Tokyo’s King of ‘Death Spiral’ Financing Profits From a Wave of Demand
How Michael Lerch became the financier of choice for Japan’s struggling small-caps.
In Tokyo’s tight-knit financial circles, few names divide opinion quite like Michael Lerch.
To some, he’s a white knight – the enigmatic American investor who rescues struggling Japanese companies from bankruptcy. To others, he’s a hyena – the mercenary hedge fund boss who preys on vulnerable firms in their time of need.