Casablanca Capital Closes Following Death of Founder Drapkinby
New York fund sold stake in Cliffs Natural Resources
Drapkin died in February following skiing accident in Colorado
Casablanca Capital LP, an activist investment firm, has decided to close following the death of its founder, Donald Drapkin, and to sell its stake in Cliffs Natural Resources Inc.
“In connection with that wind down, we have exited our position in Cliffs Natural Resources Inc., held by funds or accounts managed by Casablanca, entirely,” the New York-based firm said in statement Friday. Casablanca held 7.3 million shares, or 4 percent, of Cliffs, according to an April 27 filing.
Casablanca had lobbied for a turnaround at Cliffs, the largest U.S. iron-ore producer. Drapkin died in February at age 67 from a brain injury suffered in a skiing accident in Aspen, Colorado.