WSJcomBankruptcyBeat

Celebrities have been understandably hesitant to carry Alex Caldwell’s handbags down the runway.

But Hollywood has found other reasons to call upon the purse designer, whose egg-shaped art pieces have made it possible for fashion-bold women to wear art inspired by legendary Russian jeweler Peter Carl Faberge—yes, the guy who made the eggs—over their shoulders.

The government’s bankruptcy watchdog and disgruntled investors suing Lehman Brothers Holdings Inc.’s former leaders are both objecting to the investment bank’s bankruptcy liquidation plan, saying it’s too easy on the executives and board members who oversaw the bank’s collapse. Read the Daily Bankruptcy Review story here.

A flurry of briefs hit the docket in Washington Mutual Inc.’s bankruptcy case late Wednesday, as creditors and shareholders prepared for the final round of a duel over the $7 billion payout plan. Read the Daily Bankruptcy Review story here.

A judge Wednesday approved procedures for an auction of Borders Group Inc.’s website and other intellectual property, a step that could keep the liquidating bookseller’s brand name alive even after its physical stores are all gone. Read the Daily Bankruptcy Review story here.

For restructuring professionals accustomed to downgrades and deadlines, “debtmageddon” was just another day at the office. Read the Daily Bankruptcy Review story here.