13F-HR 1 v057325_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2006 Check here if Amendment [ ]; Amendment Number: _______________ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Pirate Capital LLC Address: 200 Connecticut Avenue Norwalk, CT 06854 Form 13F File Number: 28-11099 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Thomas R. Hudson, Jr. Title: Managing Member Phone: 203 854-1100 Signature, Place, and Date of Signing: /s/ Thomas R. Hudson, Jr. Norwalk, Connecticut 11/13/2006 -------------------------------------------------------------------------------- [Signature] [City, State] [Date] Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 20 Form 13F Information Table Value Total: $1,479,789 (thousands) List of Other Included Managers: None Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE PIRATE CAPITAL LLC 13F INFORMATION TABLE September 30, 2006

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 ------------------------------------------------------------------------------------------------------------------------------------ TITLE OF VALUE SHARES OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (000) PRN AMT ~~SH/~~PRN CALL DISCRETION MANAGERS SOLE SHARED NONE ------------------------------------------------------------------------------------------------------------------------------------ 1 ~~ALLETE~~ALLIED ~~INC~~DEFENSE GROUP common ~~18522300~~019118108 1114,~~977~~514 ~~325~~882,~~900~~300 SH~~/PRN~~ Shared-Defined NONE 882,300 2 ~~ALLIED~~ANGELICA ~~DEFENSE~~CORP ~~GROUP INC.~~ common ~~19118108~~034663104 120,~~778~~636 791,~~900~~213,147 SH~~/PRN~~ Shared-Defined NONE 1,213,147 3 ~~ANGELICA~~AQUILA ~~CORP~~INC common ~~34663104~~03840P102 13106,~~149~~946 ~~486~~24,~~100~~698,912 SH~~/PRN~~ Shared-Defined NONE 24,698,912 4 ~~ASSOCIATED~~BRINK'S ~~ESTATES REALTY~~ CO common ~~45604105~~109696104 7209,~~658~~825 ~~749~~3,~~299~~954,494 SH~~/PRN~~ Shared-Defined NONE 3,954,494 5 ~~AVALON~~CEC ~~CORRECTIONAL~~ENTERTAINMENT ~~SERVICES~~ INC common ~~53436101~~125137109 ~~207~~95,952 803,~~179~~045,130 SH~~/PRN~~ Shared-Defined NONE 3,045,130 6 ~~BKF~~CHARTERMAC ~~CAPITAL~~ben ~~GROUP~~int ~~common~~160908109 ~~05548G102 4~~117,~~775~~843 ~~126~~7,~~000~~048,034 SH~~/PRN~~ Shared-Defined NONE 7 ~~CENTRAL PARKING CORP. common 154785109 1~~,~~735 114~~048,~~500~~034 ~~SH/PRN~~7 ~~Shared-Defined~~CKE ~~NONE~~RESTAURANTS, 8INC ~~CHARTERMAC~~ common ~~160908109~~12561E105 85,~~043~~325 ~~329~~266,~~100~~800 SH~~/PRN~~ Shared-Defined NONE 9266,800 8 CORNELL COMPANIES INC common 219141108 2940,~~779~~109 12,~~961~~321,~~700~~100 SH~~/PRN~~ Shared-Defined NONE ~~10 CORRECTIONS CORP AMERICA common 22025Y407 5~~2,~~161 127~~321,~~600~~100 ~~SH/PRN~~9 ~~Shared-Defined NONE 11~~ CUTTER & BUCK INC common 232217109 1813,~~216~~899 1,~~250~~437,~~217~~317 SH~~/PRN~~ Shared-Defined NONE ~~12 GANDER MOUNTAIN COMPANY common 36471P108 998 77~~1,~~817~~437,317 ~~SH/PRN~~10 ~~Shared-Defined NONE 13~~ GENCORP INC common 368682100 2764,~~437~~643 15,~~477~~034,500 SH~~/PRN~~ Shared-Defined NONE 145,034,500 ~~GEO~~11 ~~GROUP~~GENTEK INC common ~~36159R103~~37245X203 16,~~316~~903 49250,~~500~~000 SH~~/PRN~~ Shared-Defined NONE 15250,000 12 INTRAWEST CORP common 460915200 3134,~~473~~490 12,~~369~~545,~~000~~388 SH~~/PRN~~ Shared-Defined NONE ~~16 IPSCO INC. common 462622101 16~~2,~~041 336~~545,~~300~~388 ~~SH/PRN~~13 ~~Shared-Defined~~JAMES ~~NONE~~RIVER 17COAL ~~JOHN~~CO ~~Q HAMMONS HOTELS INC.