Acknowledgments

For the last year and a half, every business call I had ended with some version of the following:

Hey, did I mention I'm writing a credit training textbook? I will send you a couple of chapters, and I would love to get your opinion.

For those with value-added comments, it became a "no good deed goes unpunished" scenario in which I rewarded thoughtful readers with . more chapters to review. This continued until someone stopped responding to book-related emails, which was fine because by then I had latched on to others.

In light of how many people I asked to contribute their time, feedback, and input to this book, it is inevitable that I will inadvertently leave someone out of these acknowledgements, and I apologize to any of you whose names should be here but are not.

My heartfelt thanks go out to the following people.

1. Ed Mulé and Bob O'Shea, the founders of Silver Point.

   Every concept covered in this book has been learned or refined during my 25 years working for you, first at Goldman Sachs and then at Silver Point. I can never thank you enough for all you have done for me, including supporting me in writing this book.

2. David Reganato, Silver Point Partner and Global Head of Restructuring.

   My kids joke that you are my third and favorite child, to which I respond that they are partially wrong. You took the brunt of the "Can u do me a favor?" inquiries for this book.

3. The other Silver Point partners:
   • John Abate, Partner and Co-Head of Trading;
   • J.T. Davis, Partner and Head of Public Desk; and
   • Eve Teich, Partner and Head of Investor Relations and Marketing.
4. Stefania Mazzuoccolo, my amazing and wonderful assistant. Thank you for all your help, especially in designing all the graphics.
5. Paul Alzapiedi, Co-Head of Trading, Silver Point Capital

   Ara Lovitt, Managing Director and Head of Research, Silver Point Capital

   Steve Weiser, General Counsel, Silver Point Capital

   • I cannot thank each of you enough for your help throughout the process.
6. Ellen Carr, my editor.

   I thank you for all your hard work and contributions. Working with you was fun. I enjoyed debating how to explain complex concepts, and the only time you were wrong was your incorrect belief that my reference to Fight Club in Chapter 10 was not funny.

7. Josh Pearl, coauthor of Investment Banking. Thank you for your guidance throughout the process.
8. Paul Johnson, coauthor of Pitch the Perfect Investment. Thank you for convincing me to write a book.
9. The Wiley team:
   • Bill Fallon, acquisition editor, who was a champion of this book.
   • Stacey Rivera, Purvi Patel, Lori Martinsek, Aldo Rosas, ArunRaj Arumugam, and Rahini Devi. I appreciate your patience, guidance, and support throughout the process of publishing.
10. Various industry professionals who provided quotes, floated ideas, read chapters, and gave honest feedback. This book benefited greatly from the input of:
    • Daniel Aronson, Senior Managing Director, Restructuring and Liability Management, Evercore
    • Carla Casella, Managing Director, JP Morgan
    • Adam Cohen, Managing Partner and Portfolio Manager, Caspian Capital
    • Paul Degen, Global Head of Credit Sales, Barclay's
    • Phil Desantis, Portfolio Manager, Soros Fund Management
    • Jack Devaney, Partner and Head of Leveraged Finance Sales, Goldman Sachs
    • Rio Dhat, Head EMEA of Leveraged Credit Trading, Citi
    • Dennis Dunne, Partner and Head of Financial Restructuring, Milbank
    • James Ely III, CEO, PriCap Advisors LLC
    • Fred Fogel, Partner & General Counsel, The Baupost Group
    • Jeff Forlizzi, Head of Corporate Credit, Security Benefit / Eldridge Industries LLC
    • Bob Franz, Chief Investment Officer and Co-Founder, Arbour Lane Capital Management
    • Avi Friedman, former Co-Head Credit Investing, Davidson Kempner Capital and Adjunct Professor, Columbia Business School
    • Nathaniel Furman, Partner, Oak Hill Advisors, L.P.
    • Kumail Gangjee, my first TA at Columbia Business School
    • Mitch Goldstein, Partner and Co-Head of Credit Group, Ares
    • RJ Grissinger, Senior Managing Director, Centerbridge Partners
    • David R. Hility, Managing Director & Co-Head Global Restructuring, Houlihan Lokey
    • Donna M. Hitscherich, Senior Lecturer and Director of the Private Equity Program, Columbia Business School
    • Mark Horowitz, Managing Director, Distressed Sales, Jefferies
    • Matt Kahn, former Founding Member of the Private Equity and Second Lien Lending Business, Gordon Brother Group
    • James Russell Kelly, Director of the Gabelli Center for Global Security Analysis and Senior Lecturer, Fordham Gabelli School of Business
    • Alan Kornberg, Of Counsel and former Co-Chair of the Restructuring Department, Paul, Weiss, Rifkind, Wharton & Garrison LLP
    • Michael Kramer, CEO and Founding Partner, Ducera Partners
    • Matthew Kretzman, Managing Director, Global Head of PE Capital Markets, H.I.G. Capital
    • Daniel Krueger, Partner and Managing Director, Owl Creek Asset Management and Adjunct Professor of Business, Columbia Business School
    • Howard Levkowitz, Founder and Managing Partner, Signal Hill Holdings
    • Richard Maybaum, Managing Director and Co-Head of Credit Strategies, Littlejohn & Co
    • Drew McKnight, Co-Chief Executive Officer, Fortress Investment Group
    • Bruce Mendelsohn, Partner & Head of Restructuring, Perella Weinberg Partners
    • Michael Meyer, Head of Global Sales and Trading, Seaport Global Holdings
    • Justin Murfin, Associate Professor of Finance, Cornell University
    • Michael Patterson, Governing Partner, HPS Investment Partners
    • Jacob Pollack, Global Head of Credit Financing & Direct Lending, Credit Markets, J.P. Morgan
    • Bill Raine, Senior Managing Director and Co-Portfolio Manager, Contrarian Capital Management
    • JP Rorech, Managing Director, Head of Distressed, Stifel Financial Corp.
    • Chris Santana, Managing Principle, Co-Founder, Monarch Alternative Capital
    • Damian Schaible, Partner, Co-Head Restructuring Group, Davis Polk
    • Roopesh Shah, Senior Managing Director, Restructuring and Capital Markets Advisory, Evercore
    • Eric Siegert, Senior Manager and Global Co-Head of Financial Restructuring, Houlihan Lokey
    • Derron Slonecker, Founding Partner, Ducera Partners
    • Steve Starker, Co-Founder, BTIG
    • Christine Victory, my former assistant
    • Rob Thomas Symington, Adjunct Professor Cornell University
    • Parag Vora, Founder, HG Vora Capital Management LLC
    • Alan Waxman, Co-Founding Partner and CEO, Sixth Street
    • Harry Wilson, Founder and CEO, MAEVA Group, LLC
    • Steven Zelin, Partner, Global Head of Restructuring and Special Situations, PJT Partners
    • John Zito, Senior Partner and Deputy CIO of Credit, Apollo Management
11. Silver Point employees who proofed chapters and provided significant input:
    • Nick Aynilian, Director, Silver Point Capital
    • Matt Chilewich, Managing Director, Consultant Relations, Silver Point Capital
    • Hayden Choi, Associate, Silver Point Capital
    • Anthony DiNello, Managing Director and Head of Private Credit Silver Point Capital
    • Joseph Fallon, Managing Director, Silver Point Capital
    • Zane Feldman-Isaksen, Associate, Silver Point Capital
    • Nate Goodman, Associate, Silver Point Capital
    • Carter Hass, Director, Silver Point Capital
    • Kyle Hyland, Associate, Silver Point Capital
    • Michael Jordan, Managing Director, Silver Point Capital
    • Eric Karp, Senior Advisor, Silver Point Capital
    • James Kasmarcik, Chief Compliance Officer, Silver Point Capital
    • David Koziol, Managing Director, Silver Point Capital
    • Matt Landry, Vice President, Silver Point Capital
    • Sherman Lee, Director, Silver Point Capital
    • Conor Mackie, Director, Silver Point Capital
    • Alyssa Mehta, Director, Silver Point Capital
    • Josh Milgrom, Director, Silver Point Capital
    • Taylor Montague, Managing Director and Head of Capital Markets, Silver Point Capital
    • Paul Morris, Associate, Silver Point Capital
    • Jaclyn Mulé, Associate and "grammatical genius," Silver Point Capital
    • Parker O'Shea, Associate, Silver Point Capital
    • Tom O'Connor, Senior Trader, Silver Point Capital
    • Manjot Rana, Managing Director, Silver Point Capital
    • Max Sahlins, Associate, Silver Point Capital
    • Austin Saypol, Chief Operating Officer, Silver Point Capital
    • Matt Sheahan, Managing Director and Head of Underwriting, Silver Point Capital
    • Billal Sikander, Managing...