Top 10 Turnaround Candidates for 2002, Part 5

Editor's Note: Arne Alsin's column runs exclusively on RealMoney.com; this is a special free look at his column. For a free trial subscription to RealMoney.com, click here. This article was published Dec. 12 on RealMoney.

Turnaround investing involves a wide range of companies. At one end of the spectrum are what I call hard turnarounds -- namely, situations where the company is in distress, perhaps teetering on the brink of (or already in) bankruptcy.

Big money can be made or lost depending on the resolution of hard turnarounds. Examples of companies in hard-turnaround mode include Global Crossing (GX Quote), Loral (LOR Quote), Providian (PVN Quote), Revlon (REV Quote), Enron (ENE Quote) and Conseco (CNC Quote). ...