Randall L. Osterberg sat with his back to the escalator at the Hilton Americas hotel, nursing a cup of Starbucks’ finest fully synthetic and ruminating on M&A in the time of the coronavirus.

Osterberg, managing director at Opportune LLP, has had time to consider the bad bounce the industry has taken since his banker days arranging credit facilities for Aubrey McClendon and Chesapeake Energy Corp., Continental Resources Inc. and HollyFrontier Corp.

Osterberg blames the unending buffet of money for the folly that’s befallen the industry’s deal making. Like the housing market’s subprime mortgage crisis in the previous decade, lenders signed up credit-damaged borrowers who couldn’t pay.

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