In the current distressed debt environment, defaults have been relatively low, leading to fewer bankruptcies but opening the market up to increased restructurings and similar workouts.  However, the maneuvers available to distressed investors in the bankruptcy or restructuring process could be significantly impacted by two recent court cases, the results of which have created uncertainty in the marketplace by allowing minority bondholders to hold up or overturn restructuring proceedings and could have a major impact on future interpretations of the Trust Indenture Act of 1939 by courts in future proceedings.  See “A New Look at an Old Standard: The Power of Minority Bondholders Under the Trust Indenture Act,” Hedge Fund Law Report, Vol. 8, No. 9 (Mar. 5, 2015); and “Trust Indenture Act May Give Hedge Funds the Right to Challenge Involuntary Non-Judicial Debt Restructurings,” Hedge Fund Law Report, Vol. 8, No. 5 (Feb. 5, 2015).  Types and strategies of distressed investments, key legal issues relating to distressed investments, issues investors should consider in assessing distressed opportunities and the two recent court cases were highlights of a recent Hedge Funds and Distressed Debt Investing seminar held by law firm BakerHostetler.  This article summarizes the key issues discussed at that seminar.