UNITED STATES SECURITIES AND EXCHANGE COMMISSION 
Washington, DC 20549 
SCHEDULE 13D/A 
Under the Securities Exchange Act of 1934 

The Walter Industries, Inc. 
(Name of Issuer) 

Common Stock, $0.01 par value 
(Title of Class of Securities) 

014055525
(CUSIP Number)
 
Thomas R. Hudson Jr.
Pirate Capital LLC 200 Connecticut Avenue, 4th Floor
Norwalk, CT 06854 
(203) 854-1100 
(Name, Address and Telephone Number of Person Authorized to Receive 
Notices and Communications) 

August 3, 2005 
(Date of Event which Requires Filing of this Statement) 
            
If the filing person has previously filed a statement on Schedule 13G 
to report the acquisition which is the object of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4), check the 
following box  [ ]
            
*The remainder of this cover page shall be filled out for a reporting 
person's initial filing on this form with respect to the subject class of 
securities, and for any subsequent amendment containing information which 
would alter disclosures provided in a prior cover page. The information 
required on the remainder of this cover page shall not be deemed to be 
"filed" for the purpose of Section 18 of the Securities Exchange Act 
of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act 
(however, see the Notes). 

 

CUSIP: 014055525
1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 
Pirate Capital LLC 


2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) * See Item 2 (b) X 


3 SEC USE ONLY 


4 SOURCE OF FUNDS 
Not Applicable (See Item 3) 

                                                                             
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 
2(d) or 2(e)
[ ] 


6 CITIZENSHIP OR PLACE OF ORGANIZATION 
Delaware 

                                            
NUMBER OF SHARES 
BENEFICIALLY OWNED BY 
EACH REPORTING 
PERSON WITH
				7 	SOLE VOTING POWER 
					467,800 (See Item 5) 

				8 	SHARED VOTING POWER 
					0 

				9 	SOLE DISPOSITIVE POWER 
					2,584,355 (See Item 5) 

				10	SHARED DISPOSITIVE POWER 
					0 


				11 	AGGREGATE AMOUNT BENEFICIALLY OWNED 
					BY EACH REPORTING PERSON 
					2,584,355 (See Item 5) 
				

				12	CHECK BOX IF THE AGGREGATE AMOUNT IN 
					ROW (11) EXCLUDES CERTAIN SHARES* 


				13	PERCENT OF CLASS REPRESENTED BY	
					AMOUNT IN ROW (11) 
					6.7% (See Item 4) 


				14	TYPE OF REPORTING PERSON* 
					00 (See Item 2) 





CUSIP: 014055525


1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 
Thomas R. Hudson Jr. 

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) * See Item 2 (b) X


3 SEC USE ONLY 


4 SOURCE OF FUNDS 
Not Applicable (See Item 3) 

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
ITEMS 2(d) or 2(e) 
[ ] 

6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America 

NUMBER OF SHARES 
BENEFICIALLY OWNED BY 
EACH REPORTING 
PERSON WITH

				7	SOLE VOTING POWER 
					2,116,555 (See Item 5) 


				8 	SHARED VOTING POWER 
					467,800 (See Item 5) 


				9 	SOLE DISPOSITIVE POWER 
					0 


				10	SHARED DISPOSITIVE POWER 
					2,584,355 (See Item 5) 

				11	AGGREGATE AMOUNT BENEFICIALLY OWNED 
					BY EACH REPORTING PERSON
					2,584,355 (See Item 5) 

				12	CHECK BOX IF THE AGGREGATE AMOUNT IN 
					ROW (11) EXCLUDES CERTAIN SHARES* 


				13 	6.7% (See Item 4) 


				14	TYPE OF REPORTING PERSON* 
					IN 




Item 2. Identity and Background 

(a), (b), (c) and (f) This Amendment No.1 (the "Amendment") amends the 
Schedule 13D filed on May 25, 2005 (the "Schedule 13D") by 
Pirate Capital LLC and Thomas R. Hudson Jr.  
Pirate Capital LLC is a limited liability company, organized under the 
laws of Delaware, whose principal executive office is 200 Connecticut Avenue, 
4th Floor, Norwalk, Connecticut 06854.  The principal business of Pirate 
Capital LLC is providing investment management services to investment 
partnerships and other entities.  Thomas R. Hudson Jr. is the sole owner 
and Managing Member of Pirate Capital LLC and a citizen of the United States.  
Each of the aforesaid reporting persons ("Reporting Persons") is deemed to be 
the beneficial owner of an aggregate of 2,584,355 shares of the Common Stock 
of the Issuer (the Shares), which Shares are owned of record, in part, 
by each of Jolly Roger Fund LP, Jolly Roger Offshore Fund LTD and 
Mint Master Fund Ltd (the "Holders"). The persons filing this report 
disclaim that they and/or the Holders are members of a group as defined 
in Regulation 13D-G.

