Investors in Sandelman Partners multistrategy and
event-driven funds approved a restructuring plan that will
merge the two funds into a new vehicle to be called Sandelman
Partners Opportunities, investors said. The restructuring plan
is an effort by Sandelman to curtail redemptions, lock up
capital for one year and sequester illiquid holdings.
Sandelman Partners declined to comment.
The multistrategy fund is down about 2% this year, despite
gains of 1.4% in May and 1.5% so far in June. The fund declined
1.46% in 2007, a significant reversal of its gains of 17.8% in
2006 and 8.11% in the second half of 2005, after launching in
July that year....