Shareholders of Novoste ( NOVT) voted Tuesday to sell the medical-device maker's remaining assets, but they voted against management's plan to dissolve the company. The shareholders supported a bid by Steel Partners, a giant New York hedge fund and Novoste's biggest investor, to keep the Norcross, Ga., company as a publicly traded shell that could later merge with a private business. This strategy, called a reverse merger , saves the cost of an initial public offering. The hedge fund says it could use Novoste's net operating loss carryforwards to offset taxable profits from a potential merger partner. Novoste holders also voted to reduce the minimum number of board members to three from six. Previously, Steel Partners said it would nominate its own slate of directors to oust the existing Novoste board members at a special meeting next month. On Tuesday, the hedge fund said it wanted to work with the current board on an "orderly transition" so that new directors "may be installed without the need for another special meeting."