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Lorenzo Ayres

Ben Branch and Hugh Ray

Bankruptcy Investing: How to Profit from Distressed Companies

The procedure manual that sits next to Whitman's argument.

Lorenzo Ayres / 1 min

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Branch is an academic who also served as a bankruptcy trustee, and Ray is a bankruptcy lawyer, and you can feel both of those jobs in the writing. Where Whitman gives you the investment case, this gives you the process: what actually happens, in what order, who files what, who gets to vote on what.

It is drier and I have never read it cover to cover. What I use it for is looking something up when a situation gets complicated, and for that it is better than the more famous books, because the famous books tell you why distress is interesting and this one tells you how the machinery grinds.

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