The vulture investors / Hilary Rosenberg.

Format:

Book

Author/Creator:

Rosenberg, Hilary, 1958-

Language:

English

Subjects (All):

Leveraged buyouts--United States.

Leveraged buyouts.

United States.

Bankruptcy--United States.

Bankruptcy.

Business failures--United States.

Business failures.

Physical Description:

xi, 404 pages ; 24 cm

Edition:

[Revised edition].

Place of Publication:

New York : Wiley, [2000]

Summary:

Welcome to the big-time, big-stress -- and big-profit -- world of vulture investing. From the eleventh-hour save of Donald Trump's casinos, to the tempestuous history of Wheeling-Pittsburgh Steel, to the rocky restructuring of the massive Revco discount drugstore chain, Hilary Rosenberg takes us on a fast-moving journey through some of the major bankruptcies of the 1980s and 1990s -- and brings to life the infamous, talented arbiters at the heart of their recovery. Meet the so-called "vulture investors" who cast their sights on distressed concerns, buy out debt, and skillfully forge their way to rich returns. Quietly upstaging the flashier corporate tycoons and raiders of the previous decade, men like Leon Black, Ronald LaBow, Sam Zell, Talton Embry, and Martin Whitman have helped to make a more efficient market in this obscure sector of investment, and their success may even inspire the quickly evolving business cultures of Asia and Latin America.

The vulture investors made their way to the forefront of American business during the troubled period when declaring bankruptcy became commonplace among debt-heavy companies. Buying out debt and seeing through the rehabilitation of companies as well-known as Sunbeam and Bloomingdale's, these unique players have changed the face of the distressed securities market. In her own animated, absorbing, and original style, Hilary Rosenberg creates thoroughly researched reenactments of the vultures' greatest exploits to offer an intriguing examination of their methods and their madness -- and reveals the important role of these controversial characters in aiding worldwide economic recovery.

Contents:

Chapter 1 Love among the Ruins 1

Chapter 2 A Field Guide to Vultures 25

Chapter 3 Power Play 37

Chapter 4 The Committeeman's Coup 75

Chapter 5 The Three-Headed Monster at Wheeling-Pittsburgh Steel 97

Chapter 6 Fixing Revco 143

Chapter 7 The Raid on Allegheny International 165

Chapter 8 Closing In 197

Chapter 9 Convenience in Bankruptcy Shopping 231

Chapter 10 Surviving at the Bottom 267

Chapter 11 The Grave Dancers 299

Chapter 12 A Flash and a Star 317.

Notes:

Previous ed.: Scranton, Pa.: HarperCollins, 1992.

Includes bibliographical references and index.

ISBN:

0471361895

OCLC:

43030802