Steel Imposes Deadline On Take-It-Or-Leave-It Listing Plan

May 27 2009 | 10:11am ET

A pair of lawsuits and a multitude of angry investors apparently won’t keep Warren Lichtenstein from his dream of permanent capital.

New York-based hedge fund Steel Partners this week that it is moving forward with plans to list its flagship Steel Partners II, offering up the latest version of its controversial proposal. Lichtenstein also gave investors in the fund a June 5 deadline to take—or leave—his deal.

Investors can either choose to remain with Steel and back its plan to convert the fund into a publicly-traded holding company—an option Lichtenstein describes in the letter as “too compelling to ignore”—or they can choose to receive a share of some of the fund’s assets over time.


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