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Serial Number Rave Report 8949. I mentioned to readers in the past that one of the they should start out with, in learning the distressed debt investing process, is Stephen Moyer's Distressed Debt Analysis. Moyer was interviewed in the most recent issue of Columbia Business School's and I thought, for kicks, and to answer some of the emails I have not gotten around to, I would take a shot at answering the questions the authors posed to Moyer. Distressed investors were touting the arrival of the next cycle as early as 2006 but to what degree did they expect it to take the shape we see today and how have the rules of engagement changed when compared to previous distressed cycles?