Cornell is currently trying to build an 800 bed women's prison in Hudson, Colorado. CCJRC is opposed to all private prison companies in Colorado.
As of March 6, Pirate Capital had a stake of 16.5 percent in Cornell.
The stake cut follows resignation of Pirate Capital founder and manager Thomas Hudson Jr. from Cornell board on March 5.
Hudson had resigned to pursue board efforts at The Brink's Co. (BCO.N: Quote, Profile, Research), including his previously stated plan to seek strategic alternatives more ardently. (Reporting by Chakradhar Adusumilli in Bangalore)