Old Pro Plans to Clean Up When Market Crumbles

Wall Street is wringing its hands over the credit markets, and many observers are anticipating a spillover from the subprime trauma that has befallen a pair of Bear Stearns (BSC Quote) hedge funds.

But one man's doom and gloom is another man's opportunity. That's where Michael Heisley comes in. Heisley, the owner of the National Basketball Association's Memphis Grizzlies and a longtime investor in distressed assets, is betting that the market is headed for a fall, and he's about to put some of his funds to work.

"When you get way closer to the top and miles from the bottom, you're going to see a correction," Heisley tells TheStreet.com. ...