Media

Forbes

NYCB Bailout Proves ‘The More Things Change, The More They Stay The Same’

Last month, for the first time since the COVID-19 pandemic began, I had the opportunity to visit Harvard Business School and present a case study to the students in Professor Stuart C. Gilson’s “Creating Value Through Corporate Restructuring” course. I’ve been privileged to be a guest speaker in this class for close to 20 years, and it’s fascinating to watch today’s young minds approach a historic corporate bankruptcy case study from an industry that was on its way out when they were small—or before they were born. 

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Following the recent Fed hike, our #Founder and #ManagingMember @George Schultze joined @Jill Malandrino to discuss some #macro trends, including a continuing inverted yield curve and challenges in the banking sector, as well as distressed debt with an increase of #chapter11 filings this year. 

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Our Founder and Managing Member @George Schultze discusses #DistressedInvesting, and why the best avenue for most #investors to take advantage of inefficiencies in the market that can deliver strong returns in both #bull and #bear #markets is having an experienced manager. More at @private wealth magazine – how to earn, how to invest, how to live. 

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LinkedIn

SAM #founder, @George Schultze joins @Nicole Petallides to discuss the volatility throughout May and continued uncertainty. Watch at @Schwab Network for more ahead of Friday’s #Labor report, and the current opportunity within the #utility sector:

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Following the recent Fed hike, our #Founder and #ManagingMember @George Schultze joined @Jill Malandrino to discuss some #macro trends, including a continuing inverted yield curve and challenges in the banking sector, as well as distressed debt with an increase of #chapter11 filings this year. 

Watch the Full Interview

Our Founder and Managing Member @George Schultze discusses #DistressedInvesting, and why the best avenue for most #investors to take advantage of inefficiencies in the market that can deliver strong returns in both #bull and #bear #markets is having an experienced manager. More at @private wealth magazine – how to earn, how to invest, how to live. 

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X

Joining @huangryan on Singapore’s Breakfast Show on @moneyfm893, our Founder & Managing Member George Schultze discusses the currently narrow market breadth, the Magnificent 7, and expectations for regional banks. 

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For the run-down on distressed securities and how to approach investing in them, check out @Nasdaq and see why it’s vital to do your homework and know what you’re buying.  

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CEO George Schultze had a great discussion with Bloomberg News, Carol Massar and Tim Stenovec about distressed assets in today’s market.

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Permission to Succeed Podcast

On this podcast, George Schultze gets personal about his professional journey in investing and discusses his firm’s expertise as an event-driven and distressed securities manager. 

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Bloomberg Radio

Check out George Schultze’s latest appearance on Bloomberg Radio, where he discusses the latest market trends, Tesla and coal companies to keep an eye on. Listen to the full segment here: 

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Check out George Schultze’s latest appearance on Bloomberg Radio “Daybreak Asia”, during which he speaks about trade talks, the health of the US economy, distressed investing, the rising rate environment, and more.  

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George Schultze joins Lisa Abramowicz on Bloomberg Radio to discuss the distressed equities and debt markets, including Tesla and specific opportunities in coal and telecom.  

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Check out George Schultze’s latest appearance on Bloomberg Radio, during which he speaks with hosts Bryan Curtis and Doug Krizner about trade war concerns, economic volatility, distressed investing, the virtues of active management, and more.  

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YouTube

Schultze Asset Management Overview

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Schultze Asset Management Our Thinking

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Schultze Asset Management Opportunity

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George Schultze: The Art of Vulture Investing

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How A Slowing Economy Will Impact the Fed

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Carly Cutler

Carly Cutler is the Office Manager and Assistant to George Schultze, CEO of Schultze Asset Management, LP. She is known for her exceptional organizational skills and dedication to excellence. With over 13 years of experience in administrative roles, Carly brings a wealth of knowledge and a meticulous eye for detail to her current position. 

Contributions and Responsibilities

In addition to her administrative duties, Ms. Cutler supports George Schultze in various aspects of his professional work. She conducts research, assists with special projects, and ensures the smooth operation of the office. Her high level of dedication and professionalism is evident in every task she undertakes. 

Personal Interests

Outside of the office, Ms. Cutler values spending time with her husband and two children. She enjoys taking nature walks and hikes with her family, immersing herself in the beauty of the outdoors.

