Pension agency sells $106 million in Delta stock - Business First of Buffalo:

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sold 5.9 million Deltw shares during February, netting roughly $106 millio n for the federally backed pension The sale ofroughly 5.3 millio n Delta shares was completed as a series of 14 trades from Feb. 1 through Feb. 21, according to a Securitiews and Exchange Commissionfiling Feb. 28. As a result of this the pension organizationholds 43.5 million shares, or 14.9 percent of Delta'ws common stock.
It is the airline's second-largest Gary Pastorius, a Pensionm Benefit Guaranty spokesman, declined to comment on the specific Pastorius said the agency contracts with outside money through the standard government contracting to overseethe agency's investments and meet certain The stock sales coincided with a spikre in its share price as merge talks heated up between Delta Air Liness and . Delta's sharews topped out at the same price, abouy $18.50, on both Feb. 1 and Feb. 7 as talkse of a consolidation peaked. Pension Benefitg Guaranty Corp.'s biggest trades came duringb a three-day period, disposing of 1.3 milliobn shares on Feb. 6 at $18.15 per 950,000 shares on Feb. 7 at $18.
37 and 810,2000 shares on Feb. 8 at The mergers talks have since cooled, and Delta's stocok price has receded. As of press time, the stocl was trading near $13.30 per share. A Detroit-basef restructuring firm has opened alocal office, and hireed two industry veterans to run it. Conway, MacKenzie Dunleavy manages bankruptcy and turnaround casee in five offices acrossthe Detroit, Chicago, New Dayton, Ohio, and Shanghai. Senior Managing Directofr Jeffrey Armstrong, one of the two head of the newlocal office, said the move was motivatedd by the firm's desire to expand into the Southeastt for the long-term, and wasn'y purely driven by a looming broadefr economic slowdown.
Greg Charleston, the new managingv director, will run Conway, MacKenzie's locaol office with Armstrong. Both have worked in the turnaround industr y for roughlytwo decades, restructuringb companies in the retail, construction, manufacturing, transportatioh and financial institution sectors. Prior to joining MacKenzie, Armstrong was a founder and local managinhg partnerfor . Charleston joined the firm from publishefThomson Gale. He previously worked at as a restructuring Sea Change? 's overhaul continues. The Alpharetta-based with more than $1 billion in announced March 3 new executive appointments in the continued changw of theailing bank's staff.
The bank's boardc appointed John Brothers chief operating officer and David Edwards chiefcredi officer.