May 2002
MD Sass: ownership and opportunism
Martin Sass celebrates his thirtieth year in the
distressed-debt investing business this year. He is in no doubt
that business prospects are the best he's ever seen.
Sass, chairman of MD Sass Investors Service and also chairman of
Resurgence Asset Management (which is 50% owned by Sass and 50% by
its employees), describes himself as a "long-term investor" in
distressed situations.
The funds he controls are a mixture of private equity, which focus
on buying control of companies, and hedge funds, which take more
opportunistic trading positions.
"Our private-equity funds are focused 100% on control," he says.
"Our hedge funds have some trading situations because of the need
for liquidity but often we can use these as toeholds for what will
eventually become control investments."
He adds: "We can buy a ticket to the show and...
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