DOWNLOAD Distressed Debt Analysis: Strategies for Speculative Investors By By Stephen G Moyer J.D. [PDF EBOOK EPUB KINDLE].. Read Online Distressed. To execute the maneuvers, such as this one, described in Distressed Debt Analysis: Strategies for Speculative Investors, one must disguise one's own intentions while anticipating the actions of other market participants. Author Stephen G. Moyer explicitly likens the resulting interplay to chess. He concludes each chapter.

Take advantage of the rule that each class of creditor must approve a bankruptcy reorganization plan by taking a sizable position in a junior security at a small fraction of face value. As a condition for consenting to the plan, demand that senior creditors agree to a larger recovery for junior creditors than the amount to which a strict observance of the priority of claims would entitle them. The concession will amount to a mere “tip” from the senior creditors’ standpoint yet represent a substantial percentage gain on the minimal price paid for the junior security.To execute the maneuvers, such as this one, described in Distressed Debt Analysis: Strategies for Speculative Investors, one must disguise one’s own intentions while anticipating the actions of other market participants. Author Stephen G. Moyer explicitly likens the resulting interplay to chess. He concludes each chapter with moves from a game (although not the most famous one) in the celebrated 1972 World Championship match between Bobby Fischer and Boris Spassky.

Moyer writes with great authority on his subject. He began his career as a lawyer and now heads research at Imperial Capital LLC, a boutique investment bank focusing on the debt of distressed companies. His commentary is informed by deep knowledge of bankruptcy law and intimate familiarity with marketplace practicalities. One especially valuable aspect of the book is its stress on the limitations of investment theory in an environment of sparse information. For example, Moyer describes an application of the classic decision tree, which deals quantitatively with investment options and possible outcomes.

He notes that in the world of distressed securities, however, “investors need to remain mindful that there will almost never be an empirical basis from which to derive a probability.” He explains that because each distressed situation is unique, probability assessments essentially consist of the analyst’s judgment. Distressed Debt Analysis also supplies a practitioner’s insight into the supposedly negligible cost of bankruptcy, a controversial assumption used in capital structure theory. Descargar Libro De Metrologia De Carlos Gonzalez Gonzalez Pdf.

Taking into account both administrative costs and diversion of management time, Moyer says, “Bankruptcy is expensive.” Also valuable is the author’s highlighting of a potential need, in light of a little-noted provision of the Sarbanes–Oxley Act of 2002, to revise the assumptions regarding future recoveries in bankruptcy. That legislation authorizes the U.S.

SEC to elevate the status of claims originating in losses incurred by equityholders. Moyer conveys his technically complex material with clear prose, provides an extensive survey of the literature on risky debt, and embeds several interesting tidbits in his footnotes. Editorial lapses are minor; they include such common misspellings as “Warren Buffett,” “Carl Ichan,” and “Arthur Anderson.” On one page, readers will find both “misvaluation” and “misevaluation,” the latter being the spelling with which a widely used word-processing program automatically “corrects” its users.

The copy editors also failed to replace “hone in on” with “home in on” and, in another instance, to eliminate confusion between the verbs “affect” and “effect.” These small imperfections, however, do not undercut the usefulness of Distressed Debt Analysis. It is an authoritative resource for anybody with financial exposure to a company teetering on the brink of, or already in, bankruptcy. This constituency includes investors who did not become holders of distressed securities by design but, rather, through an investment gone bad. Over the next few years, the default rates on high-yield bonds and leveraged loans are likely to escalate from their recent cyclical lows. Perhaps Moyer’s book will find a larger audience than the publisher foresaw.