VULTURE FUNDS: A FRIEND OF RETAILERS.

From: HFN The Weekly Newspaper for the Home FurnishingNetwork | Date: October 19, 1998| Author: | Copyright information

NEW YORK-Vulture funds can sometimes fly high, but they don't always have a lot of fans.

Sometimes called the bottom-fishers of the investment community, vultures have been around for years, buying at discount -- usually steep discounts -- the debt of distressed companies, often hoping to turn a quick profit should a piece of good news hike the price of the claims.

The vultures emerged from obscurity during the junk bond era of the late 1980s, which created a slew of large retail bankruptcies caused by an overload of debt.

Vulture investors may be funds such as ...

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