Chicago-based Asset Allocation & Management (AAM) announced that investor efforts to uproot it as collateral manager on three ABS CDOs have so far proved unsuccessful.

A number of investors had intended to replace AAM as manager of Diversified Asset Securitization Holdings II and III (DASH II and III). Earlier this year, investors voted to retain AAM as the collateral manager for DASH I. However, debt investors in DASH II and DASH III subsequently voted to reject AAM's replacement "key man" team, which, in the end, appears to have been overruled by the equity holders, the majority of which are either clients or affiliates of AAM.

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