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Are You Ready To Invest In Blackstone's Distressed PE Financing Debt Fund?

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As everyone watches the war of attrition that is the First Data deal, will the rather bold pursuit of PE funds trying to raise vehicles to invest solely in the distressed financing of their own deals dampen?
From Slate:

Last month, Henny Sender of the Wall Street Journal reported that the Blackstone Group, Texas Pacific Group, and the Carlyle Group are interested in snapping up discounted bank loans. "Executives at many private-equity firms say that could even include investing in the debt of their own deals," Sender wrote. Last week, the Financial Times reported that "Goldman Sachs, Lehman Brothers, Apollo, Texas Pacific, Blackstone, GLG Partners, Oaktree Capital and Blue Mountain" are beating the bushes to raise funds aimed at purchasing discounted bank loans.

It's glorious financial post-modernism, or a game of "flip the discount" until someone profits. Whole multi-billion vehicles set up based solely on one big macro entry-point guess. Doesn't exactly seem like a sophisticated strategy, and one that could definitely backfire. What if an entire distressed distressed PE debt fund was sold to a secondary PE shop at a discount? Our head is going to explode.
Getting Paid To Clean Up Your Own Mess [Slate]