Bear Hedge Fund Vote Postponed

Nov 7 2007 | 8:32am ET

A vote to replace Bear Stearns as controlling party of one of its collapsed hedge funds has been postponed, following reports that not all investors had been notified.

A group of investors wants to dump Bear, which they say is not cooperating in their effort to find out how the High-Grade Structured Credit Strategies Enhanced Leverage Fund lost just about all of its assets. They want to put forensic accountants FTI Capital Advisers at the helm to get their hands on the fund’s records, to determine whether there are any grounds for a lawsuit.

But Bear controls the voting process, which requires limited partners representing at least half of the fund’s assets be present, and investors leading the charge learned that at least some LPs were allegedly not informed about the meeting.

The vote, originally scheduled for today at Bear’s New York office, has been delayed until Nov. 16.

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