Leon Black, the one-time head of mergers at Drexel, Burnham, Lambert, is one of many private equity players that has morphed into something of a distressed securities player--a predictable move given the end of the traditional financial sponsor game. The New York Post weighs in with an article noting he has bought the junior debt of two bankrupt businesses at pennies on the dollar this year. 

The firm certainly has ideas about how to revive the businesses they buy into. One pro tells the paper: "When it comes to distressed investing, Black is like the Michael Jordan of the Bulls." He calls him "the Michael Jordan of the White Sox" when it comes to private equity investing. We'll see how the industry as a whole fares with distressed companies. Cerberus has gotten most of the press, unfortunately. 

For more:
- here's the article

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