A New York-based value fund shop is planning to capitalize on the current market troubles. The Wall Street Journal reports that Third Avenue Value Management plans to raise a $3 billion to buy distressed debt. The fund is slated to be operational by the first quarter of 2009. David Barse, president and chief executive officer of Third Avenue told The WSJ'sShefali Anand that the fund will be aiming to have some control in the restructuring or re-org of the companies it will invest in.  

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