Wall Street Prep restructuring / bankruptcy course?

bump.

please, anybody

I would start off by reading Distressed Debt Analysis: Strategies for Speculative Investors by Stephen Moyer if you haven't been exposed much. The book is geared towards practioners, not academics and is a really great overview.

Can't really provide any opinions on packages because I typically never use them.

Thanks, I will definitely read that before dropping the cash for the package.

I'm just curious if the package would be worth the exposure to hands on modeling, waterfalls/recovery analysis and case studies as opposed to just reading material from Moyers and the likes of distressed-debt-investing.com.

Thanks!

Dhanam:

I would start off by reading Distressed Debt Analysis: Strategies for Speculative Investors by Stephen Moyer if you haven't been exposed much. The book is geared towards practioners, not academics and is a really great overview.

Can't really provide any opinions on packages because I typically never use them.

Moyer's book is in my opinion by far the best introductory overview to distress and restructuring.

To learn how to build restructuring models I (obviously) recommend Wall Street Prep's program.

To answer your question, you do not need to complete the Premium Package before diving into the Restructuring Program, BUT the Restructuring program is certainly more advanced, meaning it presumes intermediate knowledge of accounting and Excel skills, as opposed to the Premium Package where only 1 semester of accounting is the prerequisite.

As for the restructuring course specifics - it begins with a qualitative overview of distress, restructuring and bankruptcy. The course then walks you through the Borders bankruptcy case study, where you build a full operating model with an attached waterfall which identifies recoveries to all the claims. The sequence of the modeling exercises is as follows: 1) Build an operating model, 2) Layer the capital structure (debt) assumptions into the model, 3) Make valuation assumptions (either multiples or DCF), 4) Determine priorities, and 4) Model the waterfall to estimate recoveries (from which you can do things like identifying the “fulcrum” security and build sensitivities around that to see how different operating variables affect the waterfall.

As with all Wall Street Prep programs, you have unlimited free email based support as part of enrollment so should you encounter any questions, you'll be able to get them answered.

good luck!

Matan

Thank you both!

Matan- you are very convincing and I think that, once I have read the book and feel that I want to start trying to learn how to actually build my own personal models, I will definitely invest in WSP Rx pack.

I have what I believe to be the basic understanding of modeling/accounting necessary, so thank you for the advice. I was also trying to imply whether or not the modeling in the Rx package would build off of some LBO or M&A modeling in the premium package that would materially effect my ability to comprehend some of the reasoning and assumptions in the Rx package. Thanks again!

streetwannabe:

Thank you both!

Matan- you are very convincing and I think that, once I have read the book and feel that I want to start trying to learn how to actually build my own personal models, I will definitely invest in WSP Rx pack.

I have what I believe to be the basic understanding of modeling/accounting necessary, so thank you for the advice. I was also trying to imply whether or not the modeling in the Rx package would build off of some LBO or M&A modeling in the premium package that would materially effect my ability to comprehend some of the reasoning and assumptions in the Rx package.
Thanks again!

No problem - my pleasure. And to answer your last question - no, the restructuring course does not build off a model built in another program - it is fully self contained.

Matan

streetwannabe:

I don't really care to get much exposure to M&A/LBO/DCF modeling unless if would be absolutely crucial to having a better understanding of Rx. I'm specifically looking to get into a sell side research gig in the above mentioned groups of FI research and then eventually going to a HF or top AM, so am not sure that dropping $500 on what seems to be a more IB geared modeling program would be necessary.

Any feedback from anyone knowledgeable in Rx, IB, used/(r) of WSP, admin or whomever would be greatly appreciated!

Regards

Aren't you already at a top AM if im not mistaken? why do you want to switch to sell-side now?

Fetter: Not at a top AM. Doing AM at large institutional AM firm in their MMF division (short term investments a la overnight paper, etc). It is great, but it is all IG corp paper and stuff which isn't too exciting for me. Really like FI, especially in regards to cap structure/ distressed/ etc.

streetwannabe:

Fetter: Not at a top AM. Doing AM at large institutional AM firm in their MMF division (short term investments a la overnight paper, etc). It is great, but it is all IG corp paper and stuff which isn't too exciting for me. Really like FI, especially in regards to cap structure/ distressed/ etc.

Really? interesting. I'm actually undecided between equities and fixed income, love both. Trying to get a top AM gig as well. since you're already on the street, would you recommend just a normal sell-side ib for 1 year for the transition?