Look out below!

Realogy and its credit woes
According to The New York Times,

Dozens of other companies are being closely watched for signs of trouble, according to Mr. Penniman. Among those he cited whose debt showed distress were Sbarro, the Italian fast-food chain; Dollar Thrifty Automotive Group, the rental-car company; and Sealy, the mattress maker whose predecessor helped lead to the fall of First Boston.

Analysts are also watching Claire’s Stores, the costume jewelry purveyor, and Realogy, the parent company of the Century 21 and Coldwell Banker real estate brokerage firms.

What will probably happen to Realogy is that, once the money managers of Apollo Management grow tired of losing, not making money on their real estate venture they'll unload Realogy and with it its branches like Sotheby's and Coldwell on someone else. Those firms themselves will stick around - why, they're as solid as Washington Mutual!