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He had been head of high-yield research at BNP Paribas.
"It was an incredibly fast implosion," said Kim Noland, the director of high-yield research with Gimme Credit.
"The question now is, where it goes from here, including acquisitions," said Andrew Finkelstein, vice president for high-yield research at Lehman Brothers.
"We feel the Fed is basically done with interest-rate increases," said Steven A. Ruggiero, director of high-yield research at Chase Securities.
Word of the refinancing proposal caused prices of RJR bonds to skyrocket on three times normal volume, said Joe Bencivenga, head of high-yield research at Salomon Brothers.
The reset provision "was what pushed them into default," said Sean St. Clair, director of high-yield research at Duff & Phelps, the Chicago credit-rating agency.
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He is an associate in high-yield bond research at Morgan Stanley in New York.
Mr. Zervigon, 34, is an executive director for high-yield bond research at Morgan Stanley, the investment bank in Manhattan.
Owen Cheevers, 51, was head of high-yield bond research at the Bank of Montreal in New York when he wrote a cautionary report on companies in the radio industry.
Mr. Cavanagh, 30, is an associate in the high-yield credit research group at Merrill Lynch; he analyzes the home-building sector and makes recommendations to buy or sell bonds from that industry.
Former Merrill Lynch high-yield bond research maven Martin Fridson Martin Fridson in his Leverage World weekly publication notes an erosion of protective covenants, especially in clawback provisions.
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