NORWALK, Conn., March 5 /PRNewswire/ -- Pirate Capital LLC today announced the resignation of Thomas R. Hudson Jr. from the Board of Directors of Cornell Companies, Inc. . The resignation will be effective immediately in order to pursue board efforts at The Brink's Company, including Mr. Hudson's previously stated intention to seek strategic alternatives, more ardently.
Mr. Hudson, the Founder and Manager of Pirate Capital, commented: "I am pleased to say that Cornell is a very different company than when I joined the board almost two years ago. In my tenure on the board, I have worked to see the stock appreciate from $13.60 to $20.50 per share. The company is now well-positioned to take advantage of the tremendous growth opportunities in the corrections industry, and has a new management team and a strong board in place leading it forward."
About Pirate Capital
Pirate Capital serves as the investment advisor to four event-driven hedge funds: Jolly Roger Fund LP, Jolly Roger Offshore Fund LTD, Jolly Roger Activist Fund LP and Jolly Roger Activist Fund LTD. Pirate Capital is registered with the Securities and Exchange Commission as an investment advisor under the Investment Advisers Act of 1940.
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