Developed Markets

Jon Bauer

Chief Executive Officer & Chief Investment Officer

Mr. Bauer is a founding member and CEO/CIO of Contrarian Capital Management, L.L.C. and leads the firm’s corporate investment activities. Mr. Bauer has over 40 years of experience investing in both active and passive distressed securities. He has headed or served on numerous bank debt, bond, or trade claims committees, and is a founding member of the Trade Claims Buyers Association. He has served on a number of boards of directors, including International Coal and Special Metals Corp. From 1986 until 1995, Mr. Bauer was a Managing Director at Oppenheimer and Co., where he founded the distressed sales and trading business and was the Co-Portfolio Manager of the Oppenheimer Horizon distressed securities partnerships which commenced operations in 1987.  From 1981 to 1986, he was the Senior Analyst in the Bankruptcy Group at Bear Stearns, where he originated and helped execute the successful control investment in Revere Copper and Brass.  From 1977 to 1979, Mr. Bauer was an Analyst in the Credit Audit Department of The Chase Manhattan Bank N.A. and was responsible for identifying companies in the Bank’s loan portfolio that were likely to default. He received his MBA from Harvard Business School and a BA with Honors from Rutgers College.

Janice Stanton, CFA

President & Portfolio Manager

Ms. Stanton is a founding member and President of Contrarian Capital Management, L.L.C. She works closely with Jon Bauer on the firm’s corporate investments activities, with a particular focus on senior secured corporate investments. Ms. Stanton also manages the Contrarian Income Fund. She has over 35 years of experience in distressed securities. Prior to co-founding Contrarian, Ms. Stanton was the Founder and Head of the Bank Debt and Trade Claims desk at Oppenheimer & Co. from 1986 to 1995, and was responsible for bank debt and trade claim investments in the Oppenheimer Horizon partnerships as well as for outside clients. From 1985 to 1986, she was an Associate in the corporate finance department of Lehman Brothers and worked on equity and debt financings, as well as the first principal LBO investment made by Lehman. Prior to business school, Ms. Stanton was an Analyst with Booz Allen Hamilton, focusing on business strategy consulting. She has served on numerous bank debt committees, including Audio Visual Services, Pillowtex and Warnaco. She has also chaired and served on Official Committees of Unsecured Creditors, such as in the case of Service Merchandise and Edison Brothers. Ms. Stanton received her MBA from the Stanford University Graduate School of Business and graduated Beta Gamma Sigma and magna cum laude with a BS from The Wharton School of the University of Pennsylvania. She is also a CFA charterholder.

Joshua Trump

Managing Director & Portfolio Manager

Mr. Trump re-joined Contrarian in January 2020 as a Managing Director, serving as Portfolio Manager for Contrarian’s Opportunity Fund series. Prior to re-joining Contrarian, Mr. Trump was a Partner at Jones Road Capital, an opportunistic credit fund, and a Senior Managing Director at The Trump Group, a South Florida based investment firm. From 2007 to 2015, Mr. Trump was an Assistant Portfolio Manager at Contrarian focused on corporate restructuring and liquidations. Mr. Trump began his career as a distressed credit analyst at Satellite Asset Management. Mr. Trump received his BA from the University of Pennsylvania where he majored in Philosophy, Political Science, and Economics, and an MBA from Columbia University with a concentration in Finance.

William Raine

Senior Managing Director & Co-Portfolio Manager

Mr. Raine joined Contrarian in 2003 and is a Senior Managing Director and Co-Portfolio Manager of the Contrarian Income Fund. In his role at Contrarian, Mr. Raine is responsible for sourcing and managing corporate loans and bonds. He has extensive post-restructuring board experience, and has served on numerous boards of directors, including ACBL Holding Corporation, Mannok Holdings DAC, and Safety-Kleen, Inc. Prior to joining Contrarian, Mr. Raine worked in the Private Equity Group of Brown Brothers Harriman, where his responsibilities included screening potential investments, performing due diligence and monitoring portfolio companies. Mr. Raine received his MBA with Honors from the Wharton School of the University of Pennsylvania, and a BA with Honors from Oxford University.

Keith McCormack

Managing Director – Trade Claims & Rescue Financing & Portfolio Manager

Mr. McCormack joined Contrarian in 2004 and has been Portfolio Manager for the Trade Claims strategy since 2010. In addition, he leads Contrarian’s effort to buy distressed direct loans from direct lenders. From 2004 to 2010, Mr. McCormack was the Assistant Portfolio Manager of Contrarian Capital Finance L.P., before assuming full portfolio manager responsibilities and successfully harvesting Contrarian’s direct loan portfolio. Mr. McCormack has served on the board of directors of The Matlet Group, Custom Food Products, Inc., and Exam Management Services Inc. Prior to joining Contrarian, he was a Director with UBS Investment Bank’s Leveraged Finance Group, where he was responsible for advising private equity clients on mergers & acquisitions, restructurings, and capital raisings, including bank, high yield and mezzanine debt as well as initial public offerings. From 1998 to 2002, he was a Vice President in the Leveraged Finance Group with Donaldson, Lufkin & Jenrette, and with Credit Suisse First Boston following their acquisition of DLJ. From 1991 to 1996, he was an Audit Manager of Deloitte & Touche, LLP. Mr. McCormack graduated Beta Gamma Sigma with an MBA from Indiana University Graduate School of Business and a BA from Catholic University of America.

