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

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note