Steel Partners Receives Court Approval, Icahn-led Investor Group Enraged
| June 21st, 2009 | ||
| On Friday, activist hedge fund manager Warren Lichtenstein received court approval to move along with his plan to convert the Steel Partners II hedge fund into a listed investment company. Mr. Lichtenstein’s conversion plan has met severe resistance from a group of investors, which has been led by Carl Icahn, another notable shareholder activist. According to an article from Reuters, investors can choose to either withdraw their investments or keep their capital in Steel Partners II. Investors that withdraw from the fund will receive a portion of their assets in cash, while the remaining assets will be delivered as a pro rata share of the portfolio's securities, many of which are highly illiquid and/or devalued. | ||
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For Detailed Investor Profiles on these Investors, click below: |
Icahn Associates (Carl Icahn) |
Steel Partners |
Related People: Alexander J. Denner;
Related Entities: High River Limited Partnership;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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