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Microsoft (NASDAQ: MSFT) has engaged investment bank Morgan Stanley (NYSE: MS) to help it unload digital agency Razorfish. Publicis (OTC: PGPEF) is looking for targets in the online ad space and could be a possible bidder.

Razorfish has been valued at $600 million to $700 million, based on a top line of approximately $400 million for its last fiscal year and peer margins of 12% to 13%. The company boasts 2,000 employees and clients that include Audi, Nike (NYSE: NKE) and Kraft (NYSE: KFT). Microsoft bought the company as part of a $6 billion deal to acquire aQuantive. At the time, Razorfish was known as Avenue A Razorfish, as the result of a merger sealed in the wasteland known as the "dotcom bust."

While Twitter's founders are struggling to figure out exactly how to cash in on their creation, others may have found a way.

Lolplaying, a gaming company, seems to have found a new way to make some cash with their new role-playing game called 140Mafia (a reference to how many characters you use to tweet). The company is trying to harness Twitter's ability to make money by teaming with Super Rewards, which is a "virtual currency" service that makes a great deal of cash from various forms of online recreation.

Rumor has it that Nortel Networks (OTC: NRTLQ) will sell its enterprise division in the near future.

This would be part of a broader plan to break the company apart instead of trying to restructure its way out of bankruptcy. The company is planning to sell its CDMA and LTE wireless businesses to Nokia (NYSE: NOK) for $650 million -- the first unit sale since the January bankruptcy filing.

Activist investor Carl Icahn is reportedly interested in taking another run at Delphi Corp. after a federal judge ordered the bankrupt auto parts supplier to open the sale of its assets to potential bidders, in addition to the previous offer from private-equity firm Platinum Equity.

Icahn's auto-parts company, Federal-Mogul Corp. (NASDAQ: FDML), had held discussions with Delphi, but the Presidential Task Force on the Auto Industry, which was set up by the Obama administration to oversee the restructuring of the U.S. auto industry, preferred the Platinum Equity deal.

Three separate requests filed in Indiana by pension funds and consumer groups have asked the U.S. Supreme Court to stop the sale of Chrysler to a group led by Fiat. The groups filing the complaints hope to buy some time while challenging the deal. Some believe that this case could set a precedent for General Motors, which is trying to employ a similar "quick-sale" strategy as Chrysler. Late Friday, an appeals court stayed the closing of the sale until this afternoon, which gave the pension funds and opponents the weekend to make their plea to the Supreme Court.

The three pension funds argued that the sale of Chrysler unlawfully rewarded unsecured creditors, like the union rather than secured lenders. The funds hold roughly $42 million of Chrysler's $6.9 billion in secured loans. Lawyers for the pension funds argued, "the need for the court to review the profound issues presented by Chrysler's novel bankruptcy sale far outweighs the cost of delaying [a sale]."

The Florida Panthers may score!

If all goes as planned, the National Hockey League team will be picked up by a special purpose acquisition company (SPAC) – also known as a "blank check company" – that boasts a management team including baseball legend Hank Aaron. The acquiring company, Sports Properties Acquisition Corp (AMEX: HMR), which leads to something of a spooky acronym, is rumored to be making a move on the hockey team for $240 million. If this works, the SPAC called SPAC would be one of only a few companies recently to round up investors for this type of deal.

There has been a lot of debate over the past couple of months over General Motors Corporation (NYSE: GM). What would be best for the company? Government bailout money to help avoid bankruptcy, or should we allow the company to go through bankruptcy proceedings?

If you are on the side of the argument that thinks GM should enter bankruptcy, well, you are about to get exactly that. According to Bloomberg, General Motors plans to file for Chapter 11 bankruptcy on June 1.

I remember back in junior high school when the rumors circulated that Coca-Cola was actually laced with cocaine. Any one else remember that one? Well, those rumors are back, but they involve Red Bull Cola this time.

Red Bull Cola is roughly a year old and is supposed to supply the same "kick" that Red Bull gives -- but officials in Germany believe the kick comes from cocaine.

Here's the problem: the Austrian-based company, Red Bull GmbH, boasts that its cola is 100% natural and it uses the coca leaf. The use of the coca-leaf extract led to positive tests for cocaine when German officials scrutinized Red Bull Cola.

Actually, the head of the food safety department in Germany's federal ministry for consumer protection stated that it "examined Red Bull Cola in an elaborate chemical process and found traces of cocaine."

With a market capitalization of $82 million, a $300 million buyout price would be a lot to pay for Playboy Enterprises (NYSE: PLA). But The New York Post reports that that's the price the company is looking for as it quietly shops for a private equity firm interested in the flailing icon.

Keith J. Kelly reports that "Sources said the sellers are looking for far more than the company's market capitalization because that would ensure Hef has enough on hand to maintain his lavish lifestyle."