The purpose of this paper is to assess the prospects for a neo‐logicist development of set theory based on a restriction of Frege's Basic Law V, which we call (RV): ∀P∀Q[Ext(P) = Ext(Q) ≡ [(BAD(P) & BAD(Q)) ∨ ∀x(Px ≡ Qx)]] BAD is taken as a primitive property of properties. We explore the features it must have for (RV) to sanction the various strong axioms of Zermelo–Fraenkel set theory. The primary interpretation is where ‘BAD’ is Dummett's ‘indefinitely extensible’.1 Background: what (...) and why?2 Framework3 GOOD candidates, indefinite extensibility4 The framework of (RV) alone, or almost alone5 The axioms6 Brief closing. (shrink)