Pirate Capital To Media: We're Not Goldman's Global Alpha, We Only Barred Investors From Getting Their Money

Pirate Capital issued a press statement related to media reports on the status of their hedge funds. On Tuesday, Bloomberg reported the activist fund barred withdrawals from its two Jolly Roger funds as assets declined by almost 80% in the past year.

"Various media have published grossly misleading information regarding results at funds managed by Pirate Capital. Some reports have suggested that Pirate funds lost almost 80 percent of their value in the past year. In fact, while assets under management have decreased, average returns over Pirate's four funds during the last year are about plus 4 percent.

Pirate Capital remains committed to its event-driven strategy to create value for its investors."