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The waiting game

Billions of dollars of assets remain stuck in side pockets while the markets catch up. But what are they worth, and who will buy them?

By Britt Erica Tunick Illustration by Gerard Dubois GoldenTree Asset Management was among dozens of hedge fund firms caught off guard by the market's sudden nosedive in 2008—a downturn that left many of the firm's real estate, private equity and distressed holdings underwater. Faced with an influx of redemption requests and unable

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