Wednesday, November 22, 2006

Pirate Capital Continues Liquidating James River Coal (JRCC) Stake

In an amended 13D filing on James River Coal Company (Nasdaq: JRCC), Pirate Capital disclosed a 7.4% (1.23 million share) stake in the company. This is down from the 8.8% (1.475 million shares) million share stake the firm disclosed on 11/13. Pirate held 2.34 million shares of James River Coal as of the quarter ended September 30th.

Recently Pirate disclosed that Matthew Goldfarb, a James River Coal Board member, resigned from Pirate as part of the fund's recent shake-up.

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