Financial innovation, new laws and regulations, and the financial meltdown of 2007–2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance.

Nobody understands this better than Martin Whitman—the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets—and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world.

Divided into four comprehensive parts—the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy—this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer.

From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals—from Kmart to Home Products International—will give you a better perspective of the business.

In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.

"Decades of distressed investing experience into a text that is a must read..."

A new book focused on the principles of Distress Investing for today's world by Martin J. Whitman & Fernando Diz.
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What Other's Have Said:

“Marty Whitman has distilled decades of distressed investing experience into a text that is a “must read” for everyone interested in the field, whether a student or a professional investor.”
Wilbur L. Ross, Chairman & CEO, WL Ross & Co. LLC

“Marty Whitman and Fernando Diz have produced an extraordinary guide to today’s world of distressed investing. Drawing on Whitman’s 50+ years of successful experience in the field, they have explained in straightforward terms how an investor can construct a portfolio of distressed investments within today’s complex variety of different securities. While there are no guarantees of ultimate investment performance, following these principles will enhance the probability of above average portfolio returns.”
Joseph W. Brown, CEO, MBIA Inc.

“Distress Investing:  Principles and Technique represents a detailed and unique perspective on an arcane arena of investment that is going to get a lot more attention.  Marty Whitman is the master, and has set the standard for many years.”
Sam Zell, Chairman, Equity Group Investments, LLC

“Marty Whitman, a legend in distress investing, packs decades of experience into these pages. The restructuring of the capital markets currently under way is sure to provide great distress investment opportunities, which this guide book can make count for you.”
Bruce Flatt, Brookfield Asset Management Inc.

“Martin Whitman and Professor Diz have produced a seminal work on the ins and outs of distressed investing for all distressed debt investors.  It is jammed packed with information and guidance for the novice and the experienced.  A must read for anyone interested in distressed investing."
Lewis Kruger, Stroock & Stroock & Lavan LLP

“In a world puzzled about the reasons for the collapse of our economy, we are fortunate to have two gifted observers, the authors of this book, who understand the elusive intricacies of the problem and explain their details so effectively.”
William Baumol, Academic Director, Berkley Center for Entrepreneurship Studies, New York University

“A very comprehensive and thorough analysis of a timely and interesting topic.  Filled with exciting and sometimes provocative insights, this is a must read for the uninitiated as well as those deeply immersed in the topic.”
Andrew DeNatale, Partner, White & Case LLP

“Distress Investing:  Principles and Techniques presents a concise, practical description of the restructuring process, the various players in the process and the constraints and incentives motivating their actions, as well as the institutional and economic forces impacting the process.  The power of this holistic view is demonstrated in many actual distressed investing situations.  Without the wisdom in this book anyone investing in distressed securities runs the risk of becoming a distressed investor!”
Stan Garstka, Deputy Dean and Professor in the Practice of Management, Yale School of Management

“The principles found in this book are those I used in the reorganization of my business from bankruptcy to an S&P 500 company with an investment grade rating with a multi-billion dollar market capitalization.  An excellent premier by Marty Whitman and Professor Diz, integrating economic theory with real world investment to help investors of all shapes and sizes understand and invest in distressed securities.”
Gene Isenberg, Chairman & CEO, Nabors Industries, Inc.

Critical topics addressed throughout these pages include:

- Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing

- The "Five Basic Truths" of distress investing

- The difficulty of due diligence for distressed issues

- Distress investing risks from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy

- Valuing companies by both going concern as well as their resource conversion attributes

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