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Protests from second-lien lenders forced Credit Suisse First Boston to rework the terms of Oriental Trading Company's proposed dividend deal last week.

Mr. Irik P. Sevin Chairman, President and CEO Star Gas Partners L.P. 2187 Atlantic Street Stamford CT 06902 Dear Irik: Third Point LLC ("Third Point") advises certain entities that hold 1,945,500 common units in Star Gas Partners L.P. ("Star Gas" or the "Company") (NYSE: SGU - News). Our 6% interest in the common units of the Company makes us your largest unitholder. Unlike the poor, hapless retail investors "stuffed" with purchases at the $24 level (many of whom are party to class action lawsuits against you personally and against the Company), we purchased our stake around these levels and took profits on about 500,000 shares near the $7.00 per unit level.

F&C Asset Management in London is looking to scale back the number of high-yield holdings from 110 to closer to 70 in the coming months, according to Roman Gaiser, investment manager responsible for the firm's €1 billion in European high yield.

UBS has hired Ketan Parekh, head of the funding program at sub-prime originator Ameriquest Mortgage, as an executive director. Parekh is focusing on sub-prime issuers, including his old employer and others such as New Century Financial.

Bank of America has hired Emmanuel Slezack, senior equity index trader at JPMorgan in London.

Barclays Capital has hired Jane Privett, a collateralized debt obligation product manager at Deutsche Bank in London, as a director in its U.K. institutional credit sales team.

Barclays Capital has hired Bear Stearns equity structured products assistant director Johnny Wu as an associate director in its equity derivatives and structured products sales division in New York.

Toronto-based Abria Financial has launched a new principal-protected structured product that provides investors with exposure to the Abria Alternative Strategies Fund, a fund of funds.

Citigroup is expected to charge Richard Burns, co-head of equity derivatives for Europe, with setting up a global group for structured products.

Malik Chaabouni, European co-head of credit structuring at JPMorgan in London, is set to join a growing list of senior credit and equity derivatives professionals to leave the structured credit giant, according to colleagues.

Credit officials predict writing capital protection on the equity tranche of collateralized debt obligations will be the next generation of credit structuring.