~~ common ~~408623106~~470355207 7308,~~608~~393 ~~375~~8,~~700 SH/PRN Shared-Defined NONE 18 MISSION WEST PROPERTIES INC. common 605203108 368 34~~928,~~600~~570 SH~~/PRN~~ Shared-Defined NONE ~~19 NEW ENGLAND REALTY ASSOCIATE common 644206104 451 5~~8,~~100~~928,570 ~~SH/PRN~~14 ~~Shared-Defined~~MAXIM ~~NONE~~CRANE 20WORKS ~~OFFICE~~HOLDINGS ~~DEPOT~~ INC common ~~676220106~~577737109 1110,~~815~~440 ~~680~~435,~~600~~000 SH~~/PRN~~ Shared-Defined NONE 21435,000 ~~ORIENT~~15 ~~EXPRESS~~MIRANT ~~HOTELS~~CORP ~~LTD~~ common ~~G67743107~~60467R100 719,~~095~~444 ~~344~~425,~~900~~000 SH~~/PRN~~ Shared-Defined NONE 22425,000 ~~ORIGEN~~16 ~~FINANCIAL~~NETRATINGS, INC. common ~~68619E208~~64116M108 ~~521~~113,315 694,~~678~~149,216 SH~~/PRN~~ Shared-Defined NONE ~~23 SEARS ROEBUCK & CO. common 812387108 3~~4,~~827 75~~149,~~000~~216 ~~SH/PRN~~17 ~~Shared-Defined~~PEP ~~NONE~~BOYS 24MANNY ~~SIZELER~~MOE ~~PROPERTY~~& ~~INVESTORS~~JACK common ~~830137105~~713278109 34,~~109~~979 ~~264~~349,~~000~~900 SH~~/PRN~~ Shared-Defined NONE 25349,900 ST18 ~~JOE~~PH GLATFELTER CO. common ~~790148100~~377316104 1784,~~591~~418 ~~274~~2,~~000~~812,995 SH~~/PRN~~ Shared-Defined NONE ~~26 TEMPLE INLAND INC. common 879868107 19~~2,~~945 291~~812,~~600~~995 ~~SH/PRN~~19 ~~Shared-Defined~~PW ~~NONE~~EAGLE ~~27 TOYS R US~~ INC. common ~~892335100~~69366Y108 3072,~~218~~249 15,~~476~~622,~~200~~500 SH~~/PRN~~ Shared-Defined NONE ~~28 UNITED CAPITAL CORP. common 909912107 7~~5,~~119 314~~622,~~300~~500 ~~SH/PRN~~20 ~~Shared-Defined~~WALTER ~~NONE~~INDUSTRIES ~~29 VAIL RESORTS~~ INC. common ~~91879Q109~~93317Q105 10135,~~717~~466 ~~478~~3,174,000 SH~~/PRN~~ Shared-Defined NONE ------ Column 1 Column 8 ----------------------------------------------------------------------------- VOTING AUTHORITY NAME OF ISSUER SOLE SHARED NONE ----------------------------------------------------------------------------- 1 ALLETE INC 325,900 2 ALLIED DEFENSE GROUP INC. 79,900 3 ~~ANGELICA CORP 486~~,~~100 4 ASSOCIATED ESTATES REALTY CO 749~~174,~~299 5 AVALON CORRECTIONAL SERVICES INC 80,179 6 BKF CAPITAL GROUP 126,~~000 ~~7 CENTRAL PARKING CORP. 114,500 8 CHARTERMAC 329,100 9 CORNELL COMPANIES INC~~ 1,~~961~~479,~~700 10 CORRECTIONS CORP AMERICA 127,600 11 CUTTER & BUCK INC 1,250,217 12 GANDER MOUNTAIN COMPANY 77,817 13 GENCORP INC 1,477,500 14 GEO GROUP INC 49,500 15 INTRAWEST CORP 1,369,000 16 IPSCO INC~~789. 336,300 17 JOHN Q HAMMONS HOTELS INC. 375,700 18 MISSION WEST PROPERTIES INC. 34,600 19 NEW ENGLAND REALTY ASSOCIATE 5,100 20 OFFICE DEPOT INC 680,600 21 ORIENT EXPRESS HOTELS LTD 344,900 22 ORIGEN FINANCIAL INC 69,678 23 SEARS ROEBUCK & CO. 75,000 24 SIZELER PROPERTY INVESTORS 264,000 25 ST JOE CO. 274,000 26 TEMPLE INLAND INC. 291,600 27 TOYS R US INC. 1,476,200 28 UNITED CAPITAL CORP. 314,300 29 VAIL RESORTS INC. 478,0000

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