Pirate Capital

Pirate Capital
Company typePrivate
IndustryHedge Fund
Founded2002
HeadquartersNorwalk, CT
Key people
Thomas R. Hudson Jr (Founder)

Pirate Capital LLC was an American hedge fund.[1] The firm employed shareholder activism to push for structural changes in target companies.[1]

History

Pirate Capital was founded in 2002 by Thomas R. Hudson Jr with $2 million in savings.[2] Between 2002 and 2006, the hedge fund had joined the boards of eight companies.[3] In May 2005, Pirate had acquired nearly 2 million shares for a 14.8% stake in Cornell Companies, and subsequently nominated seven directors to the company's board.[4] In March 2006, the firm owned 5.8 million shares of Intrawest, and pressured the company to sell. Intrawest was later sold to Fortress Investment Group for $1.8 billion.[3] In June 2006, it pressured Mirant Corporation to drop its takeover bid for NRG Energy.[5] In October 2007, Pirate Capital threatened a proxy battle against Brink's unless the cash handling company adopted changes to its corporate governance.[6]

In September 2007, in the early stages of the 2007–2008 financial crisis, Pirate Capital suspended redemptions on two of its four funds.[7][1]

Investment strategy

Pirate Capital operated four funds including the Jolly Roger Activist Fund.[6] The fund purchases stakes in underperforming companies and then pushes for managerial action.[8] The company's motto is: "Surrender the Booty!"[9]

Key personnel

  • Thomas R. Hudson, Jr, founder and sole managing partner; formerly managed a portfolio of distressed bank debt at Goldman Sachs. Mr Hudson was fired from Goldman Sachs in 1999 and from Amroc Investments in 2001.[9]

References

  1. ^ a b c Corkery, Michael (February 25, 2010). "Pirate Capital Tom Hudson Sets Sail With A New Fund". WSJ.
  2. ^ "The Man Behind Pirate Capital". DealBook. 2 February 2007. Retrieved 23 May 2024.
  3. ^ a b "Pirate scores big, hits rough water". Tampa Bay Times. No. 7 February 2007. Retrieved 23 May 2024.
  4. ^ Greer, Jim (2 June 2005). "Cornell board surrenders to Pirate Capital". www.bizjournals.com. Retrieved 23 May 2024.
  5. ^ "Mirant ends its $8 billion bid for NRG Energy". The Denver Post. 12 June 2006. Retrieved 23 May 2024.
  6. ^ a b Davies, Megan; Hamilton, Dane (1 October 2007). "Brink's shareholder calls for board rule change". Retrieved 23 May 2024.
  7. ^ Hamilton, Dane (11 September 2007). "Pirate Capital blocks investor exits". Retrieved 23 May 2024.
  8. ^ Boyd, Roddy (2006-09-29). "Staff Walks the Plank at Listing Pirate Capital". New York Post. Archived from the original on 2007-03-24. Retrieved 2007-05-25.
  9. ^ a b Effinger, Anthony; Burton, Katherine (2007-02-02). "Mutiny at Pirate Capital Roils Hudson After Worst Year Ever". Bloomberg L.P. Retrieved 2007-05-25.

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