As I’ve been documenting for a few weeks now, Saks Global continues to ride a seemingly endless cycle of market volatility and vicissitude—including some bumps of its own creation. Saks is the brainchild of Richard Baker, a Greenwich real estate developer who was the architect of the $2.7 billion deal that closed in December, wherein Saks bought Neiman Marcus Group, including Bergdorf Goodman, from the hedge funds that owned the company after it emerged from bankruptcy. To pay for the acquisition and refinance existing debt, Saks Global ended up with some $4 billion in debt, including a publicly traded $2.2 billion five-year bond, underwritten by Jefferies; a $1.8 billion asset-based loan, underwritten by Bank of America; and an existing $1.25 billion commercial mortgage-backed security, backed by the Saks flagship store on Fifth Avenue.