August 14, 2005

The modern patient copes with the blessing and burden of receiving a superabundance of information, often several treatment options and the right to choose among them.

ON Feb. 24, Ronald S. Kochman hurried out of the elevator onto the 17th floor of an office tower in West Palm Beach, Fla., that KL Group, a hedge fund advisory firm, called home. Normally bustling with activity, the place was eerily quiet that morning as Mr. Kochman strode past the elegant conference rooms toward his destination: the corner office of Won Sok Lee, one of the firm's principals. Two days earlier, Securities and Exchange Commission officials had unexpectedly visited KL's offices, demanding to see documents. Now some employees were reporting that Mr. Lee was missing -- along with nearly all the money in the firm's accounts.

AT last, investors seem to be awakening to the idea that not all mergers are in their best interests. Given that the current merger mania shows no sign of abating, this epiphany is a mighty good thing. While most investors greet takeovers with open arms, the fact is that few can be sure that the deals are being struck at the best possible price. Given that the only assessment of a deal's fairness is given by investment banks that are paid when the deal is done, investors are right to wonder whether they could have benefited if their company's negotiators had been tougher.

Real estate prices have risen at significantly slower pace on Upper East Side than elsewhere in Manhattan; coupled with greater available inventory, area is attracting buyers who would otherwise prefer other neighborhoods; distinct characteristics of various areas of Upper East Side described; chart compares current prices and increases over last five years of Manhattan neighborhoods; photos (M)

A majority of the members of the independent commission assessing the Pentagon's proposed list of domestic base closings say that the Defense Department probably overstated the nearly $50 billion in savings projected over 20 years, perhaps by nearly 50 percent. In interviews this week, eight of the nine members expressed varying degrees of concern about the accuracy of the Pentagon figures, and said they had directed the commission's staff to conduct a separate savings analysis before the commission's final votes on the military's recommendations later this month.