Distressed Debt Analysis: Strategies for Speculative Investors

A chessboard can be thought of as an 8 8 grid map with the vertical rows designated with letters a h and the horizontal lines designated with numbers 1 8. Each square is named by its intersecting coordinates, with the southwest corner serving as the origin. In addition to the coordinates for each square, other symbols are used in following the moves in a chess game:
| Piece Symbols | Move Symbols |
|---|---|
| K = King | X = captures piece |
| Q = Queen | + = check |
| R = Rook | 0-0 = castle-Kingside |
| B = Bishop | 0-0-0 = castle-Queenside |
| N = Knight | |
| P = Pawn |

It is assumed that the ending location of a piece is sufficient to indicate which piece must have been moved. White pieces are on the bottom half of the board. Thus, 1. Pd4 indicates that the pawn that was at b4 was moved to d4. Captures are noted by the square of the capture. Thus, 7. Pxc3 indicates that a pawn captured whatever was on c3 (the type of piece making the capture is needed because often several pieces may be involved).
[*]Prepared in consultation with Pandofini (1993).
| Move | Spassky White | Fischer Black |
|---|---|---|
| 1. | Pd4 | Nf6 |
| 2. | Pc4 | Pe6 |
| 3. | Nc3 | Bb4 |
| 4. | Nf3 | Pc5 |
| 5. | Pe3 | Nc6 |
| 6. | Bd3 | Bxc3+ |
| 7. | Pxc3 | Pd6 |
| 8. | Pe4 | Pe5 |
| 9. | Pd5 | Ne7 |
| 10. | Nh4 | Ph6 |
| 11. | Pf4 | Ng6 |
| 12. |