By Martin J. Whitman
Compliment for misery Investing"Marty Whitman has distilled a long time of distressed making an investment event right into a textual content that could be a must-read for everybody drawn to the sphere, even if a scholar or a certified investor."—Wilbur L. Ross, Chairman and CEO, WL Ross & Co. LLC"Distress making an investment: ideas and procedure represents an in depth and designated point of view on an arcane area of funding that's going to get much more consciousness. Marty Whitman is the grasp, and has set the traditional for plenty of years."—Sam Zell, Chairman, fairness workforce Investments, LLC"Martin Whitman and Professor Diz have produced a seminal paintings at the fine details of distressed making an investment for all distressed debt traders. it's full of details and tips for the amateur and the skilled. A must-read for an individual drawn to distressed investing."—Lewis Kruger, Stroock & Stroock & Lavan LLP"Marty Whitman, a legend in misery making an investment, packs a long time of expertise into those pages. The restructuring of the capital markets at the moment below approach is bound to supply nice misery funding possibilities, which this advisor booklet could make count number for you."—Bruce Flatt, Brookfield Asset administration Inc."The rules present in this booklet are these I utilized in the reorganization of my enterprise from financial disaster to an S&P 500 corporation with an funding grade score and a multibillion-dollar marketplace capitalization. a good most suitable via Marty Whitman and Professor Diz, integrating fiscal conception with real-world funding to assist traders of all sizes and shapes comprehend and put money into distressed securities."—Gene Isenberg, Chairman and CEO, Nabors Industries, Inc."Marty Whitman, the unquestioned 'Dean' of lively distressed traders, and Fernando Diz, one of many few lecturers focusing on distressed making an investment, have teamed as much as offer might be the easiest and so much complete primer on distressed securities and markets. I discovered a lot from this striking volume."—Edward I. Altman, Max L. Heine Professor of Finance, NYU Stern institution of commercial, Director of credits and debt markets study on the NYU Salomon heart and adviser to numerous monetary associations together with, Paulson & Co. and Concordia Advisers
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Additional resources for Distress Investing: Principles and Technique (Wiley Finance)
Some markets are inherently inefficient. Or to put it in another context, an efficient market in these situations means that certain market participants are virtually assured of earning very substantial excess returns on a relatively continual basis. Four characteristics determine whether a market will tend toward EMHlike instantaneous efficiency on the one hand or it will tend to be inherently inefficient by EMH standards on the other hand, or something in between. Characteristic I: Market Participant Insofar as the market participant is unsophisticated about value analysis, financed with borrowed money, and lacks inside information, that participant will face a market tending strongly to instantaneous, EMH-like efficiency.
Fraudulent transfers: Under BAPCPA, there is now a two-year look-back period rather than one year. Under BAPCPA, the constructive fraudulent transfer definition has been expanded to include transfers and obligations incurred for less than a reasonably equivalent value to or for the benefit of an insider under an employment contract and not in the ordinary course of business. Key employee retention plans (KERPs)—No KERP payments are permitted unless: The executive has a bona fide job offer from another company at the same or greater compensation.
It can be analyzed by reference to a very few computer-programmable variables), the asset pricing will reflect a strong tendency toward instantaneous, EMHlike efficiency. A further condition for EMH-like efficiency is that there be a precise ending date, such as when indebtedness matures, options expire, or a merger transaction is consummated. EMH-like efficiencies cannot exist if one concentrates on analyzing the common stock of a going concern with a perpetual life, or if one analyzes a troubled debt issue that will participate in a reorganization and the timing on the completion of such reorganization is relatively unknowable.
Distress Investing: Principles and Technique (Wiley Finance) by Martin J. Whitman