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  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


  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


    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 Several months later, the Ninth Circuit Bankruptcy Appellate Panel (“BAP”) issued an unpublished decision in which it took a more nuanced approach to cramdown interest rate calculation.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 »


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

If you fail and fail and fail
Is fourth time the charm?


Chinese company
US public bondholders
Welcome to Wuxi

Mariano Rivera

Number 42
Is now 43 years old
Makes Jeter look young


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

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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…)


Mark E. Dendinger

The ability to excel in golf certainly lends itself to the ability to excel in other technically complex pursuits—like the practice of law. Why? According to golf guru Jim Flick, “Golf is 90 percent mental,…and the other 10 percent is mental.”  (more…)

Schoulder, Andrew web bw

Andrew Schoulder

Andrew Schoulder learned he was persuasive at a very early age. When faced with budget cuts for his beloved New York City high school, Andrew successfully led a lobbying effort against then NYC Chancellor of Education, Raymond Cortines, to keep his school intact. This was, in a sense, Andrew’s first foray into dealing with distressed businesses, and the first of many victories. (more…)

McGinley, Elizabeth B&W web_72dpi

Elizabeth L. McGinley

Who chooses to take multiple philosophy courses on top of an accounting major? Someone who’s creative and analytical as well as systematic and practical. That’s Elizabeth McGinley. (more…)

Campana, Kristen BW Web_72dpi

Kristen V. Campana

As a skilled chef who has traveled to six continents (Australia’s up next), Kristen put herself through law school with catering jobs. Thankfully, she found Wall Street just as fascinating as travel and fine cuisine. (more…)

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