Latest Iteration Of Tom Hudson's Untamed Pirate Fetish Off To A Nice Start


As you're aware, late last year, Tom Hudson made the seemingly wise decision to distance himself from the Pirate Capital name and all that it stands for (including but not limited to ass-bleeding, cockminnow fights on the floor, the (spawn of) Michael Bolton, the fall-out associated from nailing the spawn of Michael Bolton, the AUM shrinkage, and the Sugar Daddy dot com). He did so by instructing the intern manning the phone at the 800 Connecticut Avenue office in Norwalk not to answer "Pirate Capital" but "Captain Jack" and, more symbolically, by putting the actual pirate that had stood in the lobby for years into storage. But he couldn't let go of the men in eye patches just yet. Turn his back on a ridiculous, all-consuming, uncanny, really rather impressive and heretofore unmatched fetish for aquatic plunderers? I think not. So he decided to re-brand with the name Doubloon Capital, which the naive among you will assume is a reference to a poker chip when in reality it's part of Tom-bone's sick addiction he just can't quit. And he didn't stop there!

If you can believe it, the flagship fund was named Pieces of Eight, which of course refers to a) the nickname of the Spanish dollar, "long tied to the lore of piracy" and b) the Pieces of Eight Cruise Ship, "fun for the whole family" if you're in the Ft. Meyers, Florida area.

According to AR, PofE is up 15.64% through August.

As of the end of August, Pieces of Eight was comprised of roughly 22% common equity, 40% preferred equity, and 38% corporate debt, according to investor materials. According to Doubloon’s August newsletter, examples of positions include real estate investment trust First Industrial (“very attractive yields for today’s high yield market” at more than 9%); deep-ocean-shipwreck company Odyssey Marine Exploration (various shipwreck projects “could finally bring some very positive news for the stock”); and healthcare facility developer and manager Cogdell Spencer (“The healthcare real-estate sector should remain strong and benefit from the passage of healthcare legislation in 2009”). Doubloon declined to comment.


John Paulson's Merger Fund Had A Nice Little Quarter

April has also worked out well for JP.