Aarav Jhunjhunwala

Aarav Jhunjhunwala is a student at Fordham University pursuing his bachelor’s in mathematics and economics with a minor in Business Administration. He started interning at Schultze Asset Management, LP in March 2024. Mr. Jhunjhunwala plays varsity squash and represents Fordham in the NCAA Division 1. He is currently working on a thesis in international economics to graduate with honors. 

Yogesh D. Tiwari

Yogesh D. Tiwari has over 14 years of experience in the field of investment research. Throughout his career, he has specialized in special situations, particularly corporate restructuring and demerger of entities. 

Responsibilities and Accomplishments

In his previous roles, Mr. Tiwari was tasked with idea generation and presenting investment cases to the Investment Committee. He excelled at building KPI-driven financial models, preparing initiating coverage reports, providing event updates, and maintaining portfolio coverage for periodic earnings. His experience spans working with various clients on both the buy and sell-side engagements. 

Education

Mr. Tiwari holds an MBA in Finance, a Bachelor’s degree in Engineering, and the CFA (Indian) designation. 

Bharat Tekwani

Bharat Tekwani has over seven years of experience in the credit research domain, working with hedge funds and alternative asset managers across leveraged loans, high-yield, and investment-grade bonds. His coverage spans both U.S. and European geographies and is sector-agnostic.

Leadership and Management

Mr. Tekwani has successfully led teams of credit analysts, overseeing the provision of comprehensive credit research support for evaluating primary and secondary opportunities. His team’s deliverables typically encompass extensive financial modeling, the formulation of investment memos, and portfolio monitoring for clients. 

Special Situations Expertise

Mr. Tekwani’s expertise includes navigating special situations such as mergers and acquisitions, divestitures, LBOs, and distressed debt opportunities. He has a proven track record of delivering investment recommendations backed by detailed financial models, capital structure and pro forma analysis, IRR and sensitivity analysis, liquidity analysis, recovery analysis, debt maturity profile, and deleveraging analysis. Additionally, he has conducted covenant compliance stress testing. 

Valuation Techniques and Educationdo

In addition to his extensive experience, Mr. Tekwani is well-versed in various valuation techniques, including DCF, SOTP, NAV, and relative valuation. He holds an MBA from the ICFAI Business School, Hyderabad, and a BA in Commerce from Shri Ram College of Commerce, Delhi. 

Bryan Donovan 

Bryan Donovan is the Associate of Marketing and Investor Relations at Schultze Asset Management, LP. He worked as a Business Intelligence Analyst at Quorum Federal Credit Union for over two years. His work consisted of financial analysis and measuring the success of various marketing campaigns. Mr. Donovan also has experience working as a Financial Analyst at IBM. 

Education

Bryan received his BA in Economics and an MBA in Marketing from Iona College. 

Scarlett W. Du

Scarlett Du is the General Counsel and Chief Compliance Officer of Schultze Asset Management, LP. She provides advice and guidance on a range of legal, regulatory, and compliance matters. 

Career Background

Before joining Schultze Asset Management, LP, Ms. Du worked as an in-house attorney for the Reserve Fund, a money market mutual fund managing $120 billion in assets under management. She also worked in the New York office of Ropes & Gray, a major law firm. Prior to her private legal practice, Ms. Du clerked for a federal district judge in the Western District of Michigan. 

Earlier Experience

Before switching to law, Ms. Du worked in the accounting and audit field for nine years. Her experience includes working for Deloitte & Touche and major Wall Street institutions. Ms. Du is a certified New York State CPA. 

Education

Ms. Du holds a Bachelor of Arts and Master of Arts in Economics from City College, CUNY, and a Juris Doctor from Northwestern University School of Law. 

Donald Perl

Donald Perl is a Partner at PKF O’Connor Davies, bringing over 30 years of accounting and tax experience to the firm. He oversees accounting, bookkeeping, and tax return preparation for several Schultze Asset Management, LP entities. Mr. Perl provides services to individuals, trusts and estates, corporations, and partnerships. His clientele spans various industries, including real estate, family partnerships, hedge funds, wholesale distribution, medical practices, and funeral homes. 

Previous Experience

Before joining PKF O’Connor Davies, Mr. Perl was a co-founding partner of Perl & Asch CPAs, an accounting and advisory firm in Westchester County. 

Dean Crowder, III

Mr. Dean W. Crowder, III is the Global Head of Strategic Business Development at Schultze Asset Management, LP. For over 26 years, he has been representing hedge funds and alternative investments to global institutions and family offices. He helps lead Schultze’s overall marketing, sales, and client efforts while assisting in strategic business planning initiatives as the firm leverages its deep experience in event-driven, distressed, and special situations investing. 

