March 29, 2007 / 8:13 PM / 12 years ago

Hedge fund Pirate Capital cuts stake in Cornell to 8.9 pct

March 29 (Reuters) - Pirate Capital LLC said in a filing with U.S. regulators that it cut its stake in prison operator Cornell Companies Inc. CRN.N to 8.9 percent.

As of March 6, Pirate Capital had a stake of 16.5 percent in Cornell.

The stake cut follows resignation of Pirate Capital founder and manager Thomas Hudson Jr. from Cornell board on March 5.

Hudson had resigned to pursue board efforts at The Brink’s Co. (BCO.N), including his previously stated plan to seek strategic alternatives more ardently. (Reporting by Chakradhar Adusumilli in Bangalore)

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