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Praise for Distress Investing"Marty Whitman has distilled decades of distressed investing experience into a text that is a must-read for everyone interested in the field, whether a student or a professional investor."—Wilbur L. Ross, Chairman and CEO, WL Ross & Co. LLC"Distress Investing: Principles and Technique represents a detailed and unique perspective on an arcane arena of investment that is going to get a lot more attention. Marty Whitman is the master, and has set the standard for many years."—Sam Zell, Chairman, Equity Group Investments, LLC"Martin Whitman and Professor Diz have produced a seminal work on the ins and outs of distressed investing for all distressed debt investors. It is jam-packed with information and guidance for the novice and the experienced. A must-read for anyone interested in distressed investing."—Lewis Kruger, Stroock & Stroock & Lavan LLP"Marty Whitman, a legend in distress investing, packs decades of experience into these pages. The restructuring of the capital markets currently under way is sure to provide great distress investment opportunities, which this guide book can make count for you."—Bruce Flatt, Brookfield Asset Management Inc."The principles found in this book are those I used in the reorganization of my business from bankruptcy to an S&P 500 company with an investment grade rating and a multibillion-dollar market capitalization. An excellent premier by Marty Whitman and Professor Diz, integrating economic theory with real-world investment to help investors of all shapes and sizes understand and invest in distressed securities."—Gene Isenberg, Chairman and CEO, Nabors Industries, Inc."Marty Whitman, the unquestioned 'Dean' of active distressed investors, and Fernando Diz, one of the few academics specializing in distressed investing, have teamed up to provide perhaps the best and most comprehensive primer on distressed securities and markets. I learned so much from this remarkable volume."—Edward I. Altman, Max L. Heine Professor of Finance, NYU Stern School of Business, Director of credit and debt markets research at the NYU Salomon Center and adviser to several financial institutions including, Paulson & Co. and Concordia Advisers
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FOREWORD BY D A N I E L D ’AA N I E L L O , C O F O U N D E R A N D M A N A G I N G D I R E C T O R , T H E C A R LY L E G R O U P Additional Praise for Distress Investing: Principles and Technique “Distress Investing: Principles and Technique presents a concise, practical description of the restructuring process, the various players in the process and the constraints and incentives motivating their actions, as well as the institutional and economic forces impacting the process. The power of this holistic view is demonstrated in many actual distressed investing situations. Without the wisdom in this book anyone investing in distressed securities runs the risk of becoming a distressed investor!” —STAN GARSTKA Deputy Dean and Professor in the Practice of Management, Yale School of Management “Marty Whitman and Fernando Diz have produced an extraordinary guide to today’s world of distressed investing. Drawing on Whitman’s 50+ years of successful experience in the field, they have explained in straightforward terms how an investor can construct a portfolio of distressed investments within today’s complex variety of different securities. While there are no guarantees of ultimate investment performance, following these principles will enhance the probability of above average portfolio returns.” —JOSEPH W. BROWN CEO, MBIA Inc. “In a world puzzled about the reasons for the collapse of our economy, we are fortunate to have two gifted observers, the authors of this book, who understand the elusive intricacies of the problem and explain their details so effectively.” —WILLIAM BAUMOL Academic Director, Berkley Center