The Midas of misery (vulture investors)
Article Type: Abstracts From: Strategic Direction, Volume 24, Issue 11
Thornton E. Business Week, 5 May 2008, No. 4082, Start page: 34, No of pages: 5
Purpose – Features how Philip Falcone, and other “vulture investors” are making a fortune buying up distressed assets. Design/methodology/approach – Looks at how Philip A Falcone’s strategy of buying up depressed assets on the cheap has made him one of the highest paid hedge fund mangers. Outlines how he is one of a growing number of“vulture investors”; describes how they are becoming more sophisticated in the tactics they are using; suggests that due to the amount of money that they possess they could aid recovery when the economic downturn passes. Presents examples of some of the distressed funds that Falconer has snapped up; describes how vulture investors are now expanding to stocks,commodities and real estate and engaging in fights with publicly traded companies. Quotes those who have had dealings with Falconer; provides Falconer’s biographical details and records his business background and examines how he is cashing in on the economic crisis. Originality/value – Reports on Falconer’s investment portfolio. ISSN: 0007-7135 Reference: 37AM013
Keywords: Fund management, Investments
