Angelo, Gordon's distressed investment activities focus on financially troubled businesses, including those that are involved in reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code. Chapter 11 was enacted to give financially distressed companies a "fresh start" - a chance to reorganize as viable enterprises. In effect, the courts supervise the reorganization process, allowing the troubled company to continue to operate while it works out a settlement with its creditors. Historically, Chapter 11 reorganizations have created attractive investment possibilities for those who understand the reorganization process.

Angelo, Gordon is an experienced and successful investor in the distressed credit sector of the fixed income market. Our senior personnel have developed an investment approach designed to take advantage of the opportunities presented by such situations. The investment process is quite complicated, combining value oriented, fundamental company analysis with the legal aspects of the reorganization proceeding. From a basic perspective, the analysis is initially to determine the enterprise value of the subject company, and then assess, based on such value, the likely recoveries by each creditor constituency and the timing thereof.

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