PAR Capital sells almost all of its US Airways stake

[700UW]

PAR Capital sells almost all of its US Airways stake

WASHINGTON, May 2 (Reuters) - PAR Capital Management Inc., previously one of the largest shareholders in US Airways Group Inc. (LCC.N: Quote, Profile , Research), reported in a regulatory filing on Wednesday that it has sold almost all of its stake in the company, leaving it with a 0.29 percent stake.

The fund manager said in a filing with the U.S. Securities and Exchange Commission that it sold 6.75 million shares in the seventh-largest U.S. airline to UBS Securities LLC on May 1.

Par Capital previously sold 6.5 million US Airways shares to Goldman Sachs on Feb. 13.

 

[safety stud]

PAR Capital sells almost all of its US Airways stake

WASHINGTON, May 2 (Reuters) - PAR Capital Management Inc., previously one of the largest shareholders in US Airways Group Inc. (LCC.N: Quote, Profile , Research), reported in a regulatory filing on Wednesday that it has sold almost all of its stake in the company, leaving it with a 0.29 percent stake.

The fund manager said in a filing with the U.S. Securities and Exchange Commission that it sold 6.75 million shares in the seventh-largest U.S. airline to UBS Securities LLC on May 1.

Par Capital previously sold 6.5 million US Airways shares to Goldman Sachs on Feb. 13.

Simple answer to this one...
PAR Capital is just protecting the money they invested in. Look at the price of our stock today. It is at a 52 week low... Why take a loss if you don't have to... besides, they sold back in FEB also at a higher price... Good for them...

Just my opinion...

 

[usair_begins_with_u]

Simple answer to this one...
PAR Capital is just protecting the money they invested in. Look at the price of our stock today. It is at a 52 week low... Why take a loss if you don't have to... besides, they sold back in FEB also at a higher price... Good for them...

Just my opinion...

Who were the morons that bought it from them?

 

[BoeingBoy]

UPDATE 1-Large US Airways investor cuts holding

12:05 p.m. 05/02/2007

CHICAGO, May 2 (Reuters) - PAR Capital Management Inc., formerly the second-largest equity investor in US Airways Group Inc. (LCC), has sold most of its shares in the airline, leaving it with a 0.29 percent stake, according to a government filing on Wednesday.

The fund manager said in the filing with the U.S. Securities and Exchange Commission that it sold 6.75 million shares, worth about $250 million, to UBS Securities on Tuesday. PAR Capital previously had sold 6.5 million US Airways shares to Goldman Sachs on Feb. 13.

"Could be signs of further fundamental weakness," said Merrill Lynch analyst Michael Linenberg in a research note. Merrill downgraded US Airways on Wednesday, noting its large domestic presence and the outlook for weakness in domestic travel demand.

PAR Capital Vice President Edward Shapiro, one of nine US Airways directors, will retain his seat on the board. Shapiro said in a statement that PAR Capital has "tremendous confidence" in the airline's management.

A US Airways spokesman declined to comment on the implications of the PAR Capital stock sale.

According to Reuters Knowledge, PAR Capital was the second-largest investor in US Airways after Fidelity Management and Research.

The airline last week reported a larger-than-expected first-quarter profit, but its shares tumbled after executives warned of weakening domestic revenue for the airline industry.

US Airways shares, which have fallen more than 15 percent since the April 26 earnings report, were down 5 cents to $37.01 in noon trade Wednesday on the New York Stock Exchange. (Additional reporting by Karey Wutkowski in Washington)

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[EMBFA]

"Could be signs of further fundamental weakness," said Merrill Lynch analyst Michael Linenberg in a research note. Merrill downgraded US Airways on Wednesday, noting its large domestic presence and the outlook for weakness in domestic travel demand.

Hmmmm.

 

[lgwcalling]

As our man-child Pres. sez....."There's an old saying in Tennessee — I know it's in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me —you can't get fooled again."

DP & Co. - The cat's out of the bag. Investors were the only ones left that had confidence in your ability to run a major airline. They are now joining employees and customers in a vote of no confidence. We have survived having had 5 CEOs in the last 6 years and we'll get through your team's departure. BUH-BYE!

 

[delta777]

"Downgrading US Airways as insider liquidates position
We are downgrading US Airways from Buy to Neutral on news that Par Capital, who has been one of its largest shareholders, and who sits on the Board, has liquidated its entire position" (approximately 6.7 mm shares sold).

"Could be signs of further fundamental weakness; too much uncertainty in the stock
Although we were generally pleased with US Airways Mar Q results despite a backdrop of decelerating revenue trends, the share sale, in our view, may suggest, further deterioration of fundamentals. As US Airways is predominantly a domestic carrier (only about 17% of its system is int'l), they are not benefiting as much as some of their larger brethren (American, Continental and United) from the strength in overseas markets. Given the potential risks, we find it hard to justify a Buy rating at this juncture. Hence, the Neutral rating."

 

[Hope777]

Well maybe everyone that they sold their BULL CRAP to has had enough. THEY CAN SEE THAT CURRENT MANAGEMENT CAN NOT RUN THIS AIRLINE ! ! ! They lost sight of the day to day operation while courting DL and CAN NOT get back what they lost. Should we list all the reasons.... or just the latest losing Numerous Aircraft. How does that effect Revenue????

 

[28yrsnojob]

:down: You have to sell it , LCC has no one
watching the store, too much labor problems.
The people they have working are irate and LCC
cant get good help because of ther low wages and
how they treat there employees. Plus the fact that
they take all the money at the top and expect the IAM and CWA to work for nothing.

 

[philly rocks]

This company is so, so stupid!
Bring back sabre, it will bring up the stock price. Only a fool wouldn't know this, then again look who runs this company.

 

[PropPiedmont]

Fund manager sells bulk of shares in US Airways
Lisa Treon
5/2/2007

One of the largest shareholders in US Airways Group Inc. sold almost all of its shares in the company yesterday, leaving it with a 0.29 percent stake.

PAR Capital Management Inc. filed with the U.S. Securities and Exchange Commission a statement that it sold 6.75 million shares in US Airways to UBS Securities LLC on May 1.

PAR Capital previously sold 6.5 million US Airways shares to Goldman Sachs on Feb. 13. PAR Capital vice president Edward Shapiro is one of nine US Airways directors.

See Also:
http://www.reuters.com/article/mergersNews...234192220070502

 

[as the prop turns]

Here we go again....

 

[BuffaloJoe]

And Delta opens tomorrow, I think on the NYSE. Pulling it out of US and may put on DL, we shall see tomorrow!

 

[Pylit]

Read that UBS bought the stock that PAR dumped.