Possumblog

Not in the clamor of the crowded street, not in the shouts and plaudits of the throng, but in ourselves, are triumph and defeat.--Henry Wadsworth Longfellow

REDIRECT ALERT! (Scroll down past this mess if you're trying to read an archived post. Thanks. No, really, thanks.)

Due to my inability to control my temper and complacently accept continued silliness with not-quite-as-reliable-as-it-ought-to-be Blogger/Blogspot, your beloved Possumblog will now waddle across the Information Dirt Road and park its prehensile tail at http://possumblog.mu.nu.

This site will remain in place as a backup in case Munuvia gets hit by a bus or something, but I don't think they have as much trouble with this as some places do. ::cough::blogspot::cough:: So click here and adjust your links. I apologize for the inconvenience, but it's one of those things.

Tuesday, November 19, 2002

Hey, Maw, we done bought us an airline! RSA wins USA Airways bid

The Retirement Systems of Alabama emerged Monday as the winning bidder for US Airways Group, but it didn't have much competition in a bankruptcy auction.

The state pension fund's plan to invest $240 million in the nation's seventh-largest airline was approved by the U.S. Bankruptcy Court in Arlington, Va., when no other bidders came forward. The RSA had earlier topped a $200 million offer from Texas Pacific Group.

RSA chief David Bronner said Monday he hopes a deal can be completed within a month that will give the state pension fund a 37.5 percent stake in US Airways once it emerges from bankruptcy. [...]

[Bronner] said he believes the airline will return to profitability soon and it will end up being a good investment for the $26 billion-asset pension fund.

"I wouldn't be here if I didn't," he said.

That's $26 Billion with a B--Bronner and the RSA have put together a very profitable portfolio, and one that has continued to