- Series: Wiley Finance (Book 95)
- Hardcover: 528 pages
- Publisher: Wiley; 1 edition (July 20, 2001)
- Language: English
- ISBN-10: 0471405590
- ISBN-13: 978-0471405597
- Product Dimensions: 6.5 x 1.5 x 9.2 inches
- Shipping Weight: 2.2 pounds
- Average Customer Review: 32 customer reviews
- Amazon Best Sellers Rank: #1,541,422 in Books (See Top 100 in Books)
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Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups Hardcover – July 20, 2001
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"With the number of corporate bond defaults up sharply over the lows of the middle-to-late 1990s, Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups (John Wiley & Sons, Inc.) is reaching the market at an apt moment. The book, which is written by Harvard Business School Professor Stuart Gilson, employs the case study method to examine the restructuring of the claims of creditors, shareholders, and employees. Of greatest interest to high yield and distressed investors is the section on financial distress, which studies such familiar companies as Continental Airlines, Flagstar Companies, The Loewen Group, and National Convenience Stores. Gilson also provides a market survey of distressed investing, exploring such nuances as prepackaged bankruptcy, "bondmail" (gaining control of a class of debt to block approval of a reorganization plan), exit strategies, tax issues, and disqualification of votes on a bankruptcy reorganization plan. Creating Value through Corporate Restructuring also addresses company overhauls that occur outside the context of potential or actual bankruptcy. Techniques include issuance of tracking stock, spin-offs, layoffs, plant closings, revisions of employee retirement benefits, and mergers. Gilson maintains a global perspective, incorporating cases not only from the United States, but also from Germany and Thailand."-- High Yield, a Merrill publication by Marty Fridson
"... Stuart Gilson, of the Harvard Business School, has managed to write a book important to everybody in the distressed market that is also quite enjoyable. His prose is fluid and succinct and a pleasure to read. . . The text covers 13 corporate restructurings focusing on debt workouts, vulture investing, equity spinoffs, tracking stock, asset divestitures, employee layoffs, corporate downsizing, M & A, HLTs, wage give-backs, employee stock buyouts, and the restructuring of employee benefit plans. . . . this is an especially valuable text for anybody working in the distressed market." (Turnarounds & Workouts Magazine, Review by David M. Henderson)
Gilson's book provides a meaningful framework for analyzing any restructuring and a guide to various tools and additional references....Detailed exhibits at the end of each chapter provide the hard, quantifiable financial and industry data that management and stakeholders must interpret to plan, negotiate, and execute a restructuring. The exhibits are especially insightful and provide examples of alternatives for presenting relevant factual information on complex restructurings. (The Journal of Corporate Renewal)
"Gilson reminds readers that the devil is truly in the details, filling the 516-page text with real and specific financial data, flow charts, and statistics to illuminate each case. A portable version of Gilson's course, Creating Value through Corporate Restructuring gives readers the chance to learn the intricacies of this increasingly critical management process in today's volatile business climate." (The Harvard Business School Bulletin, December 2001)
?The information provided in Gilson?s book is the next best thing to being there. For those of us who are outside the major industrial and business centers and deal with smaller corporate bankruptcies, the book provides a useful source of information for creative solutions. The level of detail in the book is exceptional. . . . Gilson gives a sense of the maneuvering that occurs behind the scenes in every workout and bankruptcy case.? (American Bankruptcy Institute Journal)
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Hence it's a waste of time if you are trying to self-study. There is nothing to learn in this book, unless you are in the author's class that uses this book as the teaching material. To make up for that learning experience, you need the group discussion and the teaching, which is only available in the classroom. The book facts are 5% of the value of the course.
The correct name of the book should be : case materials for HBS corporate structuring course, no studies included.
100% Avoid if you are buying for self study.
Again, I don't care if this book is meant to be used in the classroom and "therefore the author cannot reveal the solutions". As customers, I feel cheated and as seller and writer, it should be their responsibilities to make it clear what the book is and is not. I bought this and shipped it to Asia paying 50 bucks of shipping fee and I think it's fair to say I'm cheated.
However, the cases are divided up into three parts and each part has a short essay that introductes the general theme for the cases and offers a paragraph summary of each case. There is also a reding list of academic papers and books that can be used to delve deeper on that parts topic. This does add real value to this book.
Just like in b-school, you are expected to dig, dig, dig. And this is a good thing. Don't get me wrong. You will learn more by asking yourself questions about what all the information means. And if you are an experienced case reader you will pretty much know what you should go after. And these cases have a extremely useful financials associated with them (analyzing these is where the real payoff is). You can do a lot of the follow up on your own by digging through Internet resources such as WSJ, Yahoo, and Hoovers, etc.
Just don't expect any easy conclusions in the book because it is designed for use in class so all of the conclusions have to be held back or the cases become useless for teaching. However, since discussion of cases is the best place to get new insights above your own analysis, it would be GREAT if the publisher or the author put up a website where purchasers of this book could discuss the cases with each other.
Maybe this would be the same problem as publishing analysis. However, my only frustration with this wonderful book is that even though I have gotten a great deal from it and will continue to benefit from it as a resource text for years to come, I KNOW I could get more out of it by discussing it with others. Each of these cases would be terrific for class use.
The cases are all five star. I gave the book four stars only because of my personal frustrations in not being able to get other discussion about the cases and because of its very specialized topic. If you are interested in this topic and understand what cases are and are not - then for you this is a five star book.
Times have changed. Now everybody's an arbitrageur. The "vulture investors" have their conferences, their social clubs, and for all I know, their own softball team.
Stuart C. Gilson"s "Corporate Restructuring" symbolizes the sea change from the old attitude to the new. It adds the imprimatur of the Harvard Business School to the notion that vulture investing is just another way of making money. As others have noted, this isn't a work of high theory - indeed it has a kind of slapdash, direct-off-the-photocopier feel that is remarkably common in business publications. For fancy theory, you look elsewhere - in law to the likes of Douglas Baird or Lucian Arye Bebchuk; in finance to the developing lore of "real options." But the case studies are an excellent device for getting a sense of the texture and possibilities of vulture investing. It can be read with profit alongside Hilary Rosenberg's "The Vulture Investors." Ambitious students who want the full theoretical framework will match it with David G. Luenberger's "Investment Science." But Gilson's work has merit on its own as one kind of introduction to this revolution in investment thinking.