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Rating: 
Summary: Required reading for the next recession
Review: A well written account of a number of high and low profile investors who were involved in bankruptcy/reorg investing in the recession of early 90's. A number of companies could not handle their junk bond debt under the depressed economic conditions. This book gives you a real sense of the single mindedness, hard work and financial guts that it takes to make it in the world of vulture investing. Michael Price, marty Whitman, Sam Zell, etc are all profiled in depth. It certainly makes you want to get a piece of the action, at least through their available mutual funds!
Rating:
Summary: Excellent
Review: I found this book to be exactly what I hoped for. I like to read business stories. The author's goal was to teach the reader about investing in bankrupt companies and the method used was with detailed narratives of past deals. This was perfect for what I wanted.The book went into great detail about the hierarchy of security claims and how they work in bankruptcy. The examples showed how the investor classes work with and against each other in bankruptcy and the roles the b/k judge and attorneys played. With many different narratives the reader is able to see different outcomes and the extreme risks and rewards involved in this type investing. The book's main focus was on the personalities involved in buying distressed debt and then trying to influence the b/k process mainly through the courts but sometimes in prepackaged b/ks. In summary, I learned a lot and enjoyed the stories also. The only caveat I would have is that the book was originally written in the early 90s so there are not new examples although the author did give summary updates on the companies and investors up through 1998.
Rating:
Summary: Excellent
Review: I found this book to be exactly what I hoped for. I like to read business stories. The author's goal was to teach the reader about investing in bankrupt companies and the method used was with detailed narratives of past deals. This was perfect for what I wanted. The book went into great detail about the hierarchy of security claims and how they work in bankruptcy. The examples showed how the investor classes work with and against each other in bankruptcy and the roles the b/k judge and attorneys played. With many different narratives the reader is able to see different outcomes and the extreme risks and rewards involved in this type investing. The book's main focus was on the personalities involved in buying distressed debt and then trying to influence the b/k process mainly through the courts but sometimes in prepackaged b/ks. In summary, I learned a lot and enjoyed the stories also. The only caveat I would have is that the book was originally written in the early 90s so there are not new examples although the author did give summary updates on the companies and investors up through 1998.
Rating:
Summary: Not for the faint of heart
Review: The book covers the practice of investing in the securities of distressed/bankrupt companies. Topics include: investing in distressed debt; the reorganization process under Chapter 11; the contests for control between conflicting classes/interests in the reorganization process. But, the book doesn't cover these topics in mere textbook fashion. Rather, it introduces us to some of the most famous vulture investors of all time and provides exciting narratives of their significant investment successes and failures. The cast of characters is fascinating. One ends up with a very good feel for the type of personality needed to work in this field: financial/legal wizard who combines the ferocity and tenacity of a wolverine with the haggling skills of a hat merchant from the garment district. One of the most famous of the vulture investors is Marty Whitman, whose book "Value Investing: A Balanced Approach" forms an invaluable companion text to this book. "Value Investing" provides the theoretical underpinnings; "Vulture Investors" shows the theories in action.
Rating:
Summary: A first-rate read!
Review: The Vulture Investors is great... it reads like a novel. It's too bad you can't find one now... it must be out of print. I've recommended it to many people, but they are having trouble finding it
Rating:
Summary: Excellent Read
Review: This book provides the reader with an excellent introduction into the various strategies and techniques that "special situation" investors apply when seeking to profit from distrssed companies. The author engages the reader in a story book fashion with actual bankruptcy stories, the cast of characters, investment philosophies/strategies and lessons to be learned. The author also sprinkles in bankruptcy laws and procedures for those who are not as conversant in the field. Overall, I highly recommend this book to anyone who is interested in profiting from distressed companies.
Rating:
Summary: Excellent Read
Review: This book provides the reader with an excellent introduction into the various strategies and techniques that "special situation" investors apply when seeking to profit from distrssed companies. The author engages the reader in a story book fashion with actual bankruptcy stories, the cast of characters, investment philosophies/strategies and lessons to be learned. The author also sprinkles in bankruptcy laws and procedures for those who are not as conversant in the field. Overall, I highly recommend this book to anyone who is interested in profiting from distressed companies.
Rating: 
Summary: Good review of industry, not much substance
Review: While the author has done a great job reviewing how these deals unfold (as well as a nice review of the players involved), there is little substance to how the economics work. This book is a good into for a b-school student trying to figure out what part of the financial industry he/she would like to pursue.
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