Hedge Funds

Lichtenstein smokes the competition

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Warren Lichtenstein was recently elected to the board of KT&G, South Korea's biggest tobacco company. The activist investor and founder of Steel Partners won his seat with the backing of fellow KT&G investor Carl Icahn, who is leading a hostile takeover bid to split up the $9 billion cigarette-making chaebol. KT&G's current management beat out two other candidates backed by Icahn in the board election, however, leaving Lichtenstein the odd man out on the 12 member board.