Rags! Old Bones! Distressed Receivables!

Maybe this is old stuff to the insiders, but news to me--the logical conclusion of the "anything is a bargain at the right price" theory:

B A N K R U P T C Y D E A L W I R E
December 11, 2007

SELECT BANKRUPTCY STORIES AND ANALYSIS

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*** END OF YEAR CLOSE OUT! ***
Oak Point will help you close out your cases by purchasing whatever Remnants are left... restitution payments, claims in other cases, class action claim stubs, judgments, old receivables, payment plans, etc, etc, etc. Maximize cash for creditors while providing a complete and final close to your case ...

Works for me. Hey, there are big-box stores that sell no merchandise but remainders. In a world where people buy and sell unsatisfied court judgments, uncollected legacies, stock in bankrupt companies, this seems to be a perfectly logical extension. But I must say, we've come a long way from the world of Dostoevski and Dickens, where traffic in distressed receivables was regarded as itself a form of criminality (usually, and not incidentally, associated with Jews--but that us a whole nuther story.

Afterthought: No, wait, there is one more stuff: take 100 of these deals and package them together as a securitization.

Source: The snippet showed up in my daily email from Bankruptcy Insider (link).