Activist Steel Partners Faces Off with Its Own Investors

April 20th, 2009
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Steel Partners’ founder Warren Lichtenstein, who is known for speaking his mind and shaking up management at troubled companies, is facing resistance from his own investors. The Wall Street Journal reported today that investors who hold just 36% of Steel Partners II Master Fund’s assets have agreed to Lichtenstein’s proposal to convert the hedge fund into a publically traded company, which will be known as Steel Partners Holdings L.P.

Carl Icahn and a group of investors have sued Steel Partners over the proposed transaction. The fund significantly underperformed in 2008, which was reportedly its first down year since its inception in the 1990s.
For Detailed Investor Profiles on these Investors, click below:
Icahn Associates (Carl Icahn)
Steel Partners
Related People: Alexander J. Denner; Brett Icahn; Carl Icahn; Joshua Schechter; Keith A. Meister*; Lawrence Butler; Warren G. Lichtenstein
Related Entities: High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP; Steel Partners; Steel Partners II Master Fund LP; Steel Partners Japan Strategic Fund; Steel Partners LLC; WebFinancial LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles


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