Capstone Special Situations

What makes us different?

From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment and strategic ideas that fall outside of our core sectors, diving deep into the issues that focus on distressed or event-driven opportunities. This means constantly reevaluating ways to produce differentiated analysis that allows our clients to better understand regulatory pressure and legislative trends.

We live in the weeds.

In order to identify unique, non-traditional investment themes, our analysts strive to become experts on the opaque policy details. We sift through murky comment letters, proposed rules, agency publications, and legislative drafts. We also attend public hearings and visit the municipal bond issuers we cover in person in search of insight and conclusions often missed by others. Throughout our continued coverage, our analysts have built strong relationships with current and former senior officials in the United States and its territories, leading financial advisory firms, and vital members of the business community. These relationships allow us to closely track volatile situations and ensure that our coverage considers the viewpoints of those closest to the issues we cover. Capstone prides itself on digging deep to cut through the noise to provide context and differentiated insights.

Selected Issues

  • Distressed municipal debt of Puerto Rico, Detroit, and Illinois
  • TXU/Energy Future Holdings Restructuring
  • Gaming
  • Merger arbitrage
  • Trucking and transportation
  • Product liability claims
  • Net metering policies
  • For-profit education

Case Studies

Capstone has a proven track record of providing in-depth analysis across a wide range of policy and regulatory issues. Our case studies demonstrate our special situations team’s ability to help clients navigate complex policy challenges and develop targeted revenue-driving strategies.

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Our Latest Special Situations Insights

2023 State & Local Government Preview

2023 State & Local Government Preview

Uncovering Risks for State and Local Governments: Why Risks Abound in the Year Ahead, Despite a Facade of Financial Optimism By Matt Wiederrecht Click Here to Download Introduction Capstone believes 2023 will be a volatile period for the finances of some states and...

Navigating The Coming Distressed Debt Moment

Navigating The Coming Distressed Debt Moment

By: Matthew Wiederrecht Nothing lasts forever—a sentiment the bond market is in the process of relearning as bond yields and borrowing costs start to rise. Since the financial crisis, low-interest rates have been two sides of the same coin for companies and investors....

The Looming State and Local Government Inflation Hangover

The Looming State and Local Government Inflation Hangover

By Matt Wiederrecht The difference between good decision-making and bad luck for markets and policies often comes down to timing—a lesson we believe state and local governments (SLGs) may soon learn the hard way. Scan the headlines and you will find no shortage of...