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Creditors who wish to assert claims against two hedge funds formerly run by financier J. Ezra Merkin have until next month to submit claims to the funds’ court-appointed receiver, a Manhattan judge has ruled. The decision sets the stage for Bart M. Schwartz, the receiver for Ariel Fund Ltd. and Gabriel Fund, L.P., to make a proposed $200 million interim distribution to some 278 investors who lost more than $1 billion after Merkin funneled one-fourth of the funds’ assets to convicted Ponzi scheme artist Bernard L. Madoff.

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