Over the past several years, the utilization of liability-management exercises (LMEs) as financial restructuring strategies for overleveraged companies in the U.S. has exploded, taking share from conventional bankruptcies and workouts. The use of more aggressive forms of these transactions, termed “coercive LMEs,” has become particularly controversial. A great deal of press, academic research and litigation has been dedicated to the scrutiny of these transactions under a lens of fairness. This article takes a look at the possible direct connection between coercive LMEs and the values of the firms that underwent the exercises.