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Comparing the performances in post-bankruptcy to pre-bankruptcy levels, bankrupt firms with hedge fund involvement tend to be in better shape than those without any vulture investor involvement.
As a vulture investor, my efforts focus on dealing with failing companies, digesting bad debt, and mopping up after bankruptcies.
The ratio of direct costs to assets for traditional Chapter 11 is lower for larger and less solvent firms, if a vulture investor holds a 5% or larger stake in the reorganized firm, and if the firm is an HLT.
But so-called vulture investors saw an opportunity to make even larger profits.
One source said MLB is holding up trading in the loans because of concerns that vulture investors will snap up the debt and force the team into bankruptcy -- just like they did last year to the Texas Rangers.
Istithmar had been planning to convert the site's 300,000-square-foot office building back into a high-end hotel, and now that Dubai is out of the picture, vulture investors are reportedly chomping at the bit to take the helm at a steep discount.
They see the vulture investors as recklessly wiping out the workers' pension plans, all the while knowing that the PBGC will bail them out and raise premiums on companies playing by the rules to make up the difference.
While hedge funds are often viewed as predatory, and perceived to have predatory intentions if they buy a big stake in a company, "actually hedge funds are less vulture investors than they are value investors," Easter ling said.
Braunschek estimated 12 to 14 months, and added that, despite the circling of vulture investors, "you won't see the deep discounts of the congregate care days.
Vulture investors may be funds such as Oaktree Capital Management and Whippoorwill Associates, which raise capital primarily from institutional investors for investment, or the distressed securities arm of investment firms such as Donaldson Lufkin & Jenrette and Warburg Dillon Read, which take positions for in-house investment purposes.
Rather, it is being generated by strategic investors, real estate vulture investors, REITs, pension funds, wealthy individuals and foreign investors, all of whom expect high returns on their capital.