Pirate Capital Sees Assets Walk The Plank

Jul 20 2007 | 10:49am ET

In addition to recalcitrant portfolio companies, Pirate Capital’s Thomas Hudson has another reason to be angry this month: recalcitrant investors.

Investors withdrew roughly half its remaining assets on Jun. 30, leaving the once $2 billion fund with just about $400 million, Hedge Fund Alert reports.

Leading the departures was fund of funds shop GAM, which alone accounts for as much as $300 million of the withdrawals.

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