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Distressed Debt Analysis: Strategies for Speculative Investors Hardcover – November, 2004
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Conversely, if you are a professional and seeking to augment your understanding, Moyer provides insightful commentary on areas like negotiation leverage points, key area to control, legal bounds of control, pre & post-bankruptcy valuation approaches, and comparisons to real deals done recently in the marketplace. Most of his examples are from 1998-2003, and he tries to use contemporary issues to highlight arguments. Unfortunately, you will not find the most recent Bankruptcy Code reforms which commenced Oct 17, 2005. For instance, he states on page 77 that management can "...extend the [bankruptcy] exclusivity period virtually indefinitely...", which today is essentially limited to 18 months. Although a shortcoming to the book, any professional investor would have access to materials to become up-to-date on the recent reforms.
Moyer's CV reads long: Stanford Law, Chicago MBA, CFA, CPA, and Drexel Lambert heritage. Obviously, he knows what he is talking about. His writing interests do seem to be lawyer-ly; for instance, he spends an inordinate amount of time explaining issues around confidentiality agreements and duties. But, I appreciated his clear and concise style and sentences. No arrogance in his style nor is he trying to sell his current firm.
Excellent book. Strongly recommend despite the price.
Written as an integrated text book by a single author, Distressed Debt Analysis follows a single thought-thread on the subject, avoiding the disjointed "patchwork quilt" products typically produced by editors collecting essays from individual subject matter experts (aka Fabozzi and Altman).
Identify securities (bonds, stocks or whatever) from companies that are in trouble. Buy these securities when other investors are ignoring or even selling them. Then when the company gets turned around, you can make a fortune. What you don't want to do is buy these securities only to see the companies go out of business so that your securities are now completely worthless.
As you might guess from the title, this book is about how to analyze distressed companies that offer this potential investment path. It covers virtually every aspect of finding such companies, determining if the proposed investment is feasible, explains the differences in the company going through one of the various bankruptcy procedures, the legal and financial due diligence issues, and more. The final result is a set of basic investment strategies and analytical techniques, complete with case studies and referrences to numerous real-world examples to emphasize important concepts and critical issues.
Along with the book is a companion web site that offers additional information, checklists, sample letters, and more.
This book is a complete introduction to this new and emerging field.
Some other books on the topic go into significantly more detail in esoteric issues; however this book is a must for a grounded detailed understanding of the topic. I have recommended this book to a number of colleagues in the industry and all were equally appreciative.
I am a novice to the area and read the book with a great interest and learned a lot from it. I enjoyed the style and the language of this book. It does a good job explaining financial concepts and legal issues with a simple and ubderestandable words. It stands out of other publications I've read about distress that are overloaded with legal and finance terms with confusing explanations. I particularly apreciate that, as practitioner with impressive experience, the author avoids going too far in academic theories and provides with very interesting insights in how thigs are done in real life. I am not an expert, so I can't judge about the depth of the book, but I think it provides with a pretty good breadth.
Most Recent Customer Reviews
Good read; I had no familiarity whatsoever with credit investing or the restructuring process prior to reading this book other than an understanding of basic corporate finance and... Read morePublished 2 months ago by Brendan Chong
I'm 61 pages in and two pages have already fallen out. For an expensive hardcover edition that is not exactly great manufacturing quality.Published 2 months ago by John Mike
One of the best distressed / investment books I've read. While not for beginners to finance, it should serve as a handbook for appreciated downside risk in equity investments and... Read morePublished 4 months ago by Tyler Stevens
Prop trader who wanted to learn more about distressed debt, good readPublished 19 months ago by Joseph Hofland
By far the best book on distressed debt. Also contains invaluabe insights for financal analysts in general who want to deepen their understanding of credit tools.Published on April 21, 2014 by Fabio D Noronha
I needed to prep for an interview at a distressed debt fund and a Finance professor from college recommended this as the best resource. Read morePublished on April 7, 2014 by Benjamin Ostrow
The book is very too the point and easy to understand. Recommend it to anyone interested in the debt market. Only downside are the cases are a little dated.Published on April 21, 2013 by Josephine
I recommend this book for new distressed debt professionals that, like me, didn't cover this in detail during their studies. Read morePublished on April 2, 2013 by kirby96