Not surpisingly, Thomas Hudson doesn't mention a word about the SEC investigation that many reports indicate prompted this weeks mass resignations at Pirate Capital. Instead, he makes it sound like it was a decision he made to bring the fund back to its "roots."
Click here to download a pdf of the whole letter Hudson sent to Pirate Capital investors.
And thanks to the folks at finalternatives.com for hooking us up with the letter.
Posted by Clarity , Oct 02, 2006 3:29AM
NORWALK, Conn., Sept. 29, 2006 (PRIMEZONE) -- Pirate Capital LLC announced today the following clarification.
Pirate's Founder and Portfolio Manager, Thomas R. Hudson Jr., said the following:
"I sent a letter to Pirate Capital's investors on September 28, 2006 concerning changes at Pirate Capital. In the letter I said that Matt Goldfarb and David Muccia had been asked for their resignations. I have now become aware that both had voluntarily and independently decided to resign from Pirate Capital and that their decision to resign was without impetus from me. The letter to investors was then apparently misinterpreted by some as saying that they had been fired by Pirate Capital. This was not the case as their resignations were entirely voluntary."
Posted by Blackbeard , Oct 06, 2006 12:19PM
If Hudson made the decision to take the Fund “back to its roots” as he said, then why did he lease 16,000 sq feet of new office space early this summer. Oh, I guess that must have been before he lost a millions of dollars and had those redemption notices flow in like the tide. Pirate is currently in about 3,500 sq feet in Norwalk, CT. I don’t think he plans to move now that half the firm has left. Wonder what he’s going to do about that lease? This guy seems to like smoke and mirrors as much as pirate toys.