Hedge fund pain: Sandelman Partners said to be barring redemptions

"If you're looking to get your money out of Sandelman Partners anytime soon, you better get a cup of coffee and prepare for a long wait, like maybe a year. Apparently the nearly $4 billion fund group run by 50 year old industry veteran Jon Sandelman has had a rash of redemption requests in their largest $3.2 billion Multi-Strategy Fund -- to the tune of 20% of assets according to the Wall Street Journal -- and he's barred the exit door, effectively halting the exodus at least for now. "