| The Pirate Capital hedge fund has frozen withdrawals from two of its
Jolly Roger Activist funds after they declined by almost 80%. The
funds only hold four stocks which are deemed as `special investments'
meaning that clients cannot withdraw their funds until their shares
are sold. Pirate Capital is run by Thomas Hudson who has made a career
of buying stakes in companies and forcing management to increase the
stock price through internal changes. In September the firms assets
fell to $375million from a high of $1.8 billion. They currently
oversee $100 million. 96% of Pirates capital is invested in four firms
as of June 30; the Brink's Company, the armored car operator; the Pep
Boys Manny, Moe & Jack, the auto parts retailer; the energy supplier
Aquila; and the Angelica Corporation, a provider of laundry and
textile rental services. |
