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  1. “Alberta, Alberta: What Is a Secured Lender/Noteholder To Do with Canadian O&G Collateral?”

    June 24, 2016

    Prior to May 19, 2016, enforcing security against a financially-troubled O&G borrower in Alberta was a difficult proposition because the Alberta Energy Regulator (AER) had promulgated regulations to the effect that it would not license acquirers of producing wells unless potential environmental liabilities for the costs of abandonment, remediation and reclamation for non-producing wells were covered, either by the acquirer assuming the liabilities or posting the necessary R&R bonding. And because security enforcement typically occurs precisely when the borrower is in financial difficulty, the regulations scared away some buyers altogether, led to the continuing buyers to lower their purchases prices (because they had to assume the liabilities) and sometimes even required the foreclosing creditors themselves to provide the necessary bonding.

    That all changed on May 19. Or did it? more…

  2. Enough With the Fees-on-Fees Already: ASARCO Really Means What It Says

    March 18, 2016

    We previously posted here and here and here about chapter 11 law firms seeking to be paid their “fees-on-fees” in defending against objections to their fee applications. While the Supremes said “no” in the ASARCO decision, lawyers will be lawyers and they have tried several times to contract around ASARCO. The latest attempt was in New Gulf Resources, LLC, where debtor counsel attempted to contract for a 10% fee premium unless the firm did not incur material fees and expenses in defending against objections to its fee applications. more…

  3. “A Major Leap Forward for Australian Insolvency Laws”

    February 26, 2016

    Australia is making several significant reforms to its insolvency legislation – with more changes likely to come – to provide much-needed comfort for directors and to align legislation on ipso facto clauses in order to prevent contractual terminations simply as a result of the commencement of an insolvency proceeding. (See the Productivity Commission Report on Business Set-up, Transfer and Closure (available here)). more…

  4. View All Points »



Within these pages
I am born anew, my soul
no longer adrift


Coltrane conveys me
to dimly lit surroundings
and memories of her


In its abstraction
I see into my own soul
and rejoice at life

Tarnished Reputation

A butterfly
Pinned down
Faded beauty

Chapter 11 Alphabet


Global Warming 2016

Of course it is real
Inexhaustible hot air
From the candidates

Just Sue Me

Litigation fest
Can’t we all just get along?
Lawyers churning fees

Rigs in Repose

Waves gently lapping
Steel giants peacefully sway
No drilling today

Allowed Make-Whole Claims

As rare as hen’s teeth
Language must be crystal clear
Seems it never is


The stockings are stuffed
Too much coal, too much distress
Chapter 11

View All Poems »



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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Gregory W. Nye

When asked what it is, precisely, he does for a living, Greg Nye responds: “I make the most complex financial structures easy to understand.” Outside the courtroom, Greg likes to pump iron (with minimal observable results). (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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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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Kevin A. Ewing

From mountaineering in the Rockies to picnicking in the Bavarian Alps with his family, Kevin Ewing finds some interesting ways to spend his free time. But it’s no different with his professional life, which takes place in the tricky terrain where environmental law crosses significant corporate decisions about capital deployment, shareholder disclosures and corporate governance.  (more…)

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