Hudson Takes Aim At Brinks

Jan 4 2007 | 3:14pm ET

Brink’s Co. made its name battling would-be bank robbers but how will it fare against a band of pirates?

Activist hedge fund Pirate Capital is eyeing the legendary armored car and security services firm, demanding two board seats and threatening a proxy battle if it doesn’t get its way.

“Unless the board acts with a renewed sense of duty, we will not be able to avoid an expensive and lengthy proxy contest,” Pirate wrote in a letter filed with the Securities and Exchange Commission. Pirate, which owns 8.5% of Brink’s, has called for the company to hire an investment bank to find ways to raise its stock price.

“Unfortunately,” Pirate wrote, “our requests appear to be falling on deaf ears and the board seems more concerned with exercising its prerogatives of office than serving shareholder interests.”

Pirate is seeking the appointment of its founder, Thomas Hudson, and general counsel, Chris Kelly, to Brink’s board.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…