Warren Lichtenstein's Japanese investments are losing value after a Tokyo court called his fund "abusive" and shareholders rejected its latest takeover bid.
The U.S. money manager's Steel Partners Japan Strategic Fund (Offshore) L.P. gained 121 billion yen on stakes in 30 public firms, according to Bloomberg calculations. That is down 22 billion yen since June 28, when its first challenge to Bull-Dog Sauce's takeover defense failed.
Twenty stocks held by Steel Partners fell Tuesday, including Tenryu Saw Manufacturing Co., whose shareholders last week declined to sell to the fund, and condiments maker Kikkoman Corp.