And I want to see how this ties into the Chapter 11 side of it with Mike and then bring it to the board with Matt.

Yeah, so I think, look, at its core, liability management is using the flexibility in a company's debt documents to execute a transaction out of court that potentially raises capital or extends maturities and potentially achieves deleveraging.

Right.

And so, you know, in the liability management toolkit has evolved significantly over the years when I joined Blackstone back in 2011.

So before the spin out right into PJT, when we would think about liability management, it was usually some sort of.

you know, kind of more plain vanilla, you know, maybe a distressed tender, right? Or an up-tier transaction where you're exchanging unsecured bonds into, say, first or second lien debt.

That's kind of like what we did back in the day.

So if you had to say, what's your biggest obstacle that you have to deal with and how you've dealt with it?