Liquidations are an extremely interesting type of investment, but they are incredibly rare, and require an extended investment horizon. Therefore, they are of little interest to the majority of investors. The timing of the payout, if any, is unpredictable. However, if and when it comes, it may handsomely reward the investor’s patience. This month’s commentary reviews some of the idiosyncrasies of investments in companies in liquidation, as well as provides an overview of a past liquidation investment made by the Firm.