Brinks Raiders On The Run From Their Own Investors

Published September 17, 2007, 1:00 a.m. EDT

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Updated August 27, 2020, 1:39 a.m. EDT

1 Min Read

RICHMOND, Va. - A private equity fund known as Pirate Capital, which has been trying to raid venerable cash carrier Brinks Co., is under attack by its own investors.

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Pirate Capital, which has been pushing Brinks to separate its financial institutions and home security businesses, has barred investor withdrawals from its two Jolly Roger Activist funds after the firm's assets declined by almost 80% since the start of the year.

Pirate founder Thomas Hudson was given a seat on the Brinks board last year after a failed attempt to win two seats and force a sale or spin-off of one of the operations. Over the last year, Pirate has accumulated a 9% stake in Brinks, making it the company's largest shareholder. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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