Investment strategy
Pirate Capital LLC is the general partner entity to 4 funds (listed below). All 4 funds employ the same approach to investing, though the activist funds tend to be significantly more concentrated, and primarily consist of equity instruments in companies that are targeted for activism. The fund purchases stakes in underperforming companies and then pushes for managerial action. The company's motto is: "Surrender the Booty!" Tom Hudson, 50, who founded Pirate in 2002, is known for acquiring stakes in companies and pushing management to make changes to boost their stock prices. Thomas Hudson Jr. fired all twelve employees at Doubloon Capital for no apparent reason. The Fund has ceased operations and failed to be productive. Hudson currently resides in New Canaan, Connecticut.Noted instruments
Pirate is known to be associated with the following entities (with approximate assets under control, pulled from various open sources - September, 2007): *Jolly Roger Offshore Fund LTD - $199m *Jolly Roger Fund LP - $79m *Jolly Roger Activist Fund Onshore - $39m *Jolly Roger Activist Fund Offshore - $58m *Total Assets Under Management as of August 1, 2008 - $1Key personnel
* Thomas R. Hudson, Jr, founder and sole managing partner; formerly managed a portfolio of distressed bank debt atReferences
{{Hedge funds Financial services companies established in 2002 Hedge fund firms in Connecticut Companies based in Norwalk, Connecticut