In keeping with tradition, Max Holmes, high yield analyst extraordinaire at RBC Dominion Securities, rings in the new year with the best distressed trading ideas for 2001. With 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 this new year my true analyst gave to me A pear tree full of Saks 7% Unsecured Notes ’04 at 65 for my survivor play Christmas is gone, its winter boots make some hay That old spinoff, it is dead as dead can be When Alan drops rates, you’ll be happy, you’ll see.
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