Pirate Capital Makes Nice With Angelica

Sep 26 2007 | 7:46am ET

Activist hedge fund Pirate Capital got some desperately needed good news last week, when portfolio company Angelica Corp. announced it is looking into a sale of itself.

Norwalk, Conn.-based Pirate, which has been buffeted by investment losses and huge redemptions this year, forcing it to suspend redemptions in two of its funds, agreed to end its proxy battle with linen and uniform provider Angelica following Angelica’s announcement and agreement “to reimburse a portion of Jolly Roger’s expenses” incurred during the proxy campaign.

Pirate had sought the election of two candidates, including Pirate founder Thomas Hudson, to the board of the Chesterfield, Mo.-based company. The hedge fund owns about 10% of Angelica.

In a letter to Angelica yesterday, Hudson wrote, “Pirate Capital Group hereby confirms it will not nominate, or solicit proxies for the election of, other persons at the 2007 Annual Meeting.”

Angelica last week announced it had directed investment bank Morgan Joseph to pursue a possible sale of the company.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Compelling Opportunities In The Alternatives Space

Jul 29 2014 | 9:33am ET

In an environment where many asset classes seem expensive by historical standards...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note