Let Us Prey

摘要

Vulture investing isn't what it was during the last round of corporate mortality. The jostling is rougher, and there's not as much meat on the bones. Day after day,company after company files for protection under the bankruptcy laws— the amount of assets is greater now than at any time since 1991, and is expected to keep growing. A sorry situation for corporate America but an opportunity for vulture investors. These players seek tasty morsels amid the carnage; that is, buying distressed debt securities they hope will pay off big when a company is reorganized, either in bankruptcy court or to forestall Chapter 11.