Activist Steel Partners Faces Off with Its Own Investors
|April 20th, 2009||
|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.
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