(d) and (e) Within the last five years, neither Pirate Capital LLC nor 
Thomas R. Hudson Jr. has been i) convicted in a criminal proceeding, or 
ii) a party to a civil proceeding of a judicial or administrative body 
of competent jurisdiction and as a result of such proceeding was or is 
subject to a judgment decree or final order enjoining future violations 
of, or prohibiting or mandating activities subject to, federal or state 
securities laws or finding any violation with respect to such laws.
 


Item 3. Source and Amount of Funds or Other Consideration 

Funds for the purchase of the Shares were derived from available capital 
of the Holders.  A total of $96,033,867 was paid to acquire the Shares and 
$643,000 was paid to acquire the options as detailed in Item 5. 



Item 5. Interest in Securities of the Issuer 

(a) and (b) By virtue of its position as general partner of Jolly Roger 
Fund LP and an agreement between it and the sole owner of Mint Master 
Fund, Ltd., Pirate Capital LLC has sole power to vote or direct the 
voting, and to dispose or direct the disposition of, all of the Shares 
owned by Jolly Roger Fund LP and Mint Master Fund Ltd. By virtue of an 
agreement between it and Jolly Roger Offshore Fund, LTD. Pirate Capital 
LLC has sole disposition power with respect to all of the Shares owned 
by Jolly Roger Offshore Fund LTD. By virtue of his position as sole 
Managing Member of Jolly Roger Offshore Fund LTD, Thomas R. Hudson Jr. 
has sole voting power with respect to the Shares owned by Jolly Roger 
Offshore Fund Ltd.  By virtue of his position as sole Managing Member of 
Pirate Capital LLC, Thomas R. Hudson Jr. is deemed to have shared voting 
power and shared disposition power with respect to all Shares as
to which Pirate Capital, LLC has voting power or disposition power. 

Based on the foregoing, Pirate Capital LLC has sole voting power with respect
to 467,800 of the Shares and sole disposition power with respect to 2,584,355 of
the Shares; Thomas R. Hudson Jr. has sole voting power with respect to 
2,116,555 of the Shares and shared voting power with respect to 467,800 of the 
Shares and shared disposition power with respect to 2,584,355 of the Shares;

(b) All of the Shares were purchased by the Holders in open market transactions.
The following purchases and sales were made by each of the Holders in the last 
sixty days. 

Jolly Roger Offshore Ltd.

Date		Security	Strike	Expiration			Unit 		
Trade Date			Price	Date		Quantity	Price
2005-06-23	Common Stock				10,000.00 	46.27 
2005-06-23	Common Stock				2,000.00 	44.63
2005-06-30 	Call Option	$35.0	8/19/05		100,000.00	6.43
2005-07-01	Common Stock				25,000.00 	39.88 
2005-07-06	Common Stock				7,300.00 	40.70 
2005-07-12	Common Stock				5,000.00 	42.01 
2005-07-14	Common Stock				30,000.00 	41.68 
2005-07-25	Common Stock				5,000.00 	46.19 
2005-07-26	Common Stock				20,000.00 	44.83 
2005-07-27	Common Stock				47,500.00 	43.57 
2005-07-29	Common Stock				10,000.00 	44.12 
2005-08-01	Common Stock				36,500.00 	43.79 
2005-08-03	Common Stock				25,000.00 	43.77 
2005-08-04	Common Stock				50,000.00 	42.78 
2005-08-05	Common Stock				10,600.00 	41.50 
2005-08-08	Common Stock				1,600.00 	41.54 
2005-08-09	Common Stock				35,100.00 	41.96
2005-08-09	Common Stock				24,000.00 	42.05 







	

Signature 

After reasonable inquiry and to the best of their knowledge and belief, 
the undersigned certify that the information set forth in this statement
is true, complete and correct. 

Dated: August 12, 2005

			Pirate Capital LLC 
		

		
		   By: 	Thomas R. Hudson Jr. 
			Portfolio Manager