From Third Avenue's Areas of Financial Misunderstand to Distressed Investing Experts Forum 2010

Sept. 18, 2010 - PRLog -- Jonathan Krautmann, Distressed Investments, Third Avenue Management LLC, will present at Golden Networking's Distressed Investing Experts Forum 2010, "Analyzing and Valuing Distressed Companies, Securities and Real Estate" (http://www.DistressedInvestingExpertsForum.com), September 21st, 2010, Consulate General of the Republic of Poland, New York City.

Mr. Krautmann's firm, Third Avenue Management LLC, is a New York-based investment advisory entity that offers its services to private and institutional clients. Third Avenue adheres to a disciplined bottom-up value investment strategy, to identify investment opportunities in undervalued securities of companies with high quality assets, understandable businesses and strong management teams that have the potential to create value over the long term. Third Avenue Management has approximately $14 billion in assets under management and offers value-oriented strategies through mutual funds, UCITS, separate accounts and alternative vehicles. Its chairman, Martin J. Whitman, made waves in the news last April with his "Eight Areas of Financial Misunderstand", which are:

1.   Rehabilitation of troubled entities can be accomplished via three approaches, either alone or in concert: recapitalizations; monetization or liquification of certain assets, (i.e., liquidations); and capital infusions.
2.   “Too Big to Fail” is a phony concept.
3.   In the aggregate, debt is never repaid. It is refinanced and expanded by those borrowing entities which remain credit-worthy.
4.   The private sector and government are in partnership whether they like it or not. The private sector is part of the problem and part of the solution. Government is part of the problem and part of the solution.
5.   Wall Street professionals and corporate executives are all in the business of creating moral hazards. Eliminate moral hazards and you eliminate entrepreneurship, creativity, and much of superior management performance.
6.   Taxpayer bailouts are a phony concept, stretching beyond creditability the concept of substantive consolidation. If the government provided financing at a loss to private sector entities, then it is the government providing bail-out funds, not taxpayers, which can be deemed to be the equivalent of common stockholders of the U.S. government.
7.   A revolution in corporate reorganizations and liquidations may have occurred in 2009 when General Motors, Chrysler, and CIT reorganized speedily and relatively cheaply through controlled Chapter 11 reorganizations. No longer do large, important companies necessarily have to be reorganized in uncontrolled Chapter 11s where administrative expenses can run into the hundreds of millions to billions of dollars. Also, most uncertainties about what a reorganization might entail can be resolved before a filing takes place rather than at some indeterminate time in the future.
8.   Strict regulation is essential if most financial institutions are to function well.

Distressed Investing Experts Forum 2010 is produced by GoldenNetworking.net (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs, investors and diplomats, founded by former McKinsey consultant and Columbia Business School MBA Edgar Perez. Upcoming Golden Networking's Forums and Business Receptions include:

•   Distressed Investing Experts Forum 2010, "Analyzing and Valuing Distressed Companies, Securities and Real Estate" (http://www.DistressedInvestingExpertsForum.com), September 21st, New York City
•   High-Frequency Trading Experts Workshop 2010, "Practical Implementation of High-Frequency Trading Strategies" (http://www.HFTExpertsWorkshop.com), October 4 & 5, London, October 7 & 8, New York, October 25 & 26, Dubai, and October 28 & 29, Hong Kong
•   2nd China Leaders Forum, "Challenges and Opportunities for China's Economic Juggernaut" (http://www.ChinaLeadersForum.com), October 6th, New York City
•   High-Frequency Trading Happy Hour, (http://www.HFTHappyHour.com),  October 12th, New York City
•   Latin America Leaders Forum 2010, "Unlikely Oasis of Growth amid the Global Economic Crisis?" (http://www.LatinAmericaLeadersForum.com), October 21st, New York City
•   1st Finance Leaders Forum, "How the New Financial Legislation Will Impact You and Your Business" (http://www.FinanceLeadersForum.com), November 4th, New York City
•   2nd Banking Leaders Forum, "Private Banking on the Brink of Transformational Change" (http://www.BankingLeadersForum.com), November 18th, New York City
•   Global Energy Leaders Forum 2010, "Proposals and Solutions for Today's Global Energy Challenges" (http://www.GlobalEnergyLeadersForum.com), December 2nd, New York City
•   2nd Private Equity Leaders Forum, "Setting the Stage for Radical Transformation in 2011 and Beyond" (http://www.PrivateEquityLeadersForum.com), December 9th, New York City

Golden Networking has compiled the insights of top experts and industry practitioners and produced DVD Video Packages for its Leaders and Experts Forums, including:

•   Derivatives Leaders Forum 2010 DVD Video Package, "Strategies for Increasing Profits under an Evolving Regulatory Framework", http://www.DerivativesLeadersForum.com
•   High-Frequency Trading Leaders Forum 2010 DVD Video Package, "Innovating and Profiting from High-Frequency Trading in 2010 and Beyond", http://www.HFTLeadersForum.com
•   Hedge Funds Leaders Forum 2010 DVD Video Package, "Generating Alpha in Challenging Times", http://www.HedgeFundsLeadersForum.com
•   High-Frequency Trading Experts Forum 2010 DVD Video Package, "Starting and Running a High-Frequency Trading Operation", http://www.HFTExpertsForum.com
•   Distressed Investing Leaders Forum 2010 DVD Video Package, "Extraordinary Opportunities Investors Cannot Afford to Pass", http://www.DistressedInvestingLeadersForum.com
•   China Leaders Forum 2009 DVD Video Package, "Addressing the Challenges Posed by the Present Wave of Chinese Globalization", http://www.ChinaLeadersForum.com
•   Distressed Investing Leaders Forum 2009 DVD Video Package, "The Most Comprehensive Guide for Any Investor in Distressed Assets", http://www.DistressedInvestingLeadersForum.com

Panelists, speakers and sponsors are invited to contact Golden Networking by sending an email to info@goldennetworking.net. Golden Networking has been frequently featured in the press, including recent articles in The Wall Street Journal, "Happy Hour for High-Frequency Trading", The New York Times, "Golden Networking Helps Job Seekers Make Overseas Connections", Los Angeles Times, "Speed-addicted traders dominate today's stock market", Reuters, "Revamp looms as trading experts huddle at SEC" and Columbia Business School's Hermes Alumni Magazine, "10 Under 10".

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