Career Highlights

Mr. Crowder is widely recognized as a strategist and marketer of alternative investments. He has played a significant role in building brand recognition for investment managers internationally. His recent position was Managing Director and Global Head of Strategic Business Development for Rotella Capital Management, Inc., a systematic quantitative hedge fund.

Before joining Rotella, Mr. Crowder founded Alpha Alternative Investments, LLC, a Texas-based RIA providing consulting and representation of alternative investments. Additionally, he has held key positions such as Marketing Director at Vicis Capital, LLC, Managing Director of Institutional Sales for Asia & Europe at Kenmar Global Investment Management, and Director of Global Marketing at Alpha Investment Management, LLC, a hedge fund of funds later acquired by Safra Asset Management, Inc. 

Education

Mr. Crowder holds a Bachelor of Arts degree in Economics from Michigan State University. 

Gary Julien

Gary M. Julien has over 20 years of experience in M&A, SPAC, and public and private equity investments across various industries. He is the Managing Director of Acquisitions at Schultze Asset Management, LP. From September 2018, he served as the Executive Vice President of Schultze Special Purpose Acquisition Corp. I. Mr. Julien also held the position of director from December 2018 until its business combination with Clever Leaves (NASDAQ: CLVR) in December 2020, where he currently sits on the board.  

GAMCO Investors, Inc.

Prior to joining Schultze Asset Management, LP, Mr. Julien led and supported M&A initiatives on behalf of entities controlled by Mario J. Gabelli, Chairman and CEO of GAMCO Investors, Inc. He was Executive Vice President of Corporate Development for PMV Acquisition Corp., LICT Corporation, and CIBL, Inc. 

Bronson Point Management

From November 2009 through 2014, Mr. Julien was the Senior Vice President at Bronson Point Management, an investment management firm. During his time there, he originated, oversaw, and analyzed public market investments, contributing to the firm’s growth from approximately $70 million in assets under management at launch in 2010 to $1.9 billion in 2014. 

Kanders & Company, Inc.

From 2007 to 2009, Mr. Julien led and supported M&A and corporate finance initiatives for Kanders & Company, Inc. and its affiliates. He held the position of Vice President of Corporate Development for Kanders & Company, Clarus Corp., and Highlands Acquisition Corp. 

Armor Holdings, Inc.

From 2003 to 2006, Mr. Julien was the Vice President of Corporate Development for Armor Holdings, Inc., an aerospace and defense company and a portfolio company of Kanders & Company. During his time there, he oversaw mergers, acquisitions, and divestitures, executing 15 transactions and investing approximately $1.2 billion. Under his leadership, Armor Holdings’ revenue grew from $305 million to $2.4 billion prior to its sale to BAE Systems plc in July 2007 for $4.5 billion. 

Global Crossing Ltd.

Mr. Julien also worked at Global Crossing Ltd., where he led and supported several M&A, joint ventures, and minority investments. 

Education

Mr. Julien holsa an MBA. with honors in Finance from Columbia Business School. He also holds a B.S. from the Newhouse School of Communications at Syracuse University. 

George J. Schultze

Mr. Schultze is the Managing Member and Founder of Schultze Asset Management, LP (SAM), an award-winning alternative investment firm. He chairs its Investment and Strategy Committees and, together with his team, makes the final decision on all investments for the portfolio. Since its founding, SAM has executed over $7.4 billion in total investment transactions.

Previous Boards and Committees

Mr. Schultze has previously served on the following boards and committees: 

