Jason Mudrick interrupts his telephone conversation a third time to shout out an order. His other line rings again - and again. In between bellowing orders for deals and conversing, he is scouring a database of 600 companies that he is betting will go bust. Mr Mudrick runs Mudrick Capital Management, a hedge fund that focuses on distressed debt - one of legions launched this year.
He calls his list "zombie companies - the walking dead" that are "prospectively in default", but are delaying doomsday by extending maturities and buying bonds back on the open market. He says that these companies have a 60% chance of filing for bankruptcy over the next five years.
