A help wanted ad I see coming in the very near future…

WANTED: Debt investors need deeply experienced workout group to help us not lose all the money we invested in horrible companies with tragic balance sheets. Oh, and did we mention the assets aren’t good so you can’t drill or sell your way out of the problem.

Required skills: must be able to take a beating all day every day; must take the blame for our horrible investment so we can blame you when you can’t fix it; MUST NOT have thought buying the equity was a good idea.