We are not a vulture fund. We are a fund that enforces contracts.
In distressed investing, you're not just an investor — you're a creditor, sometimes a litigant, and ultimately an owner. You have to understand all three roles.
The legal structure of a distressed investment matters as much as the financial analysis. Knowing where you sit in the hierarchy is not optional — it's the whole game.
Distressed investing is not about buying cheap. It is about understanding what something is worth when the dust settles and everyone else is still panicking.
Everyone sees the distress. Very few take the time to understand whether the distress is terminal or temporary. That gap is where we make money.
Bankruptcy is not death. It is a legal process. Most people confuse the two — and that confusion is the opportunity.
In distressed investing, doing the work is the moat. Most investors will not read a 400-page bankruptcy filing. We will. That is the entire competitive advantage.
Distressed investing is simple: buy things other people are desperate to sell, at prices that guarantee a margin of safety.
Patience in distressed investing isn’t a virtue. It’s a requirement. The assets tell you when they’re ready.
When banks are forced to sell, they don’t care about getting fair value. They care about getting it off their books. That’s our advantage.
Every financial crisis creates more inventory for people like us. We’re the cleanup crew.
The best deals happen when sellers are desperate and buyers are scarce. I make sure I’m always the buyer who shows up.
We like things where there's a lot of change and with change there's a lot of complexity, and with complexity there's an opportunity to create a dollar for fifty cents.
The most important thing that you need is rule of law so you have a predictability in the restructuring process.
There are many legal issues in the bankruptcy process and restructurings, and understanding the different legal systems in Europe and Asia.
There's no such thing as toxic assets, only toxic prices and toxic debt levels.
You've got to be able to buy it. Either you buy it through the debt, where you buy it by buying debt at a discount, or you buy it bilaterally in a process without a process.
We either drive the process with a seat on the committee or exit the investment.
We look to work with the group of lenders owning over half of the loan to extend maturities, supply new super senior capital, or both.