Bracewell & Giuliani


Quotes

A Distressed Portfolio Manager
"More of the same, please keep it coming!"

A Restructuring Professional
"I love your blog!"

An Investment Professional
"Your blog looks awesome -
I will read it religiously!"

An Institutional Investment Officer
"Just discovered the Basis Points blog. Love the Crazy Train references and, obviously, the haiku."

From a Senior Managing Director in Singapore
"Thoroughly enjoy Basis Points. Insightful, well written and humorous!"

A Buyside Analyst
"You are insane. I can't wait for my daily fix of the blog (and the haiku more so). It might even become my homepage."

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Points

  1. B-I-C Recognized by Financial Times

    July 2, 2015

    Basis Points’ resident haiku master, the B-I-C, recently learned of a weekly haiku contest run by the Financial Times Executive Appointments section. He couldn’t resist entering.

    This week’s topic was “being fired,” and fortunately or unfortunately, the B-I-C was a winner with the following entry:

    My wife hugs me
    the shock recedes
    it returns

    more…

  2. Bankruptcy Lawyers Can’t Get Paid Their Fees in Defending Their Fees?? The Supremes Got It Right

    June 22, 2015

    “Stop in the name of love, before you break my heart”

    That’s what bankruptcy lawyers are now proclaiming in the wake of Baker Botts v. Asarco, in which the Supreme Court held that the debtor’s law firm could not be paid its “fees on fees” in defending against an objection to their fees. Two disclaimers. First, our firm represented the winning party in Baker Botts. Second, I am a bankruptcy lawyer and I would like to be paid all of my fees, including fees on fees. But it ain’t right or, at least, it ain’t what Congress authorized in Bankruptcy Code § 330. more…

  3. Losing Momentive: A Roadmap to Higher Cramdown Interest Rates

    June 15, 2015

    HARVARD BUSINESS LAW REVIEW ONLINE

    I. Introduction
    There has been a lot of press regarding the lengthy Momentive, bench ruling delivered in late 2014. In Momentive, the Bankruptcy Court for the Southern District of New York held that debtors could satisfy the “cramdown” requirements of section 1129(b) of the Bankruptcy Code by distributing to secured creditors replacement notes paying below-market interest rates based on small margins. Several months later, the Ninth Circuit Bankruptcy Appellate Panel (“BAP”) issued an unpublished decision in which it took a more nuanced approach to cramdown interest rate calculation. Instead of identifying a defined range for acceptable margins, as was the case in Momentive, the Ninth Circuit BAP concluded that creditors should shoulder the evidentiary burden to prove the risk factors used to determine the appropriate cramdown rate. In the wake of Momentive, the Ninth Circuit BAP has offered undersecured creditors a roadmap to higher cramdown interest rates under the right circumstances.

    Read the full article here.

  4. View All Points »

Poems

Climate Change

Tornado warning
My lights flicker, my dogs howl
But this is … Hartford?

Red Sox Nation

Falling further back
Deflated like Tom Brady
They could use A-Rod

E&P Companies

They drill baby drill
Black gold no longer golden
Jed Clampett goes home

Just Shoot Me

Colt dome in Hartford
Gold leafing peeling away
No more peacemakers?

Icarus Flies Again

AMR-US
If you fail and fail and fail
Is fourth time the charm?

Suntech

Chinese company
US public bondholders
Welcome to Wuxi

Mariano Rivera

Number 42
Is now 43 years old
Makes Jeter look young

AMR-US

Two troubled airlines
Will merged airline be better?
I prefer the train

Prescription for Recovery

We could use more jobs
And fewer politicians
It is that simple

Wall Street

Bulls, Bears make money
Pigs become hogs, get slaughtered
Wall Street ever thus

View All Poems »

People

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Evan D. Flaschen

As Blogger-in-Chief Evan Flaschen approaches his office in his signature Tommy Bahama shirt, shorts and sandals, the classic Ozzy Osbourne song “Crazy Train” is cranked to 11. With a 7-foot giraffe statue peering over one shoulder, a life-size Abe Lincoln cut-out over the other and Bloomberg news on his wall TV, Evan sits in front of his four computer screens, two speakerphones and wireless headset and takes on the restructuring world with a passion and a smile. (more…)

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Jeris Diana Brunette

Jeris may be the only Basis Points contributor who can say “credit transaction” in five different languages. During college and law school, she immersed herself in Spanish, Czech and Finnish, tossing in a study abroad term in Russia, for good measure.  (more…)

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Robert G. Burns

While Bob Burns lives by day (and sometimes night) in the rough, tough and sometimes belligerent world of distressed investing and corporate restructurings, he has seen real belligerence up close. While on a business trip to Paraguay to evaluate a distressed investment, Bob found himself stuck in the middle of a military coup. (more…)

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Dee Martin

Many people talk about wanting to make a difference, but Dee Martin has been doing it all her life. In fact, whether she’s spending time at the Ngamba Island Chimpanzee sanctuary in Uganda or flying home after attending the Fortune Magazine Most Powerful Women Summit as an invited guest, Dee Martin is always wearing her advocacy hat.  (more…)

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Jennifer Feldsher

Jen Feldsher was born to practice law. Growing up in the former Soviet Union – a country without the rule of law – ignited a deep-rooted affinity for its principles. She seemingly began her career at the age of five, drafting her first contract on a post-it note after her father asked to borrow $10. (more…)

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