Senior distressed credit investment manager and research director with 25+ years' experience investing in distressed, stressed and total-return high yield situations. Investment philosophy predicated on a fundamentals-based, bottoms-up valuation methodology, as well as long-standing relationship with restructuring professions. Thoroughly fluent in all aspects of bankruptcy process. Experience in building and managing teams of research professionals and PM have developed and formalized research profitably manage distressed investments.
American citizen, enjoy gourmet cooking, running, and design.
Partner Research DirectorJun 2011 - Current RIVER BIRCH CAPITAL LLCCNew York
Invest in distressed, event driven and total return situations for $1.3B fund. Investing purview ranging from near-term event-driven, do deep value bankruptcy/distress, industry deep-dives to private-equity style situation.
As early partner in start-up, built analyst group and established research methodology for firm.
Managing Director, Co-Head DistressedJan 2009 - Jan 2011 OAK HILL ADVISORS Credit InvestmentsNew York
Most senior distressed professional at Oak Hill, a private equity firm with more than $12B in assets under management.
Share responsibility for strategic and portfolio management of $2.5B of distressed allocations, including over $1B in a dedicated distressed private equity style fund, and $1.5B in two hedge funds and several separately managed accounts.
Wide ranging responsibility for sourcing, researching, allocating, and risk managing all distressed investments at Oak Hill.
Supervise two dedicated distressed analysts, as well as several fundamental analysts with regard to distressed investment research.
Notable positions: Charter Communications, CIT Group, Edison Mission Energy, General Growth Properties (including participation in Simon-led recap), Intrawest, MGM Mirage, Nortel, TXU/TCEH.
Performance: internal rates of return for private fund were 91% net for 2009 and 20% net for 2010; and returns for hedge funds and separate accounts were 61% net for 2009 and 15% for 2010.
Managing DirectorJan 1999 - Jan 2003 LEHMAN BROTHERSNew York
Proprietary Distressed Debt Trading and Research, 2003 to 2007 Co-Head Distressed Debt and Special Situations proprietary trading desk, average capital under management $600M; and Head Distressed Debt and Special Situations proprietary research team.
Proprietary desk generated a total of $630M for period from mid-2003 through March 2007.
Developed ideas, made valuation decisions, and risk managed all distressed positions.
Managed long, short, and capital arbitrage positions in bank debt, senior debt, sub-debt, equity, and convertible securities.
Recruited, trained, and supervised over twenty traders, salespersons, and desk analysts responsible for all proprietary distressed investment initiatives.
Ran "Credit Boot Camp", an intense one-week program on credit capital structure, valuation, derivatives, covenants, and indentures for all incoming fixed income analysts and associates.
Co-Head High Yield Research team; and member High Yield Management Committee that dealt with planning and compensation decisions.
Senior Vice PresidentJan 1993 - Jan 1995
Senior research analyst for proprietary trading focused on distressed loans and securities.
Executive DirectorJan 1997 - Jan 1999 UBS SECURITIESNew York
Most senior research analyst for internal hedge fund with over $1B of non-investment grade fixed income securities.
Identified, researched, recommended, and traded distressed bonds and loans.
Managing DirectorJan 1995 - Jan 1997 BEAR, STEARNS & CO Distressed and Special Situations Research and TradingNew York
Co-headed Distressed and Special Situations Research Department and successfully managed proprietary trading book with over $150M in non-investment grade securities.
Researched and recommended distressedinvestments for publication and proprietary trading.
Recruited, trained, and supervised institutional research analysts.
Associate DirectorJan 1991 - Jan 1993
Distressed debt analyst, conducted research for institutional clients and internal trading desks.
AssociateJan 1987 - Jan 1991 TRIAN GROUP/TRIANGLE INDUSTRIES Mergers & AcquisitionsNew York
Conducted due diligence analyses of prospective and pending merger and acquisition transactions.
Prior to being promoted to Mergers & Acquisitions group, worked for two years as a pension analyst.
Treasury AnalystJan 1981 - Jan 1987 GENERAL FOOD CORPORATIONRye Brook, New York
Conducted cash management, pension, and benefit analyses for various corporate divisions.
M.B.A: Finance1988 NEW YORK UNIVERSITY, Stern School of BusinessPurchase, New York Finance Graduated #1 in Class
* Completed degree while working full-time
B.F.A: Abstract Painting Art History1980 COLLEGE OF NEW ROCHELLENew Rochelle, New York Abstract Painting Art History Magna Cum Laude Received Departmental Honors all semesters