Pirate Capital, the activist hedge fund firm run by Thomas Hudson, has closed its position in energy concern Mirant Corp, taking a profit of $44 million, or nearly 60% in the process. The firm sold the remaining 4,149,216 million shares it owned for an average price of roughly $29.26, which computes to about $121.4 million total. Hudson's firm originally spent $76.8 million to acquire Mirant bank debt and bonds, but following bankruptcy reorganization it obtained equity, according to a filing with the Securities and Exchange Commission.

At its peak this summer, Pirate had a 1.6% stake, corresponding to about 4.8 million shares in the company. Around that time, Hudson's firm became vocal in opposing Mirant's hostile bid to acquire NRG Energy, which Mirant eventually withdrew. Shortly after the decision to abandon the NRG bid, Pirate sent a letter to Mirant saying it valued the energy company around $32 per share. It was trading around $31 last week. Calls to Pirate were not returned by press time.