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Lehman Is the Gift That Keeps On Giving for King Street

The New York–based firm can thank the failed investment bank for continued gains in its multistrategy hedge fund.

King Street Capital Management, the New York–based multistrategy hedge fund firm founded by O. Francis Biondi Jr. and Brian Higgins, reported solid second-quarter results that added to its first-quarter gains, thanks in part to continued wins from positions in Lehman Brothers Holdings. The firm, launched in 1995, gained 3.5 percent in

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