Just wanted to point out to anyone interested, not sure if it's been mentioned in this thread already

If you're betting that Pirate will pay out, you can invest in https://glbse.com/asset/view/TYGRR.BOND-P

It is a bond worth 1BTC stake in BS&T.

Since Pirate has defaulted the bonds are not currently being bought back
(https://bitcointalk.org/index.php?topic=82573.msg1120679#msg1120679)
and are priced around 0.6-0.7BTC

But if Pirate repays then the bond will return to 1 BTC.