If the tribunal awards compensation, critics say, all jury awards involving foreign investors may be challenged.

Many of the programs involve private investors, taking advantage of tax credits or Federal subsidies to manage large apartment buildings.

In the meantime, many negotiations over ventures involving Western investors have been put on hold.

Other deals involving foreign investors are advancing.

Recapitalization involved Swiss government funds, private investors, and the sovereign wealth fund of Qatar.

Today Mr. White says that half of his firm's short-sale business comes from professional investment advisers; the balance involves "particularly active investors."

The board prefers to involve private investors in such deals, but these institutions were so troubled that no one was willing to put up any capital.

And 80 percent of that activity involved investors switching from equity to fixed income funds within the same mutual funds company.

What about cases involving larger or more sophisticated investors?

Of the $4 billion in debt so far reduced, a total of $1.13 billion was done through Chapter 19 transactions involving foreign investors.