Dwight Sipprelle sure knows how to cut his losses - and to
change his mind. In an April 17 letter, Sipprelle informed
investors in Arx Investment Management, his six-year-old,
high-yield-focused credit firm, that he would be retiring from
managing money, except for friends and family. Effective June
30, all investors will be required to withdraw from Arx's
funds. The firm managed $1.26 billion on January 1, 2008.
The Arx Global High Yield Securities Overseas fund had