On the offensive: Pirate lifts stake in PW Eagle

Things are getting done even through the turmoil at Pirate Capital.  Today they filed an amended 13D for PW Eagle and now own a 22.5% stake, up from 20.5% on August 31 -- with purchases made through yesterday.

In August, Pirate Capital entered into a Rule 10b5-1 trading plan with regard to PW Eagle's common shares. The trading plan is effective until Feb. 22, 2007, and provides for the purchase of up to $30 million of PW Eagle's common shares.

Shares of PW Eagle closed Thursday at $28.98 each.

In May, it was reported that Pirate Capital had notified PW Eagle of its intention to acquire more than 20% of the company's voting shares and that it might buy additional shares, enabling it to hold more than 33.3% of the shares entitled to vote.

In late May, PW Eagle's shareholders elected seven new directors, boosting the board's membership from five, and the board formed a strategic committee to look into the potential sale of the company.

These were the purchases according to the 13D/A:

(c) The following transactions in the Shares were effected by the
Reporting Persons in the last 60 days, each of which was effected on the open
market.

      Jolly Roger Offshore Fund LTD

        Trade Date        Shares Purchased (Sold)     Price per Share ($)
        ----------        -----------------------       -------------------
        08/31/2006                448,296               34.87*
        09/06/2006                5,762                 33.99
        09/07/2006                6,620                 33.51
        09/08/2006                5,640                 33.98
        09/11/2006                3,804                 33.60
        09/12/2006                2,440                 33.99
        09/13/2006                1,804                 33.85
        09/14/2006                2,800                 33.88
        09/15/2006                5,193                 33.97
        09/18/2006                4,520                 33.76
        09/19/2006                4,674                 33.84
        09/20/2006                2,400                 33.95
        09/21/2006                8,800                 32.97
        09/22/2006                10,400                31.33
        09/25/2006                47,861                29.90
        09/26/2006                48,500                28.94
        09/27/2006                21,000                29.55
        09/28/2006                53,855                29.23

      Jolly Roger Fund LP

        Trade Date        Shares Purchased (Sold)     Price per Share ($)
        ----------        -----------------------       -------------------
        08/31/2006                (448,296)                         34.87*

*Represents internal allocation only

Pirate Capital Boosts PW Eagle Stake To 22.5% - Dow Jones Newswires