General Investing >> Analyst Interviews >> March 4, 2004

INVESTING IN POST-BANKRUPTCY COMPANIES: JOHN MULLMAN – JENNISON ASSOCIATES

JOHN P. MULLMAN, CFA, is Senior Vice President and Small Cap Equity Portfolio Manager at Jennison Associates. He joined Jennison in August 2000 as a result of the merger of Prudential's public equity asset management capabilities into Jennison's organization. He has been managing institutional small cap portfolios since 1996 and was named the portfolio manager of the Jennison Small Company Fund in May 2000. He joined Prudential in 1987 as an Associate in the Corporate Finance Group where he originated a variety of private placement investments including fixed-rate debt securities, leverage buyouts, ESOP financings and asset- backed investments. From 1991 to 1995, he served as a Vice President in Prudential's Financial Restructuring Group where he managed a $500 million portfolio of privately-placed debt and equity securities in financially troubled or over-leveraged companies. He managed the workouts of over 20 distressed investments through a variety of out-of- court restructurings, bankruptcies and complex recapitalizations. The bulk of the investments were in companies with market capitalizations below $1 billion. Through his private equity and workout experience, he has served on the Board of Directors of three public and private firms and has worked closely with management in developing and implementing strategic growth plans for several small cap companies. Over the course of his career, he has worked with a wide variety of small companies, industries, LBO sponsors and financial intermediaries and has an in- depth knowledge of business assessment and valuation methodologies. He received a BA in Economics from the College of the Holy Cross in 1982 and an MBA from Yale University in 1987. He is also a member of the NYSSA and AIMR. Profile
TWST: John, can we start with a quick overview of Jennison Associates?

Mr. Mullman: Jennison Associates is an independent money management firm

with about $58 billion in assets under