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Pirate Freezes Withdrawal on Two Funds
by Christopher Glynn ,Senior Reporter, September 13, 2007

Pirate Capital has barred clientele from taking their money out of two of its hedge funds.

The asset base at the shareholder activist has declined by 80% in the past year.

Pirate Capital has designated four stocks held by the funds as “special,” meaning clientele will not be able to get their money back until they are sold, according to a letter obtained by Bloomberg.

Thomas Hudson founded Pirate Capital. The Connecticut-based company has seen its managed capital drop to $375 million as of Sept. 1 from $1.8 billion a year earlier.

The funds, which opened in January 2006, had $150 million under management as of March 2006.

The withdrawal halt does not apply to two larger Pirate Capital funds.

  
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