Icahn loses bid for early trial against Steel Partners (Dealscape

Carl Icahn may have hit a roadblock in his fight to prevent Steel Partners LLC from merging its $1.2 billion Steel Partners II fund into a public shell to create liquidity for investors. The Delaware Court of Chancery has refused to schedule an expedited trial on the billionaire activist's claim, so the reverse merger is likely to be final before the trial begins.

Icahn's suit was brought in the name of the pension plan of ACF Industries LLC, a St. Charles, Mo., railcar manufacturer that Icahn has long controlled, and the plan's trustee, Bank of America NA. In a suit filed last month, the ACF pension fund, which had invested $15 million in Steel Partners II, accused Steel of committing fraud by not advising investors of its plans to go public.

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NOT A SUBSCRIBER? Icahn loses bid for early trial against Steel Partners Posted on February 12, 2009 11:15 AM Carl Icahn may have hit a roadblock in his fight to prevent Steel Partners LLC from merging its $1.2 billion Steel Partners II fund into a public shell to create liquidity for investors. The Delaware Court of Chancery has refused to schedule an expedited trial on the billionaire activist's claim, so the reverse merger is likely to be final before the trial begins. Icahn's suit was brought in the name of the pension plan of ACF Industries LLC, a St. Charles, Mo., railcar manufacturer that Icahn has long controlled, and the plan's trustee, Bank of America NA. In a suit filed last month, the ACF pension fund, which had invested $15 million in Steel Partners II, accused Steel of committing fraud by not advising investors of its plans to go public. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline. 1,065 articles related to Carl Icahn 847 in-depth reports of announced M&A deals in the Financial Services sector 337 in-depth reports of M&A deals in Regulation 152 articles related to Steel Partners LLC 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Skadden Arps Amusement parks Deb Shops Windstream Corp. Diedrich Coffee Hanna Andersson Tween Brands Entertainment Lazard Lyondell Chemical		EXISTING USERS Username Password Forget your password? Missing a product?

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