Friday, 22 May 2015
Last updated 5 hours ago
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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…