Partner Bertrand Fry, Co-Chair of Pryor Cashman’s Investment Management Group, was interviewed by The Wall Street Journal  for “Lampert Sees Investors Check Out --- Sears CEO's Hedge Fund Is Returning Billions of Dollars to Goldman Clients,” an article discussing Mr. Lampert’s attempts to safe his hedge fund, ESL Investments Inc. In 2007, Goldman Sachs clients invested in ESL and recently asked for it back due to the fund’s lower than expected returns. Mr. Lampert is returning the funds partly in stocks rather than all-cash, a technique he has used before.

When asked about his opinion about this matter, Mr. Fry said that “in general, investors don’t like in-kind distributions. At a minimum, it puts them in the position of having to make the exact investment decision that they’d hired a portfolio manager to make.”

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