Cover image for The vulture investors
The vulture investors
Rosenberg, Hilary, 1958-
Personal Author:
Publication Information:
New York : J. Wiley, [2000]

Physical Description:
xi, 404 pages ; 24 cm
General Note:
"Revised edition"--P. vii.
Format :


Call Number
Material Type
Home Location
Item Holds
HG4028.M4 R67 2000 Adult Non-Fiction Non-Fiction Area

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"What kinds of investors actually choose to make their living by seeking out troubled companies and becoming mired in the complexities and contentiousness of a bankruptcy or out-of-court workout?" - Hilary Rosenberg (from The Vulture Investors)

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.

Praise for The Vulture Investors

"A lively account of the hardy band of investors who look for-and find-gold in capitalism′s junk pile. Rosenberg not only tells their stories with captivating relish but weighs the overall economic impact of their exploits. This book is a valuable introduction to 1990s-style deal-making." - Chris Welles, Senior Editor, Business Week

"In a tour de force of punchy business writing, Rosenberg dissects a little-known but increasingly common high-stakes financial game: preying on companies in distress. . . . The author relates these intricate, suspenseful narratives in a clear, lively style that always instructs and often amuses." - Publishers Weekly

"Reads like a good suspense novel." - Library Journal

Author Notes

Hilary Rosenberg has written for the New York Times, Business Week, Institutional Investor, Barron′s, and Financial World. She is the author of A Traitor to His Class: Robert A. G. Monks and the Battle to Change Corporate America (Wiley).

Table of Contents

Introduction to the Revised Editionp. vii
Introduction to the Original Editionp. ix
Chapter 1 Love among the Ruinsp. 1
Chapter 2 A Field Guide to Vulturesp. 25
Chapter 3 Power Playp. 37
Chapter 4 The Committeeman's Coupp. 75
Chapter 5 The Three-Headed Monster at Wheeling-Pittsburgh Steelp. 97
Chapter 6 Fixing Revcop. 143
Chapter 7 The Raid on Allegheny Internationalp. 165
Chapter 8 Closing Inp. 197
Chapter 9 Convenience in Bankruptcy Shoppingp. 231
Chapter 10 Surviving at the Bottomp. 267
Chapter 11 The Grave Dancersp. 299
Chapter 12 A Flash and a Starp. 317
Conclusionp. 339
Notesp. 343
Indexp. 393