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Contrarian Capital's Blog


Jon Bauer, Janice Stanton, and Gil Tenzer have each worked with distressed securities for nearly 30 years. In 1995, they combined their experience to form Contrarian Capital Management LLC, an international distressed securities investment firm. Now a multi-billion dollar firm, Contrarian Capital is 100 percent partner and employee owned with offices in Greenwich, Connecticut, as well as in Paris, Sao Paulo, and Hong Kong. The firm aims to identify the most rewarding distressed securities opportunities in the US, in Western Europe, and in emerging markets. The firm’s investment portfolio includes senior secured bank debt, direct lending, distressed real estate, reorganized equity, and trade claims. Trade claims result when a debtor fails to make payments and the creditor makes a claim—these are common in bankruptcy. Contrarian Capital Trade Claims (a division of Contrarian Capital Management) purchases trade claims both inside and outside the US. The trade claim division prides itself on efficiency; often closing trade claims transactions within one week. In 2002, the firm became a founding member of the Trade Claims Buyers Association, an organization comprised of the largest trade claim buyers. In trade claims and in the rest of their investment portfolio, the firm also prides itself in its capital protection. Using conservative valuation metrics and thorough analysis performed in-house, the firm maintains a diverse portfolio that is free of leverage. Contrarian Capital Management is an SEC registered Qualified Professional Asset Manager and was named one of Barron’s 100 Best Hedge Funds in 2012.