Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, September 22. In today's briefing, Tricolor's bankruptcy liquidation kicked into another gear with the selection of a financial adviser, and bankruptcy courts are curbing the authority of a South Carolina receiver frequently appointed over asbestos defendants. Elsewhere, Saks Global is in talks for a major asset sale to deleverage its business.

Tricolor liquidator to engage financial adviser after car lender’s collapse. The liquidator for Tricolor Holdings is set to engage financial adviser Capstone Partners to examine allegations of fraud around the collapsed subprime auto lender and its vast loan portfolio, according to people familiar with the matter.

• Dallas-based Tricolor filed for a bankruptcy liquidation last week facing government investigations and a bank partner’s allegations of fraud. Liquidators are seeking to maximize the value of its assets, which includes some 100,000 outstanding car loans, many made to people without credit histories or Social Security numbers.

Puerto Rico board members sue for reinstatement. Three members of the oversight board supervising Puerto Rico's finances sued the Trump administration for their jobs back, saying the White House terminated them without due cause.

The trio of board members, including former bankruptcy judge Arthur Gonzalez, became the latest government officials to challenge their removal by President Trump.

The board in Puerto Rico, normally composed of seven members who oversee the territory's finances and bankruptcy proceedings, is now down to one. The White House hasn't officially put forward replacement members. —Andrew Scurria

• Earlier: Trump Administration Fires Most of Puerto Rico Oversight Board

Asbestos bankruptcies test reach of frequent South Carolina receiver. A South Carolina plaintiffs’ lawyer who is frequently appointed as a receiver for asbestos manufacturers is having his authority tested, following efforts to dislodge him through federal bankruptcy filings.

Saks in talks to sell stake in Bergdorf Goodman. Saks Global, which acquired the department store when it bought rival Neiman Marcus for $2.7 billion last year, is also in the process of selling $600 million of real estate, part of a broader effort to deleverage the business.

• Bergdorf Goodman is considered the crème de la crème of department stores. It is known for its superior service, selection of high-end goods from Chanel and Hermès, as well as its iconic location on the site of the former mansion of Cornelius Vanderbilt II on Manhattan’s Fifth Avenue just south of Central Park.

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