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Coniston Partners, one of the most visible and successful corporate raiders of the 1980s, said Friday that it would dismantle its $800 million investment fund.

The three Coniston partners - Keith Gollust, Paul Tierney and Augustus Oliver - plan to maintain current investments in TW Services Inc. and UAL Corp. and redistribute remaining cash to investors over the next few weeks, Tierney said."What we'll be doing is liquidating the cash position," Tierney said in an interview.

Coniston will retain its stake in TW Services Inc., the largest franchisee of Hardee's restuarants, as a long-term investment, Tierney said.