Pirate Capital's Thomas Hudson resigns from Cornell board

By Lisa Kerner

Charlotte, N.C., March 6 - Thomas R. Hudson Jr., manager of Cornell Cos. Inc. investor Pirate Capital LLC, resigned from Cornell's board of directors effectively Monday.

Hudson is pursuing board efforts at the Brink's Co., according to a schedule 13D filed with the Securities and Exchange Commission.

"I am pleased to say that Cornell is a very different company than when I joined the board almost two years ago," Hudson said in a company news release.

"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."

Pirate Capital advises the hedge funds Jolly Roger Fund LP, Jolly Roger Offshore Fund Ltd., Jolly Roger Activist Fund LP and Jolly Roger Activist Fund Ltd. The funds and Pirate Capital beneficially own 2,328,011 shares, or about 16.5% of Cornell's outstanding shares.

Houston-based Cornell provides correction, detention, education, rehabilitation and treatment services.

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