With JPMorgan scooping up 85-year-old Bear Stearns last week for $2 per share, it is safe to say that deteriorating credit conditions and market jitters continue to hack away at the U.S. economy.

Taking advantage of the current situation is law firm Thacher Proffitt & Wood, which has drawn upon its expertise in the structured finance and capital markets sectors to form a distressed asset practice group.

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