A vintage year for failures
Speaking at the FinanceAsia and AsianInvestor distressed investing conference, the Patron Saint of Bankruptcy, Professor Ed Altman, believes that we are entering a golden age of corporate default.
NYU Stern Professor Ed Altman loves bankruptcies so much that he uncorks a bottle of vintage claret and shares it with Mrs Altman whenever a big bankruptcy occurs. That being the case, the Altman house could be permanently sozzled in the next couple of years. He loves bankruptcies because they give more ammo to his Z score, a linear bankruptcy predictor that he pioneered decades ago. When this correspondent heard Professor Altman speaking in New York more than 10 years ago, he mention…
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