Pirate Capital: Activist Hedge Fund or Publicist Hedge Fund?

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Pirate Capital has found a way to make news without losing money or staffers or getting investigated by the SEC. It’s getting back into the “activist investor” game again.
From 13D Tracker:

In an amended 13D filing on Brinks Co. (NYSE: BCO), 8.5% holder Pirate Capital disclosed a letter to the board of directors of the Issuer, among other things, encouraging the board to (i) take immediate steps to unlock long-term shareholder value by retaining an investment bank to explore the sale of the Company and initiate a large Dutch tender offer for the Shares, and (ii) immediately appoint Thomas R. Hudson Jr. to the board. The firm also recommended a substantial second Dutch tender offer for its stock.

But is this just empty saber-rattling? After the jump, take a look at the performance of Brinks stock for the last few years and see if you agree with Captain Tommy Hudson that the management of Brinks isn't doing enough for shareholder value.
Pirate Capital Wants Brinks (BCO) Sale, Seat on Board [Street Insider: 13D Tracker]

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