{"id":9602,"date":"2009-01-12T00:00:00","date_gmt":"2009-01-12T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"steel-partners-seeks-to-convert-biggest-fund-to-public-company","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2009\/steel-partners-seeks-to-convert-biggest-fund-to-public-company.html","title":{"rendered":"Steel Partners Seeks to Convert Biggest Fund to Public Company"},"content":{"rendered":"<p>Bloomberg &#8211; Activist investor Warren Lichtenstein is seeking to convert his largest hedge fund into a publicly traded partnership after clients sought to withdraw 38 percent of their money. <\/p>\n<p>The $1.2 billion Steel Partners II Fund lost 39 percent last year and froze redemptions in December, according to a presentation to investors last week. Lichtenstein is asking investors to approve a plan to merge the fund with WebFinancial LP, a publicly traded partnership it already controls. The move will allow withdrawals to resume without forcing the fund to liquidate assets. <\/p>\n<p>&ldquo;The WebFinancial structure achieves our objectives of providing liquidity to those that want it, while maximizing value for all our investors,&rdquo; New York-based Steel Partners LLC said in a statement. If the conversion is approved, the firm expects investors to be able to begin selling WebFinancial units by June. <\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.bloomberg.com\/apps\/news?pid=20601101&#038;sid=aOR7p2b9nZdU&#038;refer=japan\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; Activist investor Warren Lichtenstein is seeking to convert his largest hedge fund into a publicly traded partnership after clients sought to withdraw 38 percent of their money. The $1.2 billion Steel Partners II Fund lost 39 percent last [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4439,5506,4650,4504,449,48,5507,4325,5505,5504,4292],"class_list":["post-9602","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-assets","tag-conversion","tag-investor","tag-investors","tag-liquidity","tag-money","tag-partnership","tag-redemptions","tag-steel-partners","tag-warren-lichtenstein","tag-withdrawals"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=9602"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9602\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}