Lasry Sees Europe Bankruptcy Bonanza as Bad Debts Obscure Assets

Avenue Capital Group founder Marc Lasry and Bruce Grossman, his senior manager of investment, were on a private jet returning to New York from Harrisburg, Pennsylvania, in 2005 when they felt the plane’s cabin suddenly heat up.

Outside the window, smoke billowed from one of the engines. The two men looked at each other and remained wordless until the plane landed safely back in Harrisburg.