The bail-in was first proposed publicly in an Economist Op-Ed "From Bail-out to Bail-in" in January 2010, by Paul Calello and Wilson Ervin. It was described as a new alternative between "taxpayer bail-outs (bad) and systemic financial collapse (probably worse)." It envisioned a high-speed recapitalization financed by "bailing-in" (converting) bondholder debt into fresh equity. The new capital would absorb losses and provide new capital to support critical activities, thereby avoiding a sudden disorderly collapse or fire sale, as seen in the Lehman failure. Management would be fired and shareholders would displaced by the bailed-in bondholders, but the franchise, employees and core services could continue, supported by the newly converted capital.