EDWARD I. ALTMAN, PhD, MBA, is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. Since 1990, he has directed the research effort in fixed income and credit markets at the NYU Salomon Center. Previously, Altman chaired the Stern School's MBA program for twelve years. He was inducted into the Fixed Income Analyst Society's Hall of Fame in 2001 and is an advisor to many financial, consulting, and governmental institutions. Dr. Altman is the Chairman of the Academic Advisory Council of the Turnaround Management Association and a member of its Board of Directors.EDITH HOTCHKISS, PhD, is Associate Professor of Finance at Boston College. Her research has… been published in the Journal of Finance, the Journal of Corporate Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial Intermediation.?She has served as an advisor in several recent Chapter 11 cases and is a member of the Board of Directors of the Turnaround Management Association.