High five for distressed investors

Someone has to be making money out of the crisis in valuation and liquidity that continues to afflict the credit market, but it might come as a surprise to hear an investor describe today's conditions as "paradise". Yet this is exactly the sentiment expressed by a distressed debt investor we interviewed for our special feature on five funds in the sector. As he points out, many buy-side participants have become unwilling holders of distressed assets, but for some this is the environment where

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