Investors approve Sandelman’s restructuring plan

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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