George Schultze (Purchase, NY) has been an actively investing in distressed securities for over 14 years. He is Managing Member and Portfolio Manager of Schultze Asset Management, LLC, and?chairs the Schultze Research and Strategy Committees, making the final decision on all investments for the portfolio.? During and after graduate school he managed a family fund investing in distressed securities and special situations. From 1996-98, Mr. Schultze was a Senior Analyst at MD Sass investing a $1.3 billion portfolio. He honed his activist approach to investing with analysis and committee work for various investments including: Marvel Entertainment Group, MobileMedia Communications, Signet Jewelers, and CGE Ford Heights.? While in graduate school, he was employed at Fiduciary Partners, Mayer Brown & Platt, the Law Office of Grant Herrmann Schwartz & Klinger, and at Merrill Lynch.? At Fiduciary Partners, a $25 million fund-of-funds that invested in distressed hedge funds, he developed strong views on the types of distressed strategies that lead to consistent success. Mr. Schultze is a joint graduate of Columbia Business School and Columbia Law School, JD/MBA ('95/96).? He served as editor of certain articles in the Columbia Business Law Review and separately, founded the Columbia Law School Investment Club. Mr. Schultze earned a B.A. from Rutgers College where he graduated with a joint major in Economics/Political Science. Mr. Schultze is a frequent speaker at investment conferences such as the Harvard Business School Venture Capital & Private Equity Conference, the Wharton Business School Distressed Securities Forum, the Columbia Business School Investment Management Conference, the Beard Group Distressed Securities Forum and the Opal Financial Summit.? He has been interviewed by Bloomberg, FOX, and CNBC, as well as TheStreet.com, CNN, CNNfn, The Wall Street Journal, and The Daily Bankruptcy Review.

• Foreword ixAcknowledgments xiPreface xiiiChapter 1 Emerging from the Egg 1Chapter 2 Learning to Scavenge 17Chapter 3 Looking for Prey 39Chapter 4 Waiting On a Limb 63Chapter 5 Swooping In: Tropicana 73Chapter 6 Fighting Over the Carcass: Chrysler 95Chapter 7 Digesting the Remains 115Chapter 8 A Vulture’s Philosophy 131Appendix 1 Net Operating Loss Carry Forwards 139Appendix 2 Copy of Continued Objection by Ad Hoc Committee of Washington Group Class 7 Claim Holders 141Appendix 3 Letter to Washington Group’s Board of Directors 153Appendix 4 Shareholder Complaint against Winn-Dixie Board et al. 157Appendix 5 Objection by Schultze Asset Management to Owens Corning Disclosure Statement 177About the Authors 185Index 189

George Schultze (Purchase, NY) has been an actively investing in distressed securities for over 14 years. He is Managing Member and Portfolio Manager of Schultze Asset Management, LLC, and?chairs the Schultze Research and Strategy Committees, making the final decision on all investments for the portfolio.? During and after graduate school he managed a family fund investing in distressed securities and special situations. From 1996-98, Mr. Schultze was a Senior Analyst at MD Sass investing a $1.3 billion portfolio. He honed his activist approach to investing with analysis and committee work for various investments including: Marvel Entertainment Group, MobileMedia Communications, Signet Jewelers, and CGE Ford Heights.? While in graduate school, he was employed at Fiduciary Partners, Mayer Brown & Platt, the Law Office of Grant Herrmann Schwartz & Klinger, and at Merrill Lynch.? At Fiduciary Partners, a $25 million fund-of-funds that invested in distressed hedge funds, he developed strong views on the types of distressed strategies that lead to consistent success. Mr. Schultze is a joint graduate of Columbia Business School and Columbia Law School, JD/MBA ('95/96).? He served as editor of certain articles in the Columbia Business Law Review and separately, founded the Columbia Law School Investment Club. Mr. Schultze earned a B.A. from Rutgers College where he graduated with a joint major in Economics/Political Science. Mr. Schultze is a frequent speaker at investment conferences such as the Harvard Business School Venture Capital & Private Equity Conference, the Wharton Business School Distressed Securities Forum, the Columbia Business School Investment Management Conference, the Beard Group Distressed Securities Forum and the Opal Financial Summit.? He has been interviewed by Bloomberg, FOX, and CNBC, as well as TheStreet.com, CNN, CNNfn, The Wall Street Journal, and The Daily Bankruptcy Review.

• Foreword ixAcknowledgments xiPreface xiiiChapter 1 Emerging from the Egg 1Chapter 2 Learning to Scavenge 17Chapter 3 Looking for Prey 39Chapter 4 Waiting On a Limb 63Chapter 5 Swooping In: Tropicana 73Chapter 6 Fighting Over the Carcass: Chrysler 95Chapter 7 Digesting the Remains 115Chapter 8 A Vulture’s Philosophy 131Appendix 1 Net Operating Loss Carry Forwards 139Appendix 2 Copy of Continued Objection by Ad Hoc Committee of Washington Group Class 7 Claim Holders 141Appendix 3 Letter to Washington Group’s Board of Directors 153Appendix 4 Shareholder Complaint against Winn-Dixie Board et al. 157Appendix 5 Objection by Schultze Asset Management to Owens Corning Disclosure Statement 177About the Authors 185Index 189