Overview
Whippoorwill Associates, Inc., a Delaware corporation (“Whippoorwill”, the “firm”, or “we”), has
been a distressed debt investment manager since its founding in December 1990. Whippoorwill
is wholly-owned by Shelley F. Greenhaus, its sole Principal.
Whippoorwill’s historical investment strategy consisted of invested primarily in the securities and
obligations of companies that are experiencing operational and/or financial distress, anticipating a
turnaround, or are undervalued due to discrete extraordinary events. We refer to such investments
as “Distressed Investments” and to such companies as “Distressed Companies”. The underlying
problems faced by Distressed Companies may include mismanagement, limited availability of or
access to working capital, excessive leverage, operating difficulties or a combination of some or
all of such factors and others. As a means of resolving at least certain of their underlying problems,
many of the Distressed Companies in which we invest will be involved in, or contemplating, an
attempt to restructure their balance sheets, either inside or outside
of bankruptcy proceedings.
Several years ago, Whippoorwill informed its clients and investors in its managed private funds of
its intention to commence winding up its business. Marketable positions were liquidated in an
orderly manner and distributions were made to clients and investors. Only a few remaining illiquid
positions remain in client portfolios, which in our private funds are “Designated Investments.”
Accordingly, our advisory services are limited to and focused on winding out these Designated
Investments in accordance with the stated objectives, limitations and restrictions set forth in the
operative agreements of, and/or investment management agreements with, each of our clients.
Investment Discretion
We have sole discretion to determine investment acquisitions and dispositions consistent with the
stated investment objectives and limitations of our clients. We do not participate in wrap fee
programs.
As of December 31, 2023, we provided discretionary asset management for approximately
$67,800,504 of client assets.