Hedge fund investors are deeply divided on radical plans by Steel Partners, the activist hedge fund group run by Warren Lichtenstein, to convert its flagship fund into a listed industrial holding company, as revealed in the Financial Times on Saturday. (PDF)
The New York-based group plans to transform its $1.2bn ($792m, €892m) Steel Partners II fund into a holding company spanning energy, aerospace, insurance and banking, likely to be listed on either Nasdaq or the New York stock exchange in the second quarter of 2009.
