Pirate’s Carrot-and-Stick Approach With Brink’s

Oct 1 2007 | 3:48pm ET

He’s managing less and less money with every passing day. Has Pirate Capital founder Thomas Hudson also lost his poison pen?

Just a week after the Norwalk, Conn.-based activist hedge fund manager made peace with one portfolio company, he had (somewhat) kind words for another, telling security company Brink’s Co. that allowing its poison pill provision to expire was “a small step forward in improving corporate governance.”

But it’s not good enough for Hudson, whose firm has seen asset levels fall by more than 60% this year and has suspended redemptions from its two activist funds. In the letter, Hudson demands that Brink’s do away with its staggered board elections, as well as allowing shareholders to call for special meetings and to name an independent director chairman.

“The chairman of the board and CEO are two very different positions that we believe should not be filled by one individual” as it currently is, Hudson wrote.

Pirate owns about 4.5% of Brink’s.

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