Julian H. Robertson Jr,, the hedge fund manager, is expected to be named chairman of Forstmann Little, succeeding Theodore Forstmann, the co-founder of the private equity firm and prominent financier who died on Sunday. Mr. Robertson, the founder of Tiger Management, a hedge fund, will oversee the firm’s holdings, said two people with direct knowledge of the matter who spoke on the condition of anonymity because they were not authorized to discuss it publicly. Mr. Forstmann designated Mr. Robertson as his successor before he died, these people said. Forstmann Little, which has largely wound down its operations, still has three investments in its portfolio: IMG, the sports, fashion and media company; 24 Hour Fitness, a health club chain; and ENK International, a fashion-industry trade-show business. A large part of Mr. Robertson’s job will be to sell the firm’s remaining businesses. Forstmann’s fund formally expires on June 30, 2012, and it is contractually required to sell the assets and return proceeds to its limited partners by then. But the firm has been in conversations with its limited partners about extending the deadline to allow for the best possible sale price for the fund’s assets, which, given the current state of the economy, could take a year or two beyond the deadline, these people said. Most of the limited partners have indicated a willingness to let the deadline lapse, these people said.  For more info, go to [Dealbook 11/22/11]