After suffering losses and staff shortcomings in mid-2006, Pirate Capital is recovering as its assets under management climbing to $1 billion.
The firm’s flagship fund, the Jolly Roger Offshore Fund, returned a net of 3.72 percent in December and 10.35 percent on the year. The funds lowest point in 2006 was July’s -6.18 percent return.
Last week, Pirate Capital made a $23 million profit off its investment in PW Eagle when J-M Manufacturing bought the company for $400 million.