Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups (Anglais) Relié – 10 septembre 2010
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Description du produit
Présentation de l'éditeur
An updated look at how corporate restructuring really works
Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring.
Through real–world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you′ll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont–Conoco, and even the Eurotunnel debt restructuring.
- Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin–offs, asset divestitures, and much more
- Addresses the effect of employee layoffs and corporate downsizing
- Examines how companies allocate value and when a corporation should "pull the trigger"
From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.
Quatrième de couverture
Praise for Creating Value through Corporate restructuring second edition
"Professor Stuart Gilson′s Creating Value through Corporate Restructuring, Second Edition is a ′must–have′ reference guide for beginners and experienced professionals alike. The use of case studies illustrates critical elements of restructuring transactions, from valuation techniques (and their use as a tactical tool in bankruptcy), to the objectives and behavior of vulture investors in distressed situations, to the handling of competing claims to the treatment of tax loss carry forwards, and much more. Comprehensive, fact filled, and really useful!"
Henry S. Miller, Chairman, Miller Buckfire & Co., LLC
"This book is the gold standard for learning and teaching about corporate restructuring. Gilson′s notes and cases are classic and contemporary. With the economic turbulence of recent years, Gilson′s lessons here have only grown in importance."
Robert F. Bruner, Dean and Charles C. Abbott Professor of Business Administration, Darden School of Business, University of Virginia
"Gilson′s book presents the Harvard case study method at its best practical, insightful, and deliciously interesting. The competing perspectives of the CEOs, investment bankers, attorneys, investors, labor union leaders, and others who lived these cases day by day bring the stories to life. It′s a great read."
Elizabeth Warren, Leo Gottlieb Professor of Law, Harvard Law School, Harvard University
"From my perspective as one of the early pioneers and real–world practitioners of corporate restructuring and crisis management during the past three decades, Professor Gilson′s work provides an important resource for professionals in the business, legal, and academic communities, as well as in the government sector."? ?
Tony Alvarez II, co Chief Executive Officer, Alvarez & Marsal
"Professor Gilson has once again captured the multilateral dynamism that is the core of rescue and restructuring throughout the world. This volume encompasses a broad spectrum of crises facing an enterprise and its management and, in each case, identifies the central players and their agendas, as well as an assessment of potential techniques or tools available for constructive resolution. It is a marvelous and thought–provoking read!"
Corinne Ball, Partner, Jones Day
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Commentaires client les plus utiles sur Amazon.com
What Professor Gilson does not do is think for his readers. Situations are presented fully and carefully along with relevant information, but the actual outcomes are not presented. This is the norm in the case method, which invites the reader to solve the problem on his own rather than follow in someone else's footsteps. So while the cases lack an "ending," they do an excellent job stimulating creative business thinking.
Clearly, Gilson believes that there is great value to be unlocked in understanding corporate restructuring, but he is by no means promising a magic formula for wealth creation. Instead, he seems to suggest through the selected material that the great variety of restructuring scenarios makes a "cookie cutter" approach impractical and unworkable. Thus, critical thinking and careful analysis must always accompany a good mastery of the basics of restructuring. I believe that this text is excellent at stimulating this kind of directed approach. As such, I believe it is a valuable addition to those who would seek to understand the always messy but sometimes lucrative world of corporate restructuring.
However, the cases are divided up into three parts and each part has a short essay that introductes the general theme for the cases and offers a paragraph summary of each case. There is also a reding list of academic papers and books that can be used to delve deeper on that parts topic. This does add real value to this book.
Just like in b-school, you are expected to dig, dig, dig. And this is a good thing. Don't get me wrong. You will learn more by asking yourself questions about what all the information means. And if you are an experienced case reader you will pretty much know what you should go after. And these cases have a extremely useful financials associated with them (analyzing these is where the real payoff is). You can do a lot of the follow up on your own by digging through Internet resources such as WSJ, Yahoo, and Hoovers, etc.
Just don't expect any easy conclusions in the book because it is designed for use in class so all of the conclusions have to be held back or the cases become useless for teaching. However, since discussion of cases is the best place to get new insights above your own analysis, it would be GREAT if the publisher or the author put up a website where purchasers of this book could discuss the cases with each other.
Maybe this would be the same problem as publishing analysis. However, my only frustration with this wonderful book is that even though I have gotten a great deal from it and will continue to benefit from it as a resource text for years to come, I KNOW I could get more out of it by discussing it with others. Each of these cases would be terrific for class use.
The cases are all five star. I gave the book four stars only because of my personal frustrations in not being able to get other discussion about the cases and because of its very specialized topic. If you are interested in this topic and understand what cases are and are not - then for you this is a five star book.