Hedge Fund's Adult Education

Hedge fund manager Warren Lichtenstein has never shied away from verbally skinning management when he perceives a stock he owns is underperforming.

But the 41-year-old firebrand, who runs the Steel Partners hedge fund, has been uncharacteristically silent when it comes to his big investment in New Frontier Media(NOOF Quote), a company's whose stock in trade is in the skin business.

A little over a year ago, the $4 billion New York fund began gobbling up shares of the Colorado-based company, which distributes erotic movies via cable and satellite television. Beginning with an initial purchase of 2.6 million shares, Steel Partners now owns 3.55 million shares, or 15%, of New Frontier. ...