Ok, this briefcase was deteriorating before my eyes and crumbling in places under my touch. Sad because she is a New York City bag and worth saving if at all possible. I used a combination of super glue, epoxy, and black acrylic paint to preserve what is left. Here are the photos:
And here is what she looked like before I got her, what doesn't show is how the handles were wobbly, there was blue paint on the side of the bag, it is visible in the photos, and the dry rot was just not something you can see in pictures. http://www.etsy.com/transaction/77139860 she was a reasonable price even with the problems!