An estimated $300 billion in bankruptcy claims are traded each year, passing from original holders to sophisticated firms that count on being able to collect the debt. The market for bankruptcy claims felt an immediate impact from Gonzalez's ruling that Enron could go ahead with its suit against the claims buyers, the big investment banks said in urging an appeal. Trading in the debt of Bawag Group PSK froze upon word of the ruling. Bawag, an Austrian bank, was implicated in the collapse of bankrupt U.S. commodity brokerage Refco Inc. (RFXCQ). Those who had been buying and selling Bawag-originated debt stopped, fearing that they were only buying the right to be sued by Refco, banks said. Enron lawyers defend Gonzalez's ruling as a way to protect the integrity of the market for trades in distressed debt.