Hedge Funds

Investors offer fractured response to Steel Partners’ revised plan

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Investors in Warren Lichtenstein’s embattled Steel Partners were not of one mind in their response to his revised restructuring plan. While a majority of investors support an option to receive cash and a share of a public company, about a third of investors remain unhappy with the options offered by the firm.

Last year, investors representing 40% of the assets in the $1.23 billion Steel Partners II sought to redeem from the fund. In response, Steel halted redemption requests and proposed to roll the fund into a publicly listed shell company owned by Steel.

Several investors fought the proposal,