Distressed: Bay Harbour notches gains


Current tight spreads and easy credit have created few opportunities for buyers of distressed debt. But taking profits on prior investments can reap rich rewards. Bay Harbour Management, founded by Steve Van Dyke, has clocked eye-popping returns in recent months by monetizing investments, including Telcove and the Brazilian operations of American Bank Note. The firm's Bay Harbour Partners and Trophy Hunter Partners gained 14.67% and 10.10%, respectively, in April, and are now up 17.95% and 14.96% for the year. Other winners include Ramius Capital Group, whose RCG Carpathia funds both climbed an estimated 3.32%. Katalin Kutasi's KDC Distressed