The Melodrama At Macy's

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Did you miss Manhattan's fashion show extravaganza in mid-April? Are tickets for the Letterman show unavailable? Don't worry. You still can grab an orchestra seat at one of the biggest shows in town: The battle for R.H. Macy & Co., the department-store chain that is now entering its 29th month of operating in bankruptcy.

The plot's too confusing, you say? You're not the only one who thinks so: Even some of the players don't seem sure of their roles. They're a diverse bunch--everyone from celebrities and former Cabinet members to the usual contingent of power brokers. Adding to the disorder, they all seem to be reading from different scripts.