• 27 Jan 2009 at 5:32 PM

Dear Fellow Investors:

By Equity Private

OPEN LETTER TO INVESTORS
IN STEEL PARTNERS FUNDS
Carl C. Icahn
767 Fifth Avenue
New York, New York 10153
January 23, 2009
Dear Fellow Investors:
As you know, Steel Partners has announced the “WebFinancial
Solution” which we believe would be extremely detrimental to all of
our investments in Steel Partners. I am against that transaction and
a lawsuit has been filed to oppose it in Delaware.
I believe it will be beneficial for all investors in Steel Partners
to meet to discuss the “WebFinancial Solution.” Because Steel Partners
has refused to make a list of investors available to us, we ask that you
call either Susan Gordon (212-702-4309) or Sue Zippo (212-702-4310) at
my office. Please provide them with your name and phone number. We
will then contact investors and arrange for a meeting.
Steel Partners’ actions to date and plans for the future are
significant events for all of us and I strongly believe that we should
meet to share our thoughts and concerns.
I look forward to meeting all of you.
Very truly yours,
Carl C. Icahn

HT: 1-2

Comments (21)

  1. 1
    Posted by guest | January 27, 2009 at 5:36 PM

    Give Zippo a call.

  2. 2
    Posted by guest | January 27, 2009 at 5:47 PM

    Can’t believe Carl Icahn actually filed a lawsuit. It’s just astonishing.

  3. 3
    Posted by guest | January 27, 2009 at 5:49 PM

    Who cares?

  4. 4
    Posted by Lowly Assistant | January 27, 2009 at 5:51 PM

    I would jump ship and work for free to be Carl’s intern. I think the guy’s amazing. (And I’m totally sincere when I say that…maybe not the “free” part, but…hm…$40k.)

  5. 5
    Posted by guest | January 27, 2009 at 5:55 PM

    I work at Agape World, who is Carl Icahn?

  6. 6
    Posted by guest | January 27, 2009 at 6:09 PM

    @ 5 LOL

  7. 7
    Posted by guest | January 27, 2009 at 6:10 PM

    @ 5 LOL

  8. 8
    Posted by guest | January 27, 2009 at 7:20 PM

    carl icahn vs. warren “doll hands” lichtenstein.
    shyster thunderdome.
    2 men enter. in a perfect world neither leave.

  9. 9
    Posted by guest | January 27, 2009 at 7:56 PM

    @5 Classic

  10. 10
    Posted by guest | January 27, 2009 at 8:04 PM

    I’ve got an offer to be a senior analyst at a BB bank in IB Prime Services — what kind of base salary offer should I expect?

  11. 11
    Posted by guest | January 27, 2009 at 8:17 PM

    @10: If you don’t know the salary, you don’t have an offer. Every offer letter I’ve ever seen includes the salary.

  12. 12
    Posted by guest | January 27, 2009 at 8:37 PM

    #10: Prime Services? aka IT or clerk…see you at Fashion meets Finance next year

  13. 13
    Posted by guest | January 27, 2009 at 9:26 PM

    this is why old people are put in homes

  14. 14
    Posted by guest | January 27, 2009 at 9:28 PM

    LOL @ 11&12

  15. 15
    Posted by guest | January 27, 2009 at 10:06 PM

    @12 LOL!
    (although, better to say “see you in the Fashion meets Finanace cankle-herd pictures next year”, thus implying you’ll still have a job)

  16. 16
    Posted by guest | January 27, 2009 at 10:55 PM

    Warren stepped over a line here and pissed over more LPs than Icahn. He is getting exactly what he deserves.
    It is too bad, as Steel was a firm that, historically, had made good decisions. As hard as it is to build up, blowing all your built up goodwill to try to preserve a fund, screw investors, or whatever, is definately not worth it.
    Sad to see a legend go done like this. GL with the next fund raise Warren!

  17. 17
    Posted by guest | January 27, 2009 at 11:22 PM

    Warren must be slipping into dementia or something. If one is faced with a choice of either working with Carl, or against him, picking *with* is a no-brainer. Warren picked *against*, but few of his LPs will make the same dumb mistake. This show will be over so fast that it’s not even worth breaking out the popcorn.

  18. 18
    Posted by guest | January 27, 2009 at 11:43 PM

    i thought they were buddy buddy. didnt they do some deals together? why’d they fall out, besides this little tiff?

  19. 19
    Posted by guest | January 28, 2009 at 6:12 AM

    I HOPE DB WILL BE LIVE BLOGGING CFA RESULTS
    I am already close to death because of anxiety

  20. 20
    Posted by guest | January 28, 2009 at 10:34 AM

    @13, right, because he was so off in his Yahoo activism

  21. 21
    Posted by NotNasser | January 29, 2009 at 4:44 PM

    #18, yes, they were buddy-buddy. A little more than 2 years ago they were working together to shake up a major Korean company, KT&G.
    http://www.iht.com/articles/2006/08/28/bloomberg/sxktg.php
    Sad to see friends falling out, isn’t it? Yes, I remember Macho Man Randy Savage versus Hulk Hogan….

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