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The Art of Distressed M&A is a well-constructed book, written in plain "legalese" English and that very much covers all the relevant areas of distressed investing. However, and unlike its sibling – The Art of M&A – this one fails to provide samples of relevant documentation that would be of great use to readers to grasp the intricacies of some industry-specific concepts and details required to get ahead in this complex game. For example, the provision of a sample asset purchase agreement (APA), together with the authors' comments on some key contractual provisions, such as, but not limited to, the "free and clear" acquisition of the estate's assets, typical "stalking horse" terms and conditions, or the peculiarities of "credit-bidding", would greatly enhance the book's usefulness to interested readers. Another topic disregarded by The Art of Distressed M&A is the Loan-to-Own section. This is an area that is likely to experience serious development, particularly in Europe, where the market for privately-held distressed corporations is gathering momentum. Again, the provision of a sample loan purchase agreement would go a long way in explaining the intricacies of dealing and evaluating the "fulcrum security" and in mitigating lender liability. Despite these shortcomings, the book provides a thorough, well-written and entertaining reading on this complex but exciting area of investing and I recommend it to any reader interested in its topic.
Book is mainly a summary of the mechanics and regulations. In that sense, the main benefit of the book is that it compiles readily available information in one handy reference. The book doesn't give any real practitioners insights or key lessons that will really help you in a distressed M&A situation. Hence, don't expect this book be an eye opener.
This text book was a great introduction to the distressed M&A buying process and introduction to the chapter 11 bankruptcy process in general. The book covers high-level subjects, but also dives deeply into specific accounting/legal practices that give the reader great prospective. I highly recommend this book to anyone currently working in the distressed M&A space or to someone who is interested in learning more about the field itself.
This book is different given that it gives you a more practical look at the subject than just theory. Main reason I think is that its written by people in the business. Also very easy read, which makes it so much better as a source of reference to go to any chapter to refresh your knowledge. I wanted something concise and comprehensive and could not have asked for a better book. Now I wish that it was more detailed.
The Art of Distressed M&A, unlike many books that have come before on this topic, is a well written, well organized source of truly practical advice on leading and/or participating in a troubled company sale process. Accessible to the business executive and the distressed advisor alike, the book treats all aspects of the distressed company sale process in great detail, without being overly burdened by jargon. I highly recommend the book to young legal and banking professionals embarking on a career in distressed advisory work, as well as company management teams seeking to understand what lies ahead as their company heads toward the auction block.
"The Art of Distressed M&A" is an excellent book for any investor's shelf. As an equity research professional, I was looking for a book to give me an overview of the bankruptcy process. Not only did the book provide all of the key basics, it also had enough depth to become a fantastic resource that I have on my bookshelf to go to every time I need to know something about bankruptcies.
I thought the book had many strengths, but I will mention just a few:
1. The organization of the book was excellent. As someone with experience in finance, but with virtually no knowledge about bankruptcies, I was afraid that any book on the topic would be far too detailed for what I was looking for. That turned out not to be the case at all with "The Art of Distressed M&A." The book started with general bankruptcy topics then became more and more complex as the book proceeds. This allowed me to get all the bankruptcy basics that I was looking for (i.e. on DIP financing, Chapter 7s vs. Chapter 11s, etc.) in the first sections of the book.
As the writing proceeds, it becomes more and more detailed. I found myself skimming the last few sections, but I think that was the authors' intent. The final sections are more as a reference resource than something to read like a novel. Now I know that whenever I need a specific detail about bankruptcy M&A, I can simply go to the index and find what I'm looking for.
2. Statistics. The authors really focused on the important statistics, which were timely, without overloading the flow of the writing with numbers.
3. Quotes. At the beginning of each chapter, the authors put an excellent quote from a variety of different disciplines. I found myself highlighting virtually every quote, which really shows that the authors thought deeply about including the best ones to capture each chapter's message.
In summary, I highly recommend adding this to your bookshelf if you are a serious investor who wants to further understand the basics and intricacies of bankruptcies. I really thought this was a great purchase and a fantastic book that I will refer to for years to come.