Third Avenue's Distressed Debt Play

Feb 27, 2009

Value stock picker Marty Whitman had a rough 2008. Now he's looking for deals in distressed debt where, he says, Third Avenue can exercise some control.

Martin J. Whitman wrote the book on distressed debt investing. Literally. His 256-page tome on the subject comes out next month. Meanwhile, the 84-year-old founder and co-chief investment officer of Third Avenue Funds is aiming to write a new chapter in his own storied career by pouring up to 35% of its Value, Small-Cap Value and Real Estate Value funds into distressed debt. Currently the funds are limited to 10%, but Whitman has asked his board to approve a change

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