Pirate Capital LLC recently released a 13F filing showing its holdings, which have been significantly decreased since the hedge fund's shakeup back in October when it failed to disclose its sale of OSI Restaurants in a timely matter. More recently, the fund announced that it sold its 4.8 million share stake in Mirant Corporation (NYSE:MIR). A list of Pirate Capital's holdings as of September 30, 2006 can be viewed in their latest 13F filing with the SEC.

Here are some of their largest holdings:

1. Intrawest Corp - This is a company in which Pirate has over $300 million invested, and it is finally paying off. Intrawest's board agreed to sell the company to Fortress Investment Group for $35 per share in cash. Mr. Hudson said, "We commend the Board of Directors and the Executive Management for conducting the broad and thorough strategic review that resulted in the sale of Intrawest. We would like to congratulate the Board and Management for delivering value to their shareholders." Pirate was a buyer between $26 and $30 per share, making them a significant winner on this play.
2. The Brink's Company (NYSE:BCO) - This is a company in which Pirate has over $209 million invested. Recently, on November 11th, Pirate encouraged the company to explore a sale, start a large Dutch tender offer for its shares, and immediately appoint Pirate founder Thomas Hudson to its board; however, the company still appears to be ingoring their requests and pursuing an acquisition instead. It was after this that the hedge fund angrily noted, "We are concerned that shareholder propositions are falling upon deaf ears" and submitted proxy materials in a recent 13D/A filing in a move to bring the issue to shareholder attention.
3. Walter Industries (NYSE:WLT) - This is a company in which Pirate has over $135 million invested. The company moved up today after it resolved a lawsuit involving CC Arbitrage Ltd. and CNH CA Master Account L.P., who agreed to dismiss all claims, and immediately convert their convertible senior subordinated notes to the company's common stock. In this case, Pirate successfully convinced the company to spin-off its whole-owned Mueller subsidiary back in May of 2006. Meanwhile, the hedge fund recently cut its stake and remained silent. Other objectives it had on the table since its last filing in October of 2005, included the sale of its other Finance and Homebuilding subsidiaries. However, the multiples for these sectors are not high enough at this time to justify a sale.

As you can see, the process of unlocking shareholder value can take a lot of time and has no certain outcome. However, when it does work - as in the case of Intrawest - handsome profits can be made. And with over $1.4 billion invested, Pirate Capital is one of the best activist hedge funds to keep an eye on!