Everyone remembers their first car… lead-acid battery supplier bankruptcy.

For Max Frumes, 9fin’s global head of distressed debt and LevFin, that situation was Exide Technologies. It was the first full cycle of distress, bankruptcy and emergence that he covered in his storied career.

And George Schultze, founder and CEO of Schultze Asset Management and author of The Art of Vulture Investing, was an investor during that Exide bankruptcy — the second one, anyway — which taught him some valuable lessons about the importance of being nimble. And, of course, that regulatory factors are more likely to upend distressed investing strategies than support them.

In this latest episode of Cloud 9fin, Max and George compare notes, reminisce, and banter about a wide spectrum of distressed companies past and present.

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