Distressed Debt Analysis Strategies for Speculative Investors Stephen G. Moyer, CFA Copyright ?2005 by Stephen G. Moyer ISBN 1-932159-18-5 Printed and bound in the . Printed on acid-free paper 10 9 8 7 6 5 4 3 2 1 Library of Congress Cataloging-in-Publication Data Moyer, Stephen G., 1957– Distressed debt analysis : strategies for speculative investors / Stephen G. Moyer. p. cm. Includes bibliographical references and index. ISBN 1-932159-18-5 1. Bankruptcy—United States. 2. Business failures—Law and legislation—United States. 3. Corporate anizations—United States. 4. Speculation—United States. 5. Investments—United States. I. Title. 2004 ′2042—dc22 2003027305 This publication contains information obtained from authentic and highly regarded sources. Reprinted material is used with permission, and sources are indicated. Reasonable effort has been made to publish reliable data and information, but the author and the publisher cannot assume responsibility for the validity of all materials or for the consequences of their use. The views contained in this book are the author’s and do not necessarily reflect those of his employer. In addition, it should be noted that nothing in this book should be construed as mendation to purchase or sell any particular security or as a guarantee of the ess of any investment or investment strategy. Furthermore, no discussion of any law, rule, accounting principle, or legal conclusion in this book should be construed as the rendering of any type of accounting, legal, or tax advice. A list of possible conflicts of interest between the subject matter of this book and the author and/or his employer is provided at the end of this book. All rights reserved. Neither this publication nor any part thereof may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, me- chanical, photocopying, recor