Lessons Learned

Earlier this week Stone Energy Corporation announced that it completed the recordation of second lien mortgages - as required under its indenture with The Bank of New York Mellon Trust Company N.A. 

This seems like such a basic thing that it wouldn't require a press release to celebrate it. But anyone who was paying attention to the last 18 months' of energy bankruptcy cases knows that closing checklist items don't always get done: there were a number of purportedly secured positions that were, well, not necessarily as secured as investors thought (we're looking at you Linn Energy). So, congratulations lawyers...this time you didn't commit malpractice!