Praise for The Art of Vulture Investing
"Over the years, George Schultze has demonstrated considerable knowledge of distressed securities and value investing. He now shares his extensive overall experience in this very sector in a clear and understandable manner, which should be of considerable interest to any person interested in the subject."
—Grant Stoddart, CEO, Sharp Performance USA, Inc.
"George's easy-to-read style compels the reader to learn more about the opportunities to invest in troubled companies. It's a good read for anyone interested in learning how to tackle the tough issues with a thoughtful and honest approach."
—Ron S. Geffner, Partner, Sadis & Goldberg LLP
"Happy to see George has learned his lessons well."
—Phil Smith, adjunct professor at Columbia Business School, Managing General Partner, Private Equity Partnership, and Vice Chairman of Spencer Trask & Co.
"This book offers a fascinating inside look into the specialized, and often misunderstood, world of distressed debt investing. The strategies and tactics that these investors use to create or realize value in distressed companies are memorably illustrated through one prominent investor's personal experiences—blow-by-blow—in some of the most challenging and controversial restructurings of the past decade. This is not investing for the faint of heart."
—Professor Stuart C. Gilson, Steven R. Fenster Professor of Business Administration, Harvard Business School and author of Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups
"A great inside account showing that vulture investors don't feed on carcasses, but resurrect failing businesses. They allocate capital more efficiently and often save and create jobs. Vultures in nature don't add value; vulture investors like George Schultze do."
—Charles E. F. Millard, Head of Pension Relations at Citigroup; former director, Pension Benefit Guaranty Corporation
Foreword ix
Acknowledgments xi
Preface xiii
CHAPTER 1 Emerging from the Egg 1
CHAPTER 2 Learning to Scavenge 17
CHAPTER 3 Looking for Prey 39
CHAPTER 4 Waiting On a Limb 63
CHAPTER 5 Swooping In: Tropicana 73
CHAPTER 6 Fighting Over the Carcass: Chrysler 95
CHAPTER 7 Digesting the Remains 115
CHAPTER 8 A Vulture’s Philosophy 131
APPENDIX 1 Net Operating Loss Carry Forwards 139
APPENDIX 2 Copy of Continued Objection by Ad Hoc Committee of Washington Group Class 7 Claim Holders 141
APPENDIX 3 Letter to Washington Group’s Board of Directors 153
APPENDIX 4 Shareholder Complaint against Winn-Dixie Board et al. 157
APPENDIX 5 Objection by Schultze Asset Management to Owens Corning Disclosure Statement
About the Authors 185
Index 189
Overview
Praise for The Art of Vulture Investing
"Over the years, George Schultze has demonstrated considerable knowledge of distressed securities and value investing. He now shares his extensive overall experience in this very sector in a clear and understandable manner, which should be of considerable interest to any person interested in the subject."
—Grant Stoddart, CEO, Sharp Performance USA, Inc.
"George's easy-to-read style compels the reader to learn more about the opportunities ...