Institutional and private investors in the two failed Bear Stearns hedge funds have joined forces to press for an inquiry and the replacement of the funds’ directors and general partner with broker/dealer FTI Capital Advisers.

Two separate proxy votes are scheduled, the first on Nov. 7 for the U.S. fund and the second on Nov. 14 for the Cayman-based fund. The investors are seeking to amass the necessary representation of 50.1% of holdings in each of the funds.

The funds, which once had a value of $650 million, have been decimated and appear to be worthless.

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