Jason Mudrick, formerly of Contrarian Capital Management, is mapping out a new distressed strategy to be offered on August 1, according to marketing materials obtained by Absolute Return.
At Contrarian, Mudrick was founder and portfolio manager of Contrarian Equity Fund, a distressed vehicle that began trading in October 2002. Through September 2008, when Mudrick left Contrarian, the fund reported an average net annual return of 19.45%, marketing documents indicate. Contrarian Equity Fund has since been restructured, according to people close to the firm.
Mudrick declined to comment specifically on his new venture but said that there is now unprecedented opportunity in the distressed market. Particularly promising, Mudrick said, is