WSJcomBankruptcyBeat

This week on The Broke and the Beautiful, the sports world is again overshadowing the rest of the celebrity bankruptcy world. A “Real Housewives” couple are in the spotlight, but the Dallas Stars are elbowing for a close-up, with several bidders possibly lining up to buy the team. Also this week, the Phoenix Coyotes saga lives on, and New York Jets player Mark Brunell is throwing out a new idea for his post-bankruptcy, post-NFL life.

While it turns out that Zylon—the material that bankrupt body-armor maker Point Blank once stuffed into its bulletproof vests—may not actually protect you from bullets, don’t count the allegedly defective thread out just yet.

It’s good enough to serve as scrap used in the production of tire foundation, asphalt “and other similar industrial products,” according to court papers—great news for Point Blank, which has a lot of Zylon to get off its chest.

Lehman Brothers Holdings Inc. said Wednesday it will drop its appeal in the so-called secret discount lawsuit against Barclays PLC over the price Barclays paid when it bought Lehman’s U.S. brokerage business in September 2008. Read the Daily Bankruptcy Review story here.

A maker of sweet treats for Scots may face a sour fate.

Confectioner New McCowans Ltd., which makes Highland Toffee bars, Wham chew bars and Bonbons chewy candies, has gone into administration, according to the BBC.

The concept behind a pending California law requiring municipalities to seek mediation before filing for bankruptcy divided respondents to a recent American Bankruptcy Institute poll.

Nearly half of participants, 49%, either “strongly agreed” or “somewhat agreed” with the statement: “Local governments should be required to first go through mediation before filing for Chapter 9,” the form of bankruptcy reserved for municipalities.