To make unjust retaliatory threats to sue a blogger for libel for having properly fisked (q.v.) something which one has written.
The word is derived from a
combination of the first (Basil) and last (Loftus) name of a newspaper columnist who has
threatened to sue a blogger for properly fisking some of the former's pronouncements.
The original case has caused quite a stir in the Catholic blogosphere as both columnist and blogger are retired Catholic clerics. Googling his name will get you 63,000+ hits.