Pirate Capital Stops Investor Withdrawals

May 15th, 2008
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The Pirate Capital hedge fund has frozen withdrawals from two of its Jolly Roger Activist funds after they declined by almost 80%. The funds only hold four stocks which are deemed as `special investments' meaning that clients cannot withdraw their funds until their shares are sold. Pirate Capital is run by Thomas Hudson who has made a career of buying stakes in companies and forcing management to increase the stock price through internal changes. In September the firms assets fell to $375million from a high of $1.8 billion. They currently oversee $100 million. 96% of Pirates capital is invested in four firms as of June 30; the Brink's Company, the armored car operator; the Pep Boys Manny, Moe & Jack, the auto parts retailer; the energy supplier Aquila; and the Angelica Corporation, a provider of laundry and textile rental services.
For Detailed Investor Profiles on these Investors, click below:
Pirate Capital*
Related People: Thomas R. Hudson Jr.
Related Entities: Jolly Roger Activist Fund*

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