Thursday, December 07, 2006

Pirate Capital Lowers Stakes in James River Coal (JRCC) and CEC Entertainment (CEC)

In an amended 13D filing on James River Coal Company (Nasdaq: JRCC), Pirate Capital disclosed a 4.1% stake (679K shares) in the company. This is down from the 7.4% (1.23 million shares) million share stake the firm disclosed on 11/22. Pirate held 2.34 million shares of James River Coal as of the quarter ended September 30th.

In a separate 13D/A filing, Pirate Capital disclosed a 7.3% stake (2.44 million shares) in CEC Entertainment (NYSE: CEC). Pirate held 3.045 million shares of CEC Entertainment as of the quarter ended September 30th.

Pirate Capital has been liquidating a number of positions since the hedge fund's shake-up in the fall.

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