Turnarounds . . .

are situations in which new funds are needed to get a company out of trouble. Some turnarounds involve companies whose management buys out the controlling shareholders and tries to turn around the company and make it profitable. Certain managers excel at turnaround situations because they have the necessary skills and guts to make the hard decisions required in these cases. These managers are called turnaround specialists. Their track records are far more important than the industry or the company they corrected. See: LBO (Leveraged Buyout).