The Adviser is an investment adviser with its principal place of business in Greenwich, Connecticut. The
Adviser commenced operations as an investment adviser in 1995 and has been registered with the SEC
since December 15, 1995. The Adviser is owned by Jon Bauer (principal owner), Janice Stanton, Gil Tenzer,
Jeffrey Bauer and Joshua Trump. Xiao Song is a special limited member of the Adviser. Ownership
interests of the Adviser may be held individually or through entities established by or for the benefit of
such individuals or their family members.
The Adviser provides advisory services on a discretionary basis to its clients, which include (i) institutional
investors and (ii) pooled investment vehicles. The Adviser's investment advisory services focus on a multi-
strategy approach to investing in distressed securities portfolios, including corporate, real estate and non-
U.S. securities, high yield securities, senior secured obligations, trade claims, debt obligations, fixed income
securities and equity securities. The Adviser's advisory services focus on selecting investments primarily
in special situations including, but
not limited to, marketable and nonmarketable securities and other
obligations (such as bank loans, promissory notes, mortgages, and other evidences of indebtedness, as well
as accounts payable to trade creditors and judgment pools) of financially distressed companies or
companies in bankruptcy proceedings. The Adviser also provides advice concerning transactions related
to extraordinary corporate events such as mergers, rights offerings, divestitures, share repurchases and
spin-offs. Moreover, the Adviser provides advice concerning other types of investments, including
securities and other assets (including real estate) which appear to be undervalued.
The Adviser provides advice to client accounts based on specific investment objectives and strategies.
Under certain circumstances, the Adviser may agree to tailor advisory services to the individual needs of
a client.
Clients may impose restrictions on investing in certain securities or certain types of securities.
As of December 31, 2023, the Adviser had approximately $4,584,157,760 in regulatory assets under
management, all of which is managed on a discretionary basis.