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Robert L. Sipe, 83, died May 24 in Dallas, Texas, after a long illness. He was a veteran Dallas organbuilder who over 60 years produced new and rebuilt instruments across the United States. Following pioneering 1950s United States installations by Beckerath and Flentrop, Sipe was the first Texas builder after Otto Hofmann to wholeheartedly embrace neo-Baroque principles of mechanical action, slider windchests, low wind pressures, freestanding encasement, and lean and brilliant sonorities.

(Bloomberg) -- Fears of a systemic credit event are growing among fund managers as alarms sound in property markets around the world.Most Read from BloombergTrump Keeps NY Empire Intact as Judge Rescinds Asset-Sale OrderTrump Organization Hit With $365 Million Fine in Fraud TrialUK, Allies Look to Arm Ukraine With AI-Enabled Swarm DronesTop Investors Share the Toughest Lessons They Had to Learn‘Peak Euphoria’ Warning Blares as Stress Vanishes on Wall StreetAbout one in six of those polled consid

Global money managers weren't counting on a 99% haircut.

China Evergrande Group's defaulted offshore bonds are trading at just 1 cent on the dollar following a Hong Kong court order for the company's liquidation, highlighting the dangers of trying to bargain with the Communist Party.

(Bloomberg) -- From afar, China Evergrande Group had all the makings of a killer distressed-debt trade: $19 billion in defaulted offshore bonds; $242 billion in assets; and a government that appeared determined to prop up the country’s faltering property market. So US and European hedge funds piled into the debt, envisioning big payouts to juice their returns.Most Read from BloombergBiden’s Attempt to Address Memory Issue Backfires With New GaffeA 99% Bond Wipeout Hands Hedge Funds a Harsh Lesso