Value investor joins Ross in buying Collins & Aikman debt; Wall Street veterans jump in; auto supplier 'too big to fail'.

Crain's Detroit Business, September, 2005 by Kosdrosky, Terry

Byline: Terry Kosdrosky Wilbur Ross isn't the only Wall Street turnaround investor with an interest in Collins & Aikman Corp. New York City-based Third Avenue Management L.L.C., co-founded and run by Martin "Marty'' Whitman, holds $250.8 million, or just over half, of the bankrupt supplier's senior bonds.

That puts him in a position to own a large piece of a reorganized Collins & Aikman. Whitman is a veteran value investor who writes books on investing and has taught at the Yale School of Management for 30 years. Ross is also a longtime turnaround investor who holds 10 percent of Collins & Aikman's secured bank debt. Ross, who bought up bankrupt steel companies and sold them for a profit, said last week he's interested in buying the company out of...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.