Steel Partners Continues to Cut Stake in Layne Christensen (LAYN)
In an amended 13D filing on Layne Christensen Co. (Nasdaq: LAYN), Steel Partners II disclosed a 6.6% stake (1.02 million shares) in the company. This is down from the 7.8% stake (1.2 million shares) the company disclosed on 12/13. The firm held 1.42 million shares for the quarter ended September 30, 2006.On October 16, 2006, Warren Lichtenstein, the head of Steel Partners, resigned from the board of directors of the company and was replaced by Steel Partners VP John J. Quicke. The group has been an activist investor in Layne Christensen for some time, filing its first 13D in December of 2003.