The First Junk Bond: A Story of Corporate Boom and Bust

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Beard Books, 2002 - Business & Economics - 236 pages
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Platt (finance, Northeastern U.) chronicles the growth, decline, and restructuring of oil and gas company Texas International Inc. in the 1980s and the criminal involvement of Drexel Lambert investment house banker, Michael Milken. To draw lessons from this case, the author interviews a fund manager
 

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Contents

Introduction
3
The Beginning
9
The Merger with Phoenix Resources
32
Reacting to Industry Conditions
39
Egypt and the Khalda Concession
45
Three Exchange Offers
71
Bankruptcy
106
A Restructured Company
132
Oil and Gas Accounting
166
TEIs Four Divisions
170
Industry Segments
184
Sources of Finance to Oil and Gas Companies and TEI
186
Oil and Gas Regulation
197
Industry Conditions
200
Egyptian Oil and Gas Production History
213
The Khalda Concession Financial Model
215

Interview with a Fund Manager
147
Interview with a Stockholder
152
Analyzing the Company with a Bankruptcy Prediction Model
155
What Have We Learned?
160
Oil and Gas Industry Basics
163
Original Khalda Concession Terms
219
Bibliography
223
Index
229
Copyright

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Page 3 - TEI's saga is noteworthy because of the company's resilience and ingenuity in coping with the changing environment of the 1980s, its execution of innovative corporate strategies that were widely imitated, and its extraordinary trading history.

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About the author (2002)

Harlan D. Platt is Professor of Finance in the College of Business Administration at Northeastern University. He is the author of two other books, The first Junk Bond an Principles of Corporate Renewal, and has published over 35 academic articles. Professor Platt is also the faculty dean of the Turnaround Management Association, where he created and administers its certification program. He serves on the board of directors of Prospect Street High Income Portfolio, Inc., listed on the NYSE, and VSI Enterprises, Inc. on the NASDAQ, and is president of 911RISK, Inc. a firm specializing in developing analytical models that predict corporate distress.

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