PJT Partners Deck
What is the fulcrum security, and why does everyone in a restructuring care where it sits?
Model answer
The fulcrum security is the claim in the capital structure where the enterprise value 'runs out' — the most senior class that is NOT paid in full. Everything senior recovers at or near par;…
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More from PJT Partners Deck
- How was PJT Partners created, and when did it become an independent public company?
- Who is Paul J. Taubman, and why does his background matter in a PJT interview?
- What was PJT Capital, and what did Taubman accomplish in the period between leaving Morgan Stanley and the Blackstone deal?
- Why did Blackstone spin off its advisory businesses to create PJT Partners? Explain the conflict logic an interviewer expects you to articulate.
- Which businesses did PJT Partners inherit from Blackstone in the 2015 spin-off?
- What kind of firm is PJT Partners, and how would you describe its positioning in one or two sentences?
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