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Lifelong Learning Workshop: “Distressed Debt”
Alumni Affairs is pleased to announce the first event in the 2005-2006 Lifelong Learning Workshop Series, on the topic of “Investing in and Analyzing Distressed Debt,” which will be held on Friday, October 28, 2005. This half-day workshop will feature a presentation by Edward Altman, Max L. Heine Professor of Finance at the NYU Stern and the Vice-Director of the NYU Salomon Center for Research in Financial Institutions and Markets, followed by a panel discussion with industry experts and a networking luncheon.
Industry experts include Allan Brown (Concordia Advisors), Max Holmes (Plainfield Asset Management), Marti Murray (Murray Capital) and Geoffrey Gold (Strategic Value Partners).
Distressed debt, no longer a niche market, is the fastest growing area of hedge funds. The market has grown dramatically in recent years, with a face value of $700 billion, market value of $500 billion and an estimated $150 billion dedicated to investing in this area in America alone. Career opportunities in this segment are rising, and jobs in analysis, sales and trading of distressed debts have become more attractive to many graduating MBAs than Mergers and Acquisitions, Investment Banking, and Consulting, front leaders in years past. Firms are hiring in the U.S. and Europe to service this rapidly expanding market.
NYU Stern has been educating its full and part-time MBA students on bankruptcy and reorganizations since 1975, and Professor Altman estimates that NYU Stern sends more graduates on to a career in distressed debts than any other business school in the world. Courses in this area have reached all-time popularity with MBA students who are signing up in droves for classes such as “Bankruptcy and Reorganization,” “Investing in Distressed Securities,” and “Case Studies in High-Yield and Distressed Debt.” Enrollment in Professor Altman’s classes has also peaked, with 185 MBA students studying with him this fall.
“Currently, the number of companies in bankruptcy is down, so it might seem ironic that our MBA students are flocking to classes on distressed debt, bankruptcy and reorganization,” explained Professor Altman. “However, the anticipation is that the numbers will rise again, possibly very quickly, and when they do, our students will have had the foresight to be prepared.”
Professor Altman has been educating Stern MBAs on “vulture investing” and “bankruptcy predication” for 30 years and currently has close to 50 graduates, known as the “Altman’s Vultures,” who are established professionals in the distressed debt markets.
Recently, Professor Altman was named one of 100 most influential people in finance by Treasury and Risk Management magazine.
Lecture Overview
This workshop will provide an introductory overview, as well as the opportunity to network with fellow alumni and speakers at the luncheon following the session.
About the Faculty Presenter
Professor Altman has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Profesor Honorario" by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and to several foreign central banks. Professor Altman is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his MBA and PHD in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004. In 2005, Professor Altman was named one of the “100 Most Influential People in Finance” by Treasury & Risk Management magazine.
Professor Altman is one of the Founders and an Executive Editor of the international publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the John Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and over 100 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of a number of recent books, including Recent Advances in Corporate Finance; Investing in Junk Bonds; Distressed Securities; and his most recent works on Managing Credit Risk and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005) and Corporate Financial Distress & Bankruptcy (3rd ed., 2005). His work has appeared in many languages including French, German, Italian, Japanese, Korean, Portuguese and Spanish.
Professor Altman's primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has been a consultant to several government agencies, major financial and accounting institutions and industrial companies and has lectured to executives in North America, South America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a Member of the Advisory Board of a number of corporate, publishing, academic and financial institutions, including the New York State Common Retirement Fund’s Investment Committee. He has been Chairman of the Academic Council of the Turnaround Management Association since 2002. Dr. Altman is Chairman Emeritus and a Member of the Board of Trustees of the InterSchool Orchestras of New York and a Founding Member of the Board of Trustees of the Museum of American Financial History.
Event Details Registration
Please note that this link will bring you to the SWAP log in page. You will need your SWAP username and password to register for this event. If you need your user information, please contact (212) 998-0669 or swap@stern.nyu.edu.
About the Lifelong Learning Workshop Series
Alumni Affairs will continue to cooperate closely with the Programming Task Force to collect feedback and ideas from the alumni community as they plan future programs. If you have any questions about this initiative, please contact Sheri Pillo, Senior Associate Director of Alumni Affairs, at spillo@stern.nyu.edu or (212) 998-0671.
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