Pirate Capital, the activist hedge fund firm run by Thomas Hudson, has trimmed its stake in Walter Industries. The firm had been a long time agitator of the holding company for water, coal and natural gas infrastructure operations whose shares have been on a roller coaster ride this year, peaking around 70 in April and now trading near 42 as AIN went to press last week.
Pirate’s Jolly Roger Fund sold 110,000 shares on Sept. 13 at $49.54 per share, according to a filing with the Securities and Exchange Commission. It also sold 100,000 additional shares on Sept. 28 at $43.47. The Jolly Roger Offshore Fund also sold 229,655 that day at the same price. The firm now owns 7.3% of Walter’s outstanding shares.
Steel Partners successfully shorted Walter in April when it was trading at about 70 (AIN, 7/10). After Calls to Pirate were not returned by press time.