Pirate Capital Cuts Stake in Cornell Companies (CRN) to 8.9%

In an amended 13D filing on Cornell Companies (NYSE: CRN), Pirate Capital disclosed an 8.9% stake (1.25 million shares) in the company. This is down from the 16.5% stake (2.32 million shares) the firm disclosed in a past filing.

On March 5, 2007, Thomas R. Hudson Jr., the Manager of Pirate Capital, resigned as a member of the Board of Directors of the company.