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
Banking on Ease: How the Regulatory Burden on Banks Will Lessen in 2026
Capstone believes that prudential regulators will continue to lift the regulatory burden for banks of all sizes in 2026, even as they consider new stablecoin regulations that pose competitive threats to smaller banks. We expect the release of a “capital neutral” Basel...
Food Fights: SNAP Cuts, Trade Shocks, and the New Agricultural Order
Capstone expects US agriculture to face a difficult 2026 as farmers grapple with weak crop prices, elevated input costs, and persistent trade uncertainty. The Trump administration’s push to narrow Supplemental Nutrition Assistance Program (SNAP) eligibility—including...
The FCC’s Green Light: The Pro-Merger Era Continues
Capstone expects the Republican-led Federal Communications Commission (FCC) to continue rolling back regulations and take a more welcoming approach to mergers in 2026. The agency is also likely to use its broad authority over what qualifies as “in the public interest”...
