Replies to post #111838 on Savvy Trades and Investments

[littlefish]

Share structure…

PS- Thx for the Pixies flashback! Interesting rendition.

[mandjb]

STCN: It's because of Lichtenstein

Steel Partners, run by Warren Lichtenstein, has never been particularly friendly to passive minority shareholders.

They did a reverse/forward split with this one last summer to force out small shareholders and open the door to delisting. They then instituted a poison pill in January.They control the company and are in it mainly as an NOL play.

Read the comments at the bottom of this post for some background:
https://seekingalpha.com/article/4570303-steel-partners-should-come-back-to-the-table-with-more-equitable-offer-for-steel-connect

Lichtenstein is another Eric Singer. Watch your wallet. Red flag, red flag.

Law360 (September 5, 2023, 8:19 PM EDT) -- Steel Connect's CEO, its largest shareholder and their allies have lined up an unfair supermajority control of the logistics company, an individual stockholder has alleged in a Delaware Chancery Court complaint.
The suit filed Friday by Mohammad Ladjevardian targets a transaction that boosted majority stockholder Steel Partners Holdings LP's control to 86% without approval of a majority of disinterested minority stockholders or payment of a "control premium" share price reflecting the lost value of minority stockholder voting power.
"Over more than a decade, Steel Partners and its affiliates, including the individual defendants, have steadily marched toward this point of gaining full control over the company by walking a legal tight rope of unfair transactions and domination over the company's management and board," Ladjevardian asserted.