THE DISTRESSED DEBT INVESTOR - COMPANION FILES
julianrsterling.com/distressed

Free. No sign-up, no email address. Nothing is locked, protected or watermarked.
Revised 22 September 2026.

WHAT IS IN THE ARCHIVE

1. The book's workbooks
   Fulcrum_Finder.xlsx                    Chapters 5, 6, 11 and Appendix B: 20 checks
   Recovery_and_Return.xlsx               Chapters 4, 11 and Appendix E: 29 checks
   Valuation_and_Liquidation_Floor.xlsx   Chapter 8 and Appendix A: 15 checks
   Which_Tranche_To_Buy.xlsx              Appendix F: 121 controls
   00_START_HERE_AppendixF.md
   (22 September 2026: the verdict cells of the first three files, which read
   "TOUT CONCORDE" and "ECART", now read ALL AGREE and GAP. No figure changed.)

2. Blank_Model_Set/  (new)
   Fulcrum_Finder_Blank.xlsx, Recovery_and_Return_Blank.xlsx,
   Valuation_and_Liquidation_Floor_Blank.xlsx
   The same formulas with every input emptied and the book's worked examples
   removed. The checks sheet counts the inputs still empty and runs the tests
   that hold on any capital structure. The book's inputs, to put back:

   Fulcrum Finder!C8                600
   Fulcrum Finder!C9                0
   Fulcrum Finder!C10               0
   Fulcrum Finder!C15               50
   Fulcrum Finder!C16               400
   Fulcrum Finder!C17               250
   Fulcrum Finder!C18               150
   Fulcrum Finder!C26               1
   Fulcrum Finder!C27               0.97
   Fulcrum Finder!C28               0.45
   Fulcrum Finder!C29               0.05
   EV Ladder!C6                     400
   EV Ladder!D6                     450
   EV Ladder!E6                     500
   EV Ladder!F6                     600
   EV Ladder!G6                     700
   EV Ladder!H6                     750
   EV Ladder!I6                     900

   Frictions!C8                     700
   Frictions!C9                     40
   Frictions!C10                    100
   Frictions!C16                    400
   Frictions!C17                    200
   Frictions!C18                    300
   Form and Time!C8                 0.8
   Form and Time!C9                 0.3
   Form and Time!C10                0.5
   Form and Time!C11                0.9
   Form and Time!C12                0.5
   Form and Time!C13                2
   Form and Time!C29                0.48
   Form and Time!D29                0.8
   Form and Time!C30                0.48
   Form and Time!D30                0.8
   Form and Time!C31                0.48
   Form and Time!D31                0.8
   Form and Time!C32                0.48
   Form and Time!D32                0.8
   Form and Time!C33                0.48
   Form and Time!D33                0.8

   Sum of the Parts!C8              400
   Sum of the Parts!D8              0.8
   Sum of the Parts!C9              300
   Sum of the Parts!D9              0.35
   Sum of the Parts!C14             70
   Sum of the Parts!D14             6.5
   Sum of the Parts!C15             20
   Sum of the Parts!D15             4
   Sum of the Parts!E17             480
   Sum of the Parts!E18             600
   Liquidation Floor!C7             220
   Liquidation Floor!C8             90
   Liquidation Floor!C9             70
   Liquidation Floor!C11            -50

3. Working_Documents.pdf  (new)
   Four working documents on five printable pages: the capital-structure map,
   the recovery underwriting sheet, the Appendix A diligence checklist, and the
   documents-and-vote sheet. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type. The score
   sheet counts wrong answers by part of the book. Every answer and its reason
   is on the marking sheet.

5. Cases/  (new)
   Case_1_The_Case_That_Runs_Long.xlsx       fees, DIP interest and the calendar
   Case_2_The_Wrong_Side_Of_The_Vote.xlsx    a priming uptier, priced
   Case_3_Senior_On_The_Cover.xlsx           holdco notes, with and without a guarantee
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
