In keeping with the tradition from two centuries, Max Holmes, high yield analyst extraordinaire at RBC Dominion Securities rings in the new year with the best distressed trading ideas for 2002. Indeed, there was much to be merry about in the distressed world as last year ended. Companies were filing Chapter 11 left and right, while the junk bonds of others were falling off cliffs with abandon. With gleeful input from the firm’s distressed analysts-and to the tune of “The Twelve Days of Christmas”-Holmes presents those trades for your edification in ascending order of attractiveness. In other words, you can start reading at the end. On the first trade of the new year my true analyst gave to me

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