Renege - Soph ER vs PWM+LSE

Guys,

Might have seen my previous thread; got an offer from KBW in ER and an offer that I verbally excepted from a wm firm that would let me study abroad at LSE this summer.

I'm about to call the wm firm (probably monday, don't want to ruin the guys weekend) and tell him I cant work there this summer.

Thing is, they hire two interns. I was #3. #2 either decided to reject the offer, or did in fact renege (he told me on the phone, forgot which one), so I would feel really bad doing this.

What I'm asking is, how can I word this in the nicest way to the guy on the phone? He's extremely nice, very down to earth etc so I want it to go as smoothly as possible.

Also just sent me an email with all my material - what to expect on the first day, how to dress, etc.

Any pointers on what I can say? Thanks

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