Litespeed Partners

You may have found this already but I will cut and paste an article from Forbes:

http://www.forbes.com/columnists/markets/2006/01/31/zimmerman-investing…

StreetTalk With Bob Lenzner Robert Lenzner and Rebecca Eskreis 02.01.06, 6:00 AM ET

New York - Bankruptcy may cause company shareholders to cringe, but hedge-fund manager Jamie Zimmerman says restructuring companies are ripe with opportunities. Zimmerman’s hedge fund, Litespeed Partners, takes equity and debt positions in companies undergoing what she calls "balance sheet events." Litespeed Partner’s Managing Partner Zimmerman sat down with StreetTalk in a three-part interview to discuss her investment strategy, her portfolio holdings and the climate for event-driven investing.

Part 1: Capitalizing On Debt A former bankruptcy attorney, Zimmerman uses her expertise to identify profitable opportunities in restructuring, merging or liquidating companies. Since launching Litespeed Partners in October 2000, Zimmerman’s fund has returned 118.4% versus the S&P 500’s 13% loss.

Part 2: Making The Most Of M&A Mania Still, while Litespeed managed returns of 15.5% and 45% in 2004 and 2003, respectively, 2005 was a flat year. With bond spreads historically low, Zimmerman says there were limited profitable distressed opportunities. In this cheap debt market, Zimmerman favors merger targets, which are being taken out at high prices. “As long as investors are complacent about something bad happening in the markets, we’ll continue to see merger activity,” Zimmerman says. “I’m anticipating there will be some sort of sharp correction, whether it’s in 2006 or 2007.”

Part 3: On The Right Track Railroads, auto parts, glassmakers--Zimmerman looks to all industries for investment opportunities. Her current positions include Kansas City Southern (other-otc: KSUAN - news - people ), Delphi (nyse: DPH - news - people ), Mirant (nyse: MIR - news - people ), Anchor Glass (other-otc: AGCCQ - news - people ), Deustche Post (other-otc: DPSTF - news - people ) and Monolithic Systems Technology (nasdaq: MOSY - news - people ). She’s eschewing consumer-driven industries, which she says are risky given high interest rates and soaring energy prices.