Companies mired in bankruptcy and turmoil may look ugly to some investors. But to Ian Cumming and Joseph Steinberg they're downright foxy. Using their publicly traded investment firm, Leucadia National (LUK), the duo have built a reputation as master takeover artists who buy distressed companies at discount prices, revive them and sell them for hefty profits.
In many ways, Leucadia follows Warren Buffett's blueprint of buying on the cheap. Cumming and Steinberg even teamed up in 2001 with Buffett's Berkshire Hathaway to bail out a troubled lending operation, in a partnership called Berkadia.
http://www.kiplinger.com/personalfinance/columns/picks/archive/2005/pick1004.htm
In many ways, Leucadia follows Warren Buffett's blueprint of buying on the cheap. Cumming and Steinberg even teamed up in 2001 with Buffett's Berkshire Hathaway to bail out a troubled lending operation, in a partnership called Berkadia.
http://www.kiplinger.com/personalfinance/columns/picks/archive/2005/pick1004.htm
