account of the hardy band of investors who look for-andfind-gold in capitalism's junk pile. Rosenberg not only tells theirstories with captivating relish but weighs the overall economicimpact of their exploits. This book is a valuable introduction to1990s-style deal-making." - Chris Welles, Senior Editor, BusinessWeek
"In a tour de force of punchy business writing, Rosenberg dissectsa little-known but increasingly common high-stakes financial game:preying on companies in distress. . . . The author relates theseintricate, suspenseful narratives in a clear, lively style thatalways instructs and often amuses." - Publishers Weekly
"Reads like a good suspense novel." - Library Journal
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