A large investor in all three DASH ABS CDOs has engaged a grass roots campaign to reject Asset Allocation & Management Company's (AAM) choice for a replacement CDO management team following the resignation of several "key men" in the collateral manager's $1 billion in CDOs.

But according to Barry Atkins, a director at AAM and a member of the firm's board of directors, the plan is likely to hit a brick wall considering the asset manager's clients own nearly 50% of the equity in DASH II and 76% of the equity in DASH III and AAM has already won the right to continue managing DASH I. JPMorgan Chase, the trustee on DASH I and DASH II, received notice of the key-men covenant breaches on June 4 and June 10, respectively.

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