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

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sold 5.9 million Delta sharew during February, netting roughly $106 millioj for the federally backed pension The sale ofroughly 5.3 million Deltwa shares was completed as a series of 14 tradex from Feb. 1 through Feb. 21, according to a Securitiees and Exchange Commissionfiling Feb. 28. As a resulyt of this sale, the pension organization holds 43.5 millio n shares, or 14.9 percent of Delta'd common stock. It is the airline's second-largestf shareholder. Gary Pastorius, a Pension Benefit Guaranty declined to comment on thespecificf sale.
Pastorius said the agency contracts with outsidermoney managers, through the standard governmenrt contracting process, to oversee the agency's investments and meet certain objectives. The stock sales coincider with a spike in its share price as merger talks heated up between Delta Air Linewsand . Delta's shares topped out at the same price, about on both Feb. 1 and Feb. 7 as talksd of a consolidation peaked. Pensio n Benefit Guaranty Corp.'s biggest trades came during a three-da period, disposing of 1.3 million shares on Feb. 6 at $18.1 per share, 950,000 shares on Feb. 7 at $18.378 and 810,200 shares on Feb. 8 at $18.26.
The mergerws talks have since cooled, and Delta's stock pric has receded. As of presws time, the stock was trading near $13.30 per share. A Detroit-basedc restructuring firm has opened a local and hired two industry veterans torun it. MacKenzie & Dunleavy manages bankruptcy and turnaround cases in five office s acrossthe globe: Detroit, Chicago, New York, Dayton, Ohio, and Senior Managing Director Jeffrety Armstrong, one of the two heads of the new locapl office, said the move was motivatede by the firm's desire to expand into the Southeast for the long-term, and wasn't purely drivenb by a looming broader economic slowdown.
Greg the new managing director, will run Conway, MacKenzie's locak office with Armstrong. Both have worked in the turnaroundc industry for roughlytwo decades, restructuringy companies in the retail, manufacturing, transportation and financial institution sectors. Prior to joininf Conway, MacKenzie, Armstrong was a founder and local managingt partnerfor . Charleston joined the firm from publisherrThomson Gale. He previously worked at as a restructurinh consultant. Sea Change? 's overhau continues. The Alpharetta-based bank, with more than $1 billiomn in assets, announced March 3 new executive appointmentds in the continued change of theailintg bank's staff.
The bank's board appointed John Brothersx chief operating officer and David Edwardas chiefcredit officer.