David Steinhardt

Managing Director & Portfolio Manager

Mr. Steinhardt joined Contrarian in 2022 and is a Managing Director and Portfolio Manager of the Contrarian Valdis Fund. From 2017 to 2022, Mr. Steinhardt was an Analyst at Litespeed Management, where he was responsible for sourcing, analyzing and recommending value-oriented, event-driven equity and debt opportunities. Prior to joining Litespeed Management, Mr. Steinhardt was an Associate at Alden Global Capital. Mr. Steinhardt began his career in 2011 at Perella Weinberg Partners as part of their Asset Based Value Strategy. As Director, he was responsible for sourcing, analyzing and recommending value-oriented equity and debt opportunities, as well as investing in and managing private equity investments. Mr. Steinhardt received his MBA from Columbia Business School, where he was selected to both the Value Investing Program and the Private Equity Fellows Program. Mr. Steinhardt received a BA with Distinction, magna cum laude, from the University of Pennsylvania, majoring in Political Science.

Daniel Hung

Managing Director

Mr. Hung joined Contrarian in 2020 and is a Managing Director, serving as Co-Portfolio Manager for Contrarian’s Opportunity Fund series. Prior to joining Contrarian, Mr. Hung was a Research Analyst in the Distressed & Special Situations Group at BlueMountain Capital from 2016 to 2020. At BlueMountain, he led health care sector coverage and was responsible for analyzing and executing investments across the capital structure of public and private companies, including special situations direct loans. From 2014 to 2016, he was an Analyst at Knighthead Capital Management where he was responsible for long and short investments in distressed and event-driven situations. Prior to Knighthead, he was an Associate in the Restructuring and Reorganization Group at Blackstone, an Associate at Riverside Partners, a Boston-based private equity firm, and an Analyst at BlackRock Kelso Capital. Mr. Hung received a BS cum laude from Columbia University, and an MBA from the Wharton School of the University of Pennsylvania.

Josh Weisser

Managing Director – Corporate and Emerging Credit

Mr. Weisser joined Contrarian in 2015 and is a Managing Director focusing on legal strategy and credit analysis. Mr. Weisser has over 10 years of experience as a restructuring/bankruptcy attorney, most recently with Gibson, Dunn & Crutcher, LLP, where he was an Associate in the Business Restructuring Group from 2009 to 2015. At Gibson Dunn, Mr. Weisser worked on a wide variety of assignments in the restructuring/bankruptcy arena, including representations of parties in the OSG, Arcapita, Borders, and Madoff cases. Prior to Gibson Dunn, he was an Associate at O’Melveny & Meyers, LLP from 2007 to 2009, and an Associate at Jones Day, LLP from 2005 to 2007. Mr. Weisser received his JD/MBA from Duke University, and a BA in Economics and History with Distinction from Cornell University.

Martine Satterlee

Managing Director

Ms. Satterlee joined Contrarian in 2014 and is a Managing Director. In her role at Contrarian, she focuses on analyzing distressed investment opportunities in U.S. Corporate loans, bonds and trade claims. Prior to joining Contrarian, she was an Investment Analyst at Varde Partners, where she was responsible for analyzing U.S. stressed/distressed corporte debt from 2012 to 2014. From 2007 to 2010, she was a Senior Analyst at CIM Group where she was responsible for analyzing private equity investments. Ms. Satterlee received a BA from the University of Pennsylvania, an MS from the London School of Economics, and an MBA from the University of Chicago Booth School of Business.

Joshua Bansal

Vice President

Mr. Bansal joined Contrarian in 2022 as a Vice President with a focus on investments for Contrarian’s Opportunity Fund series. Prior to joining Contrarian, Mr. Bansal was a Research Analyst at Waltham-based asset manager DDJ Capital Management, where he focused on concentrated public and private investments across stressed and distressed special situation credit opportunities. Mr. Bansal began his career covering autos, industrials, and services in the High Yield Research Group at Citigroup. Mr. Bansal graduated cum laude with a BA in Ethics, Politics, and Economics from Yale University.

Karim El Khoury

European Corporate Strategy Head (London)

Mr. El Khoury joined Contrarian in 2004 and is the Managing Member of our London-based affiliate, Contrarian Capital London. Mr. El Khoury is responsible for identifying, analyzing, and monitoring Contrarian’s European corporate investments. Prior to joining Contrarian, from 1993 to 2003, Mr. El Khoury was Director of Exor S.A., an investment holding company owned by the Agnelli Group. As Director, he helped develop the Group’s portfolio of European investments across several sectors. From 1990 to 1993, he was a Manager in the Paris office of strategy consulting firm Bain & Company, overseeing corporate strategy and operational restructuring assignments. From 1987 to 1990, he was an Associate in the M&A department of Merrill Lynch in New York, and worked on the successful completion of several buy-side and sell-side transactions in the United States. From 1984 to 1985, he was an Analyst in the M&A department of Lazard Frères in New York. Mr. El Khoury received his MBA from the Wharton School of Business and graduated magna cum laude with a BS/BA from Georgetown University. Mr. El Khoury is fluent in French.

Michael Spillane

Senior Vice President & Head Trader

Mr. Spillane joined Contrarian in 2004 and was promoted to the position of Senior Vice President and Head Trader in January of 2009. Mr. Spillane also serves as a member of the Firm’s Valuations Committee. Prior to joining Contrarian, he worked on the bank debt trading desk at the inter-dealer broker Fimat USA, Inc. He is responsible for overseeing the firm’s trading operation and has experience trading equities, debt, derivative instruments and trade claims in the United States, European and Emerging Markets. Mr. Spillane graduated cum laude with a BA from Loyola University Maryland.