Hedge Funds

Pirate Capital stems losses


Pirate Capital Management has stabilized its assets at slightly more than $1 billion after a downward spiral last year left its future in doubt.

The firm managed $1.8 billion in early 2006, but an alarming series of staff defections, lawsuits and performance dips quickly eroded its assets to $1.1 billion by this January.

 Tom Hudson

Pirate quickly established a reputation for solid performance following its inception in 2002, but the wheels came off last year. The firm's flagship Jolly Roger Offshore Fund, which holds roughly half of the firm's assets, charged out of the gates with