peHUB Second Opinion 12.1

We Are Aware: BusinessWeek takes its turn going at Sun Capital and Cerberus for Mervyns. Why is this suddenly news again? However, it’s a good in-depth look from another perspective on what sorts of measures desperate companies really take. The author wraps it up with signs of regret over the LBO.

Speaking of Sun: We saw the firm divest a few of Kellwood’s brands, including Hanna Andersson, a brand the company had only bought a few years ago. But we didn’t realize it sold the businesses to another Sun portfolio company! Is that even legal? UPDATE: It is legal, because that Sun portfolio company is actually  just a holding company or “platform” created to aggregate brands. Probably the best way to make divestitures and carve-outs in a time when few consumer-facing companies are looking to acquire.

Stocking Stuffers: Alan, Ben and Henry stress balls. Squeeze the Banker.

Safe Haven: When it looks like even private equity is getting in on the layoff act, there’s one place that’s safe. It’s law firms. The place everyone jokingly “escapes” from.

Speaking Of Lawyers: James Sprayregan, of bankruptcy fame, has left Goldman for Kirkland Ellis.

How To Apply: For Bailout Money “EZ Cash.” Vanity Fair via Dealbreaker.

And For the Unemployed: Some obvious but encouraging tips for job hunters.

In case you missed it: Dick Fuld is on the cover of New York Magazine.

Neuberger Deadline: Delayed.

20/20 Retrovision: Its so easy to look back and criticize that no one saw the credit crisis, housing bubble and recession coming, but really, everyone was wrong.