Deals
A Baseball Card SPAC Shows Why Distressed Investing Is So Hard
- As beaten-down firms dwindle, Mudrick invests in booming Topps
- Highlights the difficulty distressed investors currently face
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Jason Mudrick’s goal was clear.
The prospectus for his blank-check company, which he listed on Nasdaq in December, mentioned “distressed” 40 times. Everybody in the industry knows Mudrick Capital Management LP invests in troubled businesses. And a pandemic was raging, so you’d think the list of stumbling firms to choose from would’ve been long for any turnaround specialist.