February 2010
Distressed-debt: One day my price will come
Distressed-debt investors will continue to need deep reserves of patience during this downturn.
You almost have to feel a little sorry for distressed-debt investors in this cycle (but only almost). At the onset of the crisis in 2007, piling into a distressed-debt opportunity fund seemed like a no-brainer. But even as the securitized and leveraged finance markets collapsed, creative mark-to-market accounting enabled many banks to hold on to their troubled assets rather than being forced to sell them to...
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