It was a bad day for shareholders of XTL Biopharmaceuticals. After its one-and-only drug that’s close to market failed clinical trials against a placebo, the company’s stock fell 95% in value to $0.13 per share.

How fucked does Wall Street think they are? Their market cap is a pathetic $366,000 even though they have $8 million in the bank and 0 debt.

XTL’s CEO, Ron Bentsur, had this to say:

“We are all very disappointed with the results of the study. We will devote the next few days to further analyze the data and decide on the appropriate course of action for the Bicifadine program, and for the company.”

Best of luck selling, Ron.

[Yahoo Finance] XTL Biopharma plunges on Bicifadine trial failure

Steve & Barry’s, which filed for bankruptcy just a few months ago, will be liquidated by the private equity firm that acquired 175 of its remaining stores. The company’s 5,000 employees will be let go and its inventory will be sold off.

The fire-sale marks a sour end for the nationally-known clothing brand that boasted Sarah Jessica Parker and Serena Venus Williams as high-profile clients. We bid farewell with a picture of one of their empty parking lots:

[WSJ] Apparel Chain Faces Closure Three Months After Rescue

An analyst from RBC Capital Markets has said that a bankruptcy filing from Nortel Networks is a “distinct possibility.” The company just laid off 1,300 and will have to sell assets in order to stay afloat. Nortel has a major debt load, and a stock that isn’t even a fraction of what it once was.

[Reuters] Nortel bankruptcy a “distinct possibility”: analyst

The busy feds at the FDIC have just seized their 19th bank for the year: Los Angeles based Security Pacific Bank. The minnow only had total deposits of $450.1 million and 4 branches; all be taken over by Pacific Western Bank.

Bon voyage, you bad gamblers

[MarketWatch] Security Pacific Bank seized by FDIC

The FDIC has taken over Texas-based Franklin Bank and given its $3.7 billion in deposits to Prosperity Bank. The 46 branch offices of Franklin will also be turned over to Prosperity.

Franklin was founded by the hero of Michael Lewis’ Liar’s Poker, Lew Ranieri. In the eighties Ranieri was the Salmon Brothers rabbi who was the driving force in the invention of the mortgage security. After making billions of dollars in mortgages, he was out-politicked and ousted from the office of the vice chairman at the investment bank. His departure from Salmon was bloody, Franklin’s departure from the banking world was the same.

[Bloomberg] Ranieri Becomes Victim of Crisis as Franklin Seized

iKobo was a money transferring service for people who didn’t want to use Paypal, Moneybookers, ePassporte, or the money-laundering E-Gold. Now, their fledgling, also-ran service will be discontinuing operations. In an email to members, the company informs them that they only have 7 days to spend the money in their account before it is refunded to the original sender.

[TechCrunch] Online Money Transfer Service iKobo Calls It Quits

Shares of casino operator Las Vegas Sands dropped quicker than a hundred-dollar-bill on the pass-line after the company confessed that its debt is above the maximum leverage ratio. The company’s stock fell 33% on fears that it will probably default on its loans, and a bailout from the billionaire who controls the company — Sheldon Adelson — looks more and more unlikely.

The Sands’ stock chart looks like the bankroll of a slots player:

[MarketWatch] Las Vegas Sands signals it may not survive downturn

Also-ran electronics retailer Tweeter will be closing all 94 of its remaining stores. The liquidation and shutterings come one year after the company went bankrupt with $165 million in debt. Chalk up another victory for Best Buy. Fire-sales at Tweeter stores have already begun.

Tweeter’s stock chart shows its wild ride to the bottom:

[Boston.com] Tweeter to shutter remaining stores

Circuit City will be closing 20% of its 700 stores by the end of the year. The move comes a few weeks before the holiday season begins — a season that will be crucial for the ailing electronics retailer. The closing stores have brought in $1.4 billion in net sales for 2008, but have likely been a drain on the bottom line. Store closing sales will begin Wednesday so go pick up some junk.

[Yahoo Finance] Circuit City closing 155 stores

Shares of VeraSun fell over 50% today on rumors that the ethanol company is close to filing for Chapter 11 bankruptcy. The company has been frantically trying to sell itself for the last month, but has apparently come up empty-handed. I guess the market for corn-to-fuel companies that lose $100 million per quarter has dried up.

[Yahoo Finance] VeraSun falls on report bankruptcy filing imminent

Media recommendation service MatchMine will be shutting its doors effective immediately. Small wonder — the company burned through a jaw-dropping $10 million in one year. In a blog post appropriately titled Fin, the company’s CEO blames the “unprecedented financial times” and himself for the failure. One of these is accurate, one is not.

[TechCrunch] MatchMine Throws In The Towel

It’s the last day on the job for Radar Magazine’s employees — the operation will be closing (this time for good). According to The New York Observer and Gawker, the Radar website will be sold off to American Media Inc. and relaunched in 2009. No layoff numbers have been released, and Radar has not yet filed for bankruptcy…

[Gawker] Radar Folding

The Houston Business Journal is running with the rumor that the country’s largest housewares retailer, Linens ‘n Things, has been unable to find anyone interested in purchasing the company so it might liquidate before the end of the year. The company operated nearly 600 stores when it declared bankruptcy in May.

Houston Business Journal: Report: Linens ‘n Things to liquidate

Shares of Rite Aid have dropped to an all-time low of 74 cents today in the wake of a disappointing second quarter. For some reason though, analysts are optimistic; you can read the good stuff if you want — I didn’t bother.

Foxwoods Casinos, which announced 700 layoffs a few days ago has just announced that its CEO, Patricia Irvin, has been the first to be let go. Apparently, the entire office of the CEO has been eliminated — those duties will now fall to the president and general manager of the casino. Irvin’s ouster was effective immediately last Friday.