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July 4, 2005

What's In A Name?

Editorial Staff
July 4, 2005

Monomoy was once a peninsula that extended south from Chatham at the elbow of Cape Cod's curling arm, but the rushing waters of the Atlantic have since cut it into two separate islands. Throughout the 18th and 19th centuries, the waters surrounding Monomoy were revered as a graveyard for ships and vessels, mostly due to Pollock Rip, a region of unusually strong tidal currents south of the two islands. It was the Pollock Rip that caused the Pilgrims to enter Cape Cod Bay and settle at Plymouth instead of continuing southward to Virginia. And it was the same currents that were the ruin of many a ship until 1823, when a lighthouse was built to warn vessels to steer clear.

This is the history that Stephen Presser, a principal at Monomoy Capital Partners, chose to invoke when he founded the small-market turnaround firm in March 2005. "Many ships ran aground, until a lighthouse was installed to guide ships to safety," Presser told Buyouts. "That's what we plan to do, guide businesses safely ashore, or send them safely out to sea." Presser and Monomoy's three other founding principles all spun out of KPS Special Situations, a New York based turnaround firm that focuses on distressed middle-market companies.


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