In just one decade, the energy sector has seen three dramatic busts: (1) the 2008-09 financial crisis; (2) the 2014-15 oil crash; and (3) the 2020 COVID-19 pandemic (the “Three Crashes”). The 2020 crash may be the worst yet. One of my clients... Continue Reading →
Like most other businesses, law firms, too, are suffering the economic effects of COVID-19. Although many lawyers are able to work just as efficiently from their homes as they can from their offices, the impacts of COVID-19 on clients often... Continue Reading →
The term “zombie company” describes firms that “are still trading, and so half living, but not able to invest or grow to pay off their debts, which is why they are also considered half dead” (Wikipedia – “Zombie Company”). The... Continue Reading →
One of the barriers facing energy companies seeking to restructure their balance sheets is the increasing specialization of their investors and financial institutions. Traditional banks only want to hold low-risk reserves-based loans (RBLs). Hedge funds and family offices have similarly... Continue Reading →
On the occasion of economist Ronald Coase’s 100th birthday celebration, our conversation turned to the 2009 financial crisis. We marveled at how fast markets were adjusting. Everyone in the world simultaneously hit the “sell” button, and prices plummeted. Professor Coase... Continue Reading →
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