After its unprecedented victory in a battle with a Japanese wig maker, U.S. activist hedge fund Steel Partners finally has a seat at the table.
The boardroom table, that is. Aderans Holdings named Joshua Schechter, a managing partner at New York-based Steel, to its board of directors, just over a month after Steel succeeded in ousting the company’s president and most of its board. Steel is Aderans’ largest shareholder, with a 26.7% stake.
Steel’s success stands in stark contrast to the failure of most activist hedge funds in Japan. Just last week, The Children’s Investment Fund suffered a devastating defeat in its battle with the country’s largest electric utility. Last year, Steel itself was condemned as an abusive acquirer in its battle with condiment maker Bull-Dog Sauce Co.
Genna GarverBy Genna Garver, John Brunjes, and Cheri Hoff of Bracewell & Giuliani -- On Oct. 27 the Private Fund Investment Advisers Registration Act of 2009 (H.R. 3818) moved one step closer to becoming law with the 67-1 approval of the U.S. House of Representatives Committee on Financial Services (the "Bill"). More...
Investors this week announced the formation of NewWorld Capital Group, a private equity firm that will invest in middle-market companies and related infrastructure projects in the cleantech sphere. More...