NORWALK, Conn., Sept. 14, 2006 (PRIMEZONE) -- Pirate Capital LLC announced today its response to a Bloomberg article regarding Pirate's recent Schedule 13D filings for OSI and RAIL.
Pirate's Founder and Portfolio Manager, Thomas R. Hudson Jr., said the following:
"Pirate originally did not amend its Schedules 13D when its holdings went from less than 6% to less than 5% based on its understanding that the SEC rules did not require an amendment under those circumstances. On September 12, however, the SEC staff contacted Pirate and informed Pirate of a staff position that 13D filers were required to amend their Schedule 13D when their holdings dropped below 5%, regardless of how small the transactions that took them under 5% were. While Pirate believes it had a sound basis for its position, it determined to comply with the staff's comment and, accordingly, amended its Schedules 13D for OSI and RAIL the next day."
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.