Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups

Product Details

"A helpful reference guide for managers facing the complex operational and financial issues raised in todays competitive environment. Gilsons case studies provide a real-world context against which corporate leaders can plan their restructuring strategies."Arthur B. Newman, Senior Managing Director, The Blackstone Group

"Stuart Gilsons analytical case studies have demystified the battle of enterprise valuations in financial distress and buyout situations. It is a must-read for understanding the restructuring and buyout arena. I highly recommend this book."Harvey R. Miller, Senior Partner and Chair of the Business, Finance, and Restructuring Department, Weil, Gotshal & Manges LLP

"The economically pivotal process has never before received such a rigorous and well-rounded treatment. Gilson goes far beyond the legal framework of bankruptcy resolution to show how industry-specific factors, conflicting creditor claims, and negotiating stratagems all determine a financially strained companys fate. Readers of Creating Value through Corporate Restructuring will gain wisdom that could otherwise be obtained only through many years of direct experience in the field."Martin S. Fridson, Chief High-Yield Strategist, Merrill Lynch & Co., Inc.

"Creating Value through Corporate Restructuring ably describes the importance and difficulty of designing, executing, and marketing restructuring strategies. The case study format offers the reader an inside look at the real world of corporate restructuring. With this book, Gilson provides a useful blueprint for tackling restructuring challenges."Jay Alix, Founder and Principal, Jay Alix & Associates

"Stuart Gilson has created a much-needed book for practitioners and professors alike. It should be required reading for MBA and PhD students who need to understand corporate reorganization and crisis management."Sanford Sigoloff, Chairman, President, and CEO, Sigoloff & Associates, Inc.

Product Reviews

(1 stars) - Creating No Value
Lame! Gives absolutely no useful information or interpretation. And it's absurdly overpriced. Not at all recommended for people not enrolled in Stuart Gilson's class. Amazon's description of the book gave no hint that it consists of scene setting followed by bare financial statements.

(4 stars) - Finance with Negative Signs
Someone (perhaps it was I) has said that bankruptcy is corporate finance with negative signs. This has always been true but it is amazing how far mainstream finance has gone to try to resist the comparison. The resistance must be, must have been more cultural than economic, because it is axiomatic that anything is a bargain at the right price, and that there is no more or less money to be made in "distress investing" than in any other. Two generations ago, there seems to have been only one person in American that really understood this point - the late Max Heine, who made his grubstake by investing in out-of-favor railroad bonds in the Great Depression, and then riding the wave of prosperity that emerged in World War II. In the same vein, 40 years ago just about any bankruptcy judge would have looked on an "assigned claim" as some kind of monster.

Times have changed. Now everybody's an arbitrageur. The "vulture investors" have their conferences, their social clubs, and for all I know, their own softball team.

Stuart C. Gilson"s "Corporate Restructuring" symbolizes the sea change from the old attitude to the new. It adds the imprimatur of the Harvard Business School to the notion that vulture investing is just another way of making money. As others have noted, this isn't a work of high theory - indeed it has a kind of slapdash, direct-off-the-photocopier feel that is remarkably common in business publications. For fancy theory, you look elsewhere - in law to the likes of Douglas Baird or Lucian Arye Bebchuk; in finance to the developing lore of "real options." But the case studies are an excellent device for getting a sense of the texture and possibilities of vulture investing. It can be read with profit alongside Hilary Rosenberg's "The Vulture Investors." Ambitious students who want the full theoretical framework will match it with David G. Luenberger's "Investment Science." But Gilson's work has merit on its own as one kind of introduction to this revolution in investment thinking.

(1 stars) - Only usefull for students
What a waiste of money.... The writer has not included any anlyses or real solutions to the cases that a provided. Unless you are a student in a class that use this book, this book gives you absolute nothing.

(4 stars) - Good book but needs a companion text
This is a very good case book, complete with intricate case studies illustrating numerous aspects of challenges often faced in restructuring in bankruptcy. However, the book assumes a level of knowledge about M&A concepts that many readers may not have. Consequently, I would recommend using this book in conjunction with another excellent text by DePamphilis entitled Mergers and Acquisitions: Integrated Approach. There are two editions. The second edition is more complete and up to date. It also tackles some of the problems illustrated in this book.

(1 stars) - Just a collection of old cases
This book is a complete waste of time. It is just a collection of case studies bundled together and resold. There is no analysis done. The cases are merely reprinted word for word from the original HBS cases. There are three short intros to the different sections, but once again nothing useful. Great marketing ploy, lousy book.

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