distressed assets

Sorry thought it was better to start a new thread.

Hi CW,

Would it be possible for you to divulge how you were able to pick up the severely distressed asset you metioned. I take it that it was some kind of fire sale but what is of interest to me is how do you come across such assets. Is it through your banking or financial contacts or some sought of auction not open to the general public?

I realise that you can get good discounts through realestate agencies if you know how to play the game and have cash but severely distressed assets would seem to be a different ball game.

Thanks in advance for taking the time to respond. BTW I really enjoy your learned posts, keep them coming mate.

Of course would appreciate others comments.

Cheers

Retrac