Tuesday, December 26, 2006

Pirate Capital Discloses 5.6% in Mueller Water (MWA) From Walter's Spin-Off

Earlier we noted that Pirate Capital disclosed a 5.6% stake in Mueller Water Products Inc. (NYSE: MWA). Well this is true, but the stake was received from the spin-off of Mueller from Walter Industries Inc. (NYSE: WLT), a position Pirate has held.

So our earlier headlines that Pirate Capital is alive and well was a little premature. While the firm has shown its activism recently in Brink's (NYSE: BCO) and raised its stake in a few positions, the liquidations of its positions outweighs any buying and we still have not seen a new position since the hedge fund's shake-up in the fall.

NOTE: Our earlier post was deleted.

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