In 1990, Mr. Lichtenstein co-founded Steel Partners I. In 1993, Mr. Lichtenstein co-founded Steel Partners II. Mr. Lichtenstein began his career as an analyst with Para Partners, L.P., which invests in risk arbitrage and related situations. In 1988, Mr. Lichtenstein joined Ballantrae Partners, L.P., as an acquisition/arbitrage analyst. Ballantrae was formed to invest in risk arbitrage, special situations, and undervalued companies, which the partnership desired to influence or control. In 1989, Mr. Lichtenstein was part of the Ballantrae team that completed the $320 million acquisition of Damon Corporation. He received a B.A. degree in Economics at the University of Pennsylvania.