The first, is that anyone holding out for a big push higher across energy equities as a result of a wave of distressed equity M&A can give up: according to Credit Suisse the next wave of mergers will take place via "debt negotiations", not equity buyout offers: "the best M&A will be done on the credit side, not the equity side." This means that instead of stock prices rising, they will collapse as companies engage in corporate reorgs, ones where the debt is impaired partially, and by definition, the equity fully.

The second is that the Dallas Fed was lying when it said our story about the Dallas Fed forcing energy lenders to delay counterparty bankruptcies as long as possible was untrue. This is what Credit Suisse just said:

Give and take between the Comptroller of the Currency and the Fed generated stories of big banks being a bit more lenient rather than swamping regional banks with failures. E&P companies had their borrowing bases upheld, for now, but were told to generate additional liquidity or have those bases cut in the spring