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Distressed Debt Analysis: Strategies for Speculative Investors by Stephen Moyer

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INTRODUCTION

The period from 1999 to 2002 witnessed an unprecedented number of corporate bankruptcies in the United States. A total of approximately 439 firms with assets greater than $100 million filed for bankruptcy during this period. For at least 13 of these firms, it was their second visit to bankruptcy court. For six firms, it was actually their third visit.1 Fortunately, there appears to be an informal “three strikes and you’re out” rule, as each of the so-called chapter 33s appears destined to be liquidated and put out of its misery. The total amount of debt and claims involved in the insolvencies over this period is difficult to precisely ...

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