distress debt

…You have this almost paradoxical situation where you're trying to build relationships through distressed sales. It's almost a paradox, right? You think of distressed sales as very zero sum situations, but you've built this ecosystem of relationships, of repeat business. How do you manage the needs of the immediate transaction with the overall relationships?…

…Once we've done that, we'll either reach out to lenders, usually through an intermediary, or if we're right in the way the situation's developing, frankly, they're reaching out to us, and then we'll start to negotiate to purchase debt.…

…From there, we're going to go look at the lender base. We're going to get information either from the lenders or other sources, understand the financial picture. And what we look for is either the existence or the expectation of a dynamic to develop. that we would expect to cause lenders to sell debt to us, ultimately at a discount. That's key. Ultimately,…