Friday, February 16, 2007

Does Pirate Capital Like it HOT?

In analyzing Pirate Capital's recent 13F for the quarter ended Dec. 31, 2006 we found an interesting new holding for the shaken-up activist hedge fund. It appears, Pirate initiated a new 595,600 share stake in Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT).

The stake is small at just 0.281%, but with Tom Hudson's recent commitment to stream-line the fund we find it interesting that he is putting on a new trade. As we have been reporting for some time, Pirate has mainly been liquidating all but a few positions and Bloomberg recently reported that the fund's assets fell from $1.8 billion in August 2006 to $1.1 billion. The hedge fund disclosed 35 positions for the quarter ended June 30, 2006, that is now down to 19 positions.

Labels: , , ,


Post a Comment

<< Home