The partnership of A. Bull and T. Bear is in the process of termination. The partners have disagreed on virtually every decision and have decided to liquidate the present business, with each partner taking his own clients from the partnership. Bull wants cash distributed as it becomes available, while Bear feels no cash should be distributed until all the assets are sold and all liabilities are settled. You are called in to aid in the termination and liquidation process.

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How would you respond to each of the partners' requests?