Steel Partners says Carl Icahn Fights on in Caymans

July 21st, 2009
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Steel Partners has merged its Steel Partners II fund into WebFinancial, a pink sheets portfolio company, despite Carl Icahn and other investors’ attempts to stop the conversion. The resulting fund will become a publicly traded limited partnership that will be managed by Steel Partners.

The merger allows Steel Partners to not only transfer its assets from the U.S. onshore feeder fund, but also enables onshore investors to receive redemption proceeds. However, the offshore funds are not able to be redeemed yet. According to Reuters, “investors who elected to redeem their interests, or did not make an election, will receive a pro rata distribution of Steel’s portfolio securities and some cash.”

Icahn Associates is one of the firms that have filed against closing the offshore fund. Along with other investors Icahn sued Steel Partners for “[denying] them access to their cash and [forcing] them into a close-end investment fund.”
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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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