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Banking on the wall of debt

Distressed managers say $1 trillion of outstanding debt will spark a wave of defaults. But there is plenty to do until then.

By Katrina Dean Allen Distressed hedge fund managers had their pick of once-in-a-lifetime investments in 2009. Leveraged loans that traded for 50 cents are now selling for as much as 90 cents-a huge profit for those who scooped them up last year. But while the rally has made things difficult

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