An old economy PE veteran told me a few weeks ago: "In the GFC, 2008 was ok for deals. 2009-10 was where you could see the light at the end of the tunnel but folks by then had given up. It was great for deal flow." Really stuck with me. Carlyle seems to agree...https://twitter.com/danprimack/status/1255839618332852224 …
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Replying to @mgirdley
I just put in an loi for assets in a UCc 5 foreclosure auction. Seller does not get how long it will be before we are paid back.
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Replying to @Molson_Hart
It's been so long since we had a spate of bankruptices that I'm unfamiliar with the mechanics of it. I went and looked at bankruptcy filings in February. Except for oil co's, it was boring! Best time I start to read up on how it works, I guess.
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Replying to @mgirdley
Yeah now is the best time. I've been boning up on it, but nothing is better than actually participating in the process (hopefully as a buyer). There will be a flood, unlike the world has ever seen before.
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Replying to @Molson_Hart @mgirdley
Hey, relevant to your podcast. Best way to find deals in bankruptcy? AFAICT from my brief foray into the field the key is to get on the e-mail lists of firms that specialize in restructuring. https://www.winterharborco.com/ https://www.hilcostreambank.com/ etc.
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Replying to @Molson_Hart
Nice. Are you seeing deal flow from it yet? Every time I get on those mailing lists, it's total garbage.
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Replying to @mgirdley
Yes, it's garbage, now that I think about it. Good point. The way I caught wind of the UCC5 auction was I asked my buddy who was super connected in the toy industry. "Hey just let me know if you hear of any companies going down" - he did and 20 calls later I got to the auction.pic.twitter.com/7XSscriToG
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Replying to @Molson_Hart
That sounds more like how deals get found in my estimation.
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So, I guess, the way to do it is to find people who are very connected in an industry in which you want to play and then tell them that you're a buyer. I haven't had any success with brokers giving me stuff that was relevant to my interests.
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