For the last two years, the HFLR has been covering presentations by Stephanie R. Breslow at the Practising Law Institute’s annual hedge fund management program.  Breslow is a partner at Schulte Roth & Zabel LLP, co-head of its Investment Management Group and a member of the firm’s Executive Committee.  Her PLI presentations are invariably thorough, relevant, lucid, informed by a unique level of access and experience and delivered with her trademark wit.  See “Schulte Partner Stephanie Breslow Discusses Tools for Managing Hedge Fund Crises Caused by Liquidity Problems, Poor Performance or Regulatory Issues,” Hedge Fund Law Report, Vol. 7, No. 1 (Jan. 9, 2014); “Schulte Partner Stephanie Breslow Discusses Hedge Fund Liquidity Management Tools in Practising Law Institute Seminar,” Hedge Fund Law Report, Vol. 5, No. 43 (Nov. 15, 2012).  Consistent with that tradition, the HFLR is covering Breslow’s presentation at PLI’s 2014 hedge fund management program.  This year’s presentation covered a typically expansive range of topics, including fund-level and investor-level gates, side pockets, synthetic side pockets, in-kind distributions, secondary market trading in hedge fund interests, co-investments, calculating NAV after suspension of redemptions, funds of one and fiduciary duty.  Breslow used the credit crisis as a framing device for her presentation, explaining the applicability and evolution of these concepts before, during and after the crisis.  This article covers the portions of Breslow’s presentation relating to the periods before and during the crisis.