Pirate Capital Still On Stormy Waters

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The Pirate Capital implosion continues apace. We’re hearing that Tom Hudson sounded tired and angry on a recent call with investors to discuss recent events—disclosure screw-ups leading to an SEC probe, underperforming the markets and recent staff defections—at the Norwalk, Connecticut based hedge fund.
The tone of the Pirates was called “defensive” by DealBreaker's source. Our favorite (unconfirmed) detail was that asked about where Zach George (subject of a lengthy and fawning profile in New York magazine last year) was going, Hudson is said to have responded with something along the lines of “Why the fuck would I care? He’s probably going snowboarding.”
Apparently, Pirate’s investors are not yet ready to surrender the booty. A source at one institutional investor has told us that it would be redeeming its investment in full. There is talk that many other fund-of-funds are following suit.
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