Brink's to spin off Brink's Home Security; Settles with Apx

Big news out of Virginia this morning: The Brink's Company announced it will spin off Brink's Home Security. Here's the company press release. I'll have much more on this later, but I have to say the first thing that came to mind was an interview I had with hedge fund chief Thomas Hudson of Pirate Capital last February. During that interview he said, he foresees "material progress toward the sale of Brink's within 12 months." Separately, Brink's Home Security today settled a lawsuit with ApxAlarm Security Solutions of Provo, Utah, according to Dave Simon, spokesman for Brink's. The details of the settlement are confidential, he told me. Here's some some background. The suit was originally filed by Brink's in August of 2006, and eventually involved counter suits from Apx.