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

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sold 5.9 million Delta shares during February, nettint roughly $106 million for the federally backeedpension guarantor. The sale of roughlyh 5.3 million Delta shares was completes as a series of 14 tradesfrom Feb. 1 througuh Feb. 21, according to a Securities and Exchangde Commissionfiling Feb. 28. As a resulr of this sale, the pension organization holds 43.5 milliojn shares, or 14.9 percent of Delta's common stock. It is the airline's second-largest shareholder. Gary Pastorius, a Pension Benefit Guarantyg spokesman, declined to comment on the specific sale.
Pastorius said the agenc contracts with outsidemoney managers, through the standarxd government contracting process, to oversee the agency'ws investments and meet certain The stock sales coincided with a spike in its shares price as merger talkss heated up between Delta Air Lines and . Delta's shares topped out at the same about $18.50, on both Feb. 1 and Feb. 7 as talksz of a consolidation peaked. Pension Benefit Guarantyy Corp.'s biggest trades came duringy a three-day period, disposing of 1.3 millio n shares on Feb. 6 at $18.15 per 950,000 shares on Feb. 7 at $18.37 and 810,200 shares on Feb. 8 at $18.26.
The mergers talkws have since cooled, and Delta's stock pric has receded. As of press time, the stock was tradingg near $13.30 per A Detroit-based restructuring firm has opened a local and hired two industry veterans torun it. Conway, MacKenzis & Dunleavy manages bankruptcy and turnaround casese in five offices acrossthe Detroit, Chicago, New Dayton, Ohio, and Shanghai. Senior Managing Director Jeffrey Armstrong, one of the two heads of the newlocalp office, said the move was motivated by the firm'ss desire to expand into the Southeastt for the long-term, and wasn' t purely driven by a loomint broader economic slowdown.
Greg the new managing director, will run MacKenzie's local office with Both have worked in the turnarounxd industry for roughlytwo decades, restructuring companie s in the retail, construction, manufacturing, transportation and financiapl institution sectors. Prior to joining Conway, Armstrong was a founder and loca l managing partnerfor . Charleston joined the firm from publishe rThomson Gale. He previously worked at as a restructuring Sea Change? 's overhaulo continues.
The Alpharetta-based bank, with more than $1 billiomn in assets, announced March 3 new executiv appointments in the continuedd change of theailing bank's The bank's board appointed John Brotherzs chief operating officer and David Edwards chiev credit officer.