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Jon Peterson

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Articles by Jon Peterson

More on Salon – Applying a Valuation in Bankruptcy

 Now, we return to our case study of Salon Media Group with an eye towards developing a thesis and applying valuation methodologies discussed in an earlier article in this series here. There are, as I mentioned in my previous article on Salon, large issues of concern with the current stock offering. Given that insiders have […]

Introduction to Distressed Analysis – Developing Your Investment Thesis and Valuation Methods

Ok, time for a more in depth look at making a thesis and a valuation. From the outset, I want to underscore a point raised in my previous article here, that most investors will want to enter the distressed investing space by relying on the expertise of various funds that focus on these types of investments. Thus, I’ll first address here the […]

How to Analyze a Distressed Company (an Introduction) – Salon Media Group

In my last article, I described some of the ways in which individuals can invest in the distressed space. I also described why I think that for the average person it’s generally a much better idea to not try to make individual investments, but rather put money into a fund that has a good track […]

Is Distressed Investing for “the Little Guy”?

Given the focus of this site on distressed debt and equities, I’d like to highlight some points for those considering allocating some of their portfolio to distressed securities. The question I’ll address today is: should self-managed individual investors consider making their own picks in distressed securities? And if so, what is the best way to […]

What is Distressed Investing?

Distressed investing has been a distinct style of investing for a couple of decades now. Many of us probably feel we understand the general gist of it–purchase bonds of a company that are trading at 50 cents on the dollar, or equity shares that are priced below their long-term value, and if you’ve done your […]

Cram Downs and Artificial Impairments – Can a Debtor Rewrite its Own Credit Terms in a Bankruptcy?

It is a principle of credit lending that creditors should charge less in interest if they take on less risk, but can charge more interest (and thus make more profit) if they take on a greater risk. The “secured,” more “senior” creditors of a company (those whose debt is collateralized by some specific property that […]

Not Necessarily Free and Clear II: Successor Liability in General Motors

The scene is Detroit, and the time is early 2009. General Motors is in a pickle. Years of multi-billion dollar losses and mounting pension obligations have taken their toll on GM, and it is looking in to filing a chapter 11 bankruptcy as a means of becoming solvent once again. By June, the U.S. Government […]