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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 226.56

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To: craig crawford who wrote (128271)	7/13/2001 3:14:13 PM
From: H James Morris	Read Replies (1) of 164684

>State pension fund eyes investing in distressed debts OLYMPIA — The private-markets committee of the Washington State Investment Board voted to recommend a $100 million investment in a new fund that will invest in debt of financially strapped companies. The full board of the Olympia-based system, which oversees the investment of pension funds for state workers and teachers, meets next week. Oaktree Capital Management, a Los Angeles-based firm, aims to raise $2 billion for the fund, called the OCM Opportunities Fund IV. The market for distressed debt, which includes bank loans and bonds of companies that are unable to make interest payments, has grown as an economic slowdown and over-expansion take their toll on industries such as telecommunications, utilities and entertainment. Oaktree, which manages more than $18 billion, invests mainly in senior and secured debt of operationally sound companies that have too much debt, according to its Web site. It buys debt claims for less than the value of the underlying assets, taking an active role in reorganizing companies in some cases and trading the debt in others.

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