Holders in tapped funds want to replace bear

A group of investors in Bear Stearns’ two deflated hedge funds want to replacethe funds’ general partner and director. More than a quarter of the investors in the now-collapsed Bear Stearns High-Grade Structured Credit Strategies Enhanced Fund and the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leveraged Fund want to replace the general partner of the former fund and shelve all of the directors in the latter. FTI Capital Advisers LLC has been nominated as the replacement in those capacities, according to a notice filed yesterday by FTI Capital’s managing director John C. Crittenden III in a Manhattan bankruptcy court. Investors are hoping that FTI Capital, a subsidiary of forensic analysis company FTI Consulting, can help determine what led to the funds’ failure and the responsible parties, a source told The Wall Street Journal. The notice doesn’t identify any of the investors who made the request.