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Steel Partners Gives Ping Jiang A Run For His Money

Brass-balled letters to investors from managers informing investors, unapologetically, that (circle one or more) (a) great news: you're getting 3 cents back for every dollar you invested in our fund (b) requests for money to be returned have been DE-NIED (c) markets = stupid, me = smart are a dime a dozen. That much is obvious. Missives written under the tutelage of Blanche DuBois, are much more rare, and until very recently, came exclusively from our favorite she-males in Stamford. When Warren Lichtenstein got drunk and sat down to compose some thoughts on the matter of his firm's decision to turn its flagship hedge fund into a publicly-listed vehicle, without telling anyone, after losing 43 percent of its assets in the first 11 months of 2008, he could've taken the easy way out, and just been a dick. But the pre-op transsexual in him said "No, Warren, NO. You can do better. Let's show THOSE BITCHES what you've got." I think we can all agree, he did just that.

Steel Partners Complaint [PDF]