Special Situations

What makes us different?

From distressed municipal debt to specialty telecommunications, our Special Situations team identifies unique investment 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
Private prisons
For-profit education