  • American Plumbing & Mechanical, Inc. – Chairman of the Bondholders’ Committee 
  • Armstrong World Industries, Inc. – Ad Hoc Committee of Debt Holders 
  • Atkins Nutritional – Ad Hoc Bank Lenders’ Committee 
  • Breed Technologies, Inc. – Trust Beneficiaries’ Ad Hoc Committee 
  • Chrysler – Committee of Non-TARP 1st Lien Lenders 
  • Clever Leaves (ticker “CLVR”) – Elected to Chair Board of Directors & Audit Committee on February 2022 
  • Collins & Aikman Corp. – Ad Hoc Bank Lender’s Committee 
  • Fabrikant Inventory, LLC – Board of Directors 
  • Fabrikant Receivables, LLC – Board of Directors 
  • General Chemical Group, Inc. – Official Bondholders’ Committee 
  • Hedge Fund Association – Vice President and Member of the Board of Directors 
  • Home Products – Ad Hoc Bondholder Committee (2016) 
  • Home Products – Board of Directors 
  • Horizon Natural Resources – Pre-petition Senior Lenders’ Committee 
  • Interstate Bakeries Corp. – Ad Hoc Senior Lenders’ Committee 
  • Interstate Bakeries Corp. – Ad Hoc Trade Claim Committee 
  • Le Nature’s Inc. – Ad Hoc Committee of Secured Lenders 
  • Le Nature’s Inc. Liquidation Trust – Elected to Trust Board on July 17, 2008 
  • M. Fabrikant & Sons, Inc. – Bank Lender’s Committee 
  • National Cinemedia – Ad Hoc Secured Creditor Group
  • Pineapple Grove Village Condominium Association, Inc. – Elected to Board on October 15, 2008 
  • Power Plumbing GP, Inc. – Board of Directors 
  • Resurrection Church (Rye, NY) – Elected to Investment Finance Committee 
  • Resurrection Foundation (Rye, NY) – Board of Directors & Investment Committee 
  • Schultze Special Purpose Acquisition Corp. (former ticker: SAMA) – CEO and Chairman of the Board 
  • Schultze Special Purpose Acquisition Corp. II (ticker “SAMA”) – CEO and Chairman of the Board
  • Tropicana Entertainment – Elected to Litigation Trust Subcommittee on July 2009
  • Tropicana Entertainment Opco – Secured Lenders’ Steering Committee 
  • Tweeter Home Entertainment Group, Inc. – Post-Petition Lender’s Committee 
  • Tweeter NewCo, LLC – Board of Directors 
  • Twinlab Corp. – Ex Officio Bondholders’ Committee 
  • Ultra Petroleum Corp. – Chairman of the Official Unsecured Creditors’ Committee 
  • United Airlines – Ad Hoc Municipal Bondholders’ Committee (JFK Facility) 
  • US Timberlands – Ad Hoc Bondholders’ Committee 
  • Washington Group International – Class 7 Claim Holders Ad Hoc Committee 
  • Werner Holding Co., Inc. – Board of Directors 
  • Werner Holding Co., Inc. – Second Lien Bank Debt Committee 
  • Whitehall Jeweller’s Case – Elected Chief Liquidating Officer for Fabrikant Claimants on June 26, 2008 

Current Boards and Committees

In addition to currently serving on the boards of directors for Schultze Asset Management, LP’s related entities, Mr. Schultze currently serves on the following boards and committees: 

  • Diamond Sports – Ad Hoc Secured Creditor Group  
  • Schultze Foundation – Founder and Trustee 

Expertise and Achievements

Mr. Schultze is widely recognized as an expert in distressed, event-driven, and special situations investing. He is frequently quoted in the media regarding high-profile reorganization cases. He is also the author of The Art of Vulture Investing, published by Wiley Finance. Additionally, he is a frequent speaker at industry conferences and graduate schools such as Harvard Business School. 

Prior to founding SAM, Mr. Schultze honed his activist distressed investing approach with MD Sass. He also has previous employment experience with Fiduciary Partners fund of funds, the Mayer Brown & Platt law firm, and Merrill Lynch. 

Education and Affiliations

Mr. Schultze is a joint graduate of Columbia Business School and Columbia Law School, holding a JD/MBA. He founded the Columbia Law School Investment Club and served as an editor for the Columbia Business Law Review. He has authored several papers, including “Negotiating the TWA Bankruptcy Restructuring,” “Tax Factors and ERISA Implications of Corporate Restructurings,” and “International Banking Law.”  

At Columbia, he placed second in the annual business school stock-picking contest. Mr. Schultze is a member of the Hermes Society of Columbia Business School and the 1754 Society of Columbia University. He is also a member of the Boston College Parents’ Leadership Council. 

Mr. Schultze earned a BA from Rutgers College with a joint major in Economics/Political Science and received the Henry Rutgers Scholar distinction. While at Rutgers, he won The Wall Street Journal Award for Excellence in Economics and placed first in the AT&T Annual Stock Picking Contest. 

Personal Life

Although born and raised in the USA, Mr. Schultze is fluent in German and Spanish. He currently resides in Rye, NY, and has six children. He enjoys numerous sports, including kiteboarding, skiing, golf, and squash.