Steel Wins Dismissal Of Icahn Bid To Block Restructuring

Nov 20 2009 | 1:23pm ET

Carl Icahn’s bid to keep Steel Partners from consummating its controversial plan to convert its flagship hedge fund into a publicly-traded partnership has failed.

Already stymied in his effort to block the reorganization of the onshore version of Steel Partners II in the U.S. this summer, when a Delaware court dismissed its lawsuit, Icahn and his partners have now lost the fight on the offshore fund. A Cayman Islands court yesterday refused Icahn’s petition to stop Steel’s plans. Icahn’s ACF Master Fund and another investor had sought to have Steel II liquidated.

The court ruled that shutting the fund down would not be “just and equitable.”

“We are gratified that both the Cayman Islands Grand Court and the Delaware Supreme Court have rejected the plaintiffs claims, which we always believed were without merit,” Steel chief Warren Lichtenstein said.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of