The infamous J.Crew maneuver was a bombshell, setting a blueprint for contentious liability management deals and sparking a wave of efforts to block such maneuvers. Now, some direct lenders are worried they've found a way around those blockers.

As we wrote earlier this week, securitization baskets in some credit agreements could be loose enough to allow borrowers to securitize assets like intellectual property.

How realistic is this idea, and what can people do about it? Will Caiger-Smith quizzes covenant expert James Wallick to get the answers.