The Vulture Investors, by Hilary Rosenberg

China could learn from the US experience of extracting value from corporate corpses.

This thoroughly-researched book, published by Wiley, offers some great insights into the world of distressed asset investing. The author chooses to follow a case study approach for most the book, with only the first couple of chapters focusing on the theory behind.

These first two chapters are very valuable and show how vulture investors have influenced the dynamics of chapter 11 filings, whereby companies with cash flow problems seek protection from their creditors.

Rosenberg points out that vulture investors have redressed the balance between management and creditors. Initially, she believes that management were favoured by the chapter 11 process, thanks to features such as allowing management the...

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