The LMT Playbook
A teacher's walkthrough of six liability-management families — drop-down, uptier, double-dip, coercive exchange, vote manufacturing and negotiated priming — with case studies, defensive drafting and a fifteen-line diligence checklist.
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Read the attack. Trace the permission. Grade the defence.
Identify the proposed action
Separate the transaction family, assets, claims, entities and affected creditor groups.
Trace permissions and blockers
Test definitions, baskets, voting thresholds, transfer mechanics, lien and debt permissions, and intercreditor dependencies.
Record what remains unknown
Distinguish assumed mechanics from facts that require executed documents, transaction evidence and specialist review.
The operative documents and qualified legal analysis control. This playbook does not determine legal capacity, transaction validity or the outcome under any agreement. Education and analytics only. Not legal, credit or investment advice.
CC BY-NC-ND 4.0
Author: Federico Etchelecu. Publisher: LevFin Academy. You may copy and redistribute the unmodified work for non-commercial purposes with attribution. Adapted material may not be shared. See the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International licence.