Pirate Treasures Turnaround
08/15/06 - 07:01 AM EDT
Matthew Goldstein
More recently, Hudson has tried to cash in on Wall Street's love affair with blank-check IPOs -- stock deals for fledgling companies in search of a business plan. Last month, Pirate filed a registration statement to raise $100 million in an initial public offering for a newly formed blank-check company called Doubloon, which will raise cash from investors to buy an existing financial-services firm -- or even another hedge fund.
To some degree, it's not surprising that Hudson would find his niche in the hedge fund world as a corporate rabble rouser. In 2000, he unsuccessfully sued Goldman Sachs (GS Quote - Cramer on GS - Stock Picks), claiming he was fired from his bond trader job because he was having an extramarital affair with a co-worker. A New York state judge, in dismissing the suit, ruled that adultery isn't a "protected 'recreational activity.'" She said the firing may have been an attempt by Goldman Sachs, which didn't comment, to avoid paying Hudson a $5 million bonus.
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