Reuters – Carl Icahn and other investors who failed to block Steel Partners’ plan to convert a hedge fund into a listed partnership in Delaware court, continue to fight the plan in the Cayman Islands, Steel Partners said on Thursday.

The New York-based fund manager announced it completed the controversial merger of Steel Partners II into a pink sheets portfolio company, WebFinancial. Yet a spokesman acknowledged that the deal, which will create an exchange-listed investment partnership later this year, is only partially consummated.

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Reuters – Steel Partners this week asked a Delaware court to dismiss a lawsuit filed against the hedge fund firm by billionaire investor Carl Icahn, saying he is "looking for a scapegoat" for investment losses that happened as the financial crisis deepened.

Steel Partners said the suit, which claims it committed fraud, has no merit.

The court papers were made public on Tuesday.

Two weeks ago ACF Industries, a railcar component maker closely associated with Icahn, sued Steel Partners in Delaware Chancery Court, saying the fund firm failed to properly inform investors about plans to turn one of its funds into a public company.

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Tags: acf industries, billionaire, carl-icahn, delaware chancery court, delaware court, financial crisis, fraud, investment losses, investor, investors, railcar, reuters, scapegoat, steel partners