As the summer of 2013 drew to a close, Michael Wartell and a team of analysts from Venor Capital Management made their way to the Caribbean island of Puerto Rico.
But this was no corporate getaway.
Venor held a position in Assured Guaranty, which insures a chunk of Puerto Rico’s municipal debt, and Wartell and his team were on the ground to assess the company’s exposure to the island’s ailing finances.
After meeting with local government representatives, financial experts and consultants, Venor
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