peHUB Second Opinion 10.22.08

Bankruptcy Lite: Paul Kedrosky doesn’t think Fortress Investment Group’s Intrawest will have to file for bankruptcy, but it has to restructure somehow. His theory for the debt, and the debt of many PE deals from of 05-early 07 days is “some sort of prepackaged bankruptcy-lite deal.” Tell me more…

Dealbreaker: In times of distress, do we not even attempt to keep up appearances? AIG has loosened its dress code to “business casual.”

F The Economy: Buying a t-shirt is certainly not the most productive way to deal with it, my dear recessionistas.

Let The Denomination Begin: Calpers has seen its asset decline by 20% in its more recent quarter, which may lead to increased contributions from employers, WSJ reports.

Comeback Time: Zoe Cruz is ready for her return. But if it’s too a hedge fund, as the TheStreet.com reports, it won’t be as triumphant, given the state of the hedge world these days…

Dealbook On The Scene: Coverage of U.S. Banker Black and White Gala for Women. Apparently there’s strong “bank spirit” for Zions Bancorporation, who knew.  Here’s the rundown on the 25 most powerful women in banking.

Shy Vultures: The funds dedicated to distressed debt are growing, but their rate of investments is not.