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To: Giordano Bruno who wrote (361740)	3/12/2008 10:01:51 AM
From: ldo79	Read Replies (1) \| Respond to of 436258

and now, back to your regularly scheduled program...... WSJ Drake Capital Has Received Investor Withdrawal Notices By GREGORY ZUCKERMAN and CASSELL BRYAN-LOW March 12, 2008 9:27 a.m. Drake Capital Management LLC, which manages about $4.3 billion in hedge fund assets, has received withdrawal notices from about half of its investors and is working on a reorganization of the fund. The New York-based asset manager, struggling with losses related to the credit crunch, will present a reorganization plan to investors later today that likely will include a potential winding down of its hedge fund investments, focused on fixed income investments, according to a person familiar with the matter. Another possible option is to ask investors to shift their assets into a new hedge fund. Drake has met all of its margin calls, the person added. At one point, Drake managed about $6 billion in various hedge funds. In addition, Drake manages about $7.5 billion of other fixed income investments.