Tuesday, September 11, 2007

Two Men Overboard at Pirate Capital

According to reports from Bloomberg, activist hedge fund Pirate Capital barred withdrawals from its two Jolly Roger funds as assets declined by almost 80% in the past year.

The firm designated the four stocks held by the funds as 'special investments', meaning clients won't be able to get money back until they are sold.

The withdrawal doesn't apply to the firm's two larger hedge funds, the report said, citing a hedge fund representative.

The firm didn't say which four stocks the funds are still holding, but out of the firm's 10 positions disclosed in their most recent 13G, the four largest stakes are held in Brinks Co. (NYSE: BCO) (Fund founder Hudson is on the board), Pep Boys - Manny, Moe & Jack (NYSE: PBY) (Hudson on Board), Angelica Corp. (NYSE: AGL) (nominaing two to board) and Aquila Inc. (NYSE: ILA) (Pirate opposes deal with Great Plains Energy).

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