Steel's Warren Lichtenstein upended

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The founder of Steel Partners gets turned on his head as investors successfully agitate for a new restructuring plan.

The founder of Steel Partners gets turned on his head as investors successfully agitate for a new restructuring plan. By Irwin Speizer


Late last year, activist hedge fund manager Warren Lichtenstein thought he had hit upon a clever solution to the big redemption run on his Steel Partners II Fund. He proposed rolling the fund into a publicly listed shell company that his firm already controls. Instead of kudos, the portfolio manager got a taste of his own medicine, as angry Steel investors banded together, using some of his own