In November 2011, Jefferies was accused by Egan-Jones of having 77% of its shareholder's equity tied up in the same illiquid sovereign debt securities that just toppled MF Global. This was accompanied by a concurrent large-scale short seller attack and a campaign of what turned out to be misinformation. Handler and the management team responded with unprecedented immediacy and transparency, collapsed 75% of the position to prove the bonds were hedged and highly liquid, sharply reduced the rest of Jefferies balance sheet and publicly addressed every false accusation. This aggressive and unconventional response resulted in an eventual 100% increase in Jefferies share price from the November lows. Leucadia, a 29% shareholder, later called this event Jefferies' "finest hour."