A detailed and compelling look at distressed securitiesinvesting in today's marketIn the corporate world, "vulture" investors indistressed securities serve the same cleanup function as vulturesdo in the natural world: they deal with failing companies, digestbad debt, and mop up after bankruptcies. Since this market'sstructural and legal complexities create greater inefficienciesthan in other investment fields, it's a style of investingthat can make money during both booms and busts. While recenteconomic carnage has made opportunities for vulture investors, moreconvoluted bankruptcies, conflicts of interest, and even governmentintervention have made this arena harder to negotiate.Nobody understands this better than author George Schultze,founder of Schultze Asset Management. During his successful careeras a vulture investor, he's learned a number of lessons anddeveloped an investment philosophy that has served him well. Now,in The Art of Vulture Investing, Schultze shares his valuableinsights and experiences with you. Engaging and informative, thisreliable guide offers a bird's-eye into the opportunities andrisks associated with vulture investing. And while it may notalways be pretty, you'll see exactly why this process isnecessary for our economic ecosystem.Throughout this book, Schultze explains the theory and strategyof vulture investing in clear and lively prose, illustrating eachconcept with examples from his own varied experience that show howthe landscape has changed in recent years.* Offers valuable information on distressed securities investingsince the 2007-2009 financial crisis* Examines the opportunities and dilemmas for modern vultureinvestors* Includes in-depth case studies of high-profile bankruptcies,including those of Chrysler Automotive and Tropicana Casinos andResortsBy its very nature, investing in distressed companies can be acomplicated and risky business. But once the dust settles,these investments can yield extraordinary profits. The Art ofVulture Investing puts this discipline in perspective and showsyou how to excel at this difficult, yet rewarding, endeavor.

Foreword ixAcknowledgments xiPreface xiiiChapter 1 Emerging from the Egg 1Chapter 2 Learning to Scavenge 17Chapter 3 Looking for Prey 39Chapter 4 Waiting On a Limb 63Chapter 5 Swooping In: Tropicana 73Chapter 6 Fighting Over the Carcass: Chrysler 95Chapter 7 Digesting the Remains 115Chapter 8 A Vulture's Philosophy 131Appendix 1 Net Operating Loss Carry Forwards 139Appendix 2 Copy of Continued Objection by Ad Hoc Committee of Washington Group Class 7 Claim Holders 141Appendix 3 Letter to Washington Group's Board of Directors 153Appendix 4 Shareholder Complaint against Winn-Dixie Board et al. 157Appendix 5 Objection by Schultze Asset Management to Owens Corning Disclosure Statement 177About the Authors 185Index 189