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."
About Pirate Capital
Pirate Capital serves as the investment advisor to four event-driven hedge funds: Jolly Roger Fund LP, Jolly Roger Offshore Fund LTD, Jolly Roger Activist Fund LP and Jolly Roger Activist Fund LTD. Pirate Capital's AUM as of August 31, 2006 was approximately $1.8 billion. Pirate Capital is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940.