Kinetics Asset Management of North Babylon, N.Y., said the sale of the firm to Lepercq, de Neuflize & Co. of New York had been cancelled. Kinetics serves as the adviser to the Internet Fund, one of the top performing funds in 1998. James G. Doyle, a lawyer for Kinetics, did not return a call seeking comment. Kinetics announced the sale in March. The fact that the transaction had collapsed was disclosed in an SEC filing June 17. The filing did not disclose the reasons for the termination of the proposed sale.

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