NEW YORK - Things look pretty dismal when a company is burning cash and can't replace revenue, in a week when even the chairman of the Federal Reserve goes against administration policy to acknowledge a broad and deepening recession in the U.S. However, if the situation is addressed early enough, problems can be fixed before they get out of control.

That and other key factors that mutual fund executive should scrutinize in the equity and fixed-income markets were among the topics that hedge fund, investment banking and other high-net-worth asset managers discussed at a Turnaround Management Association workshop at the University Club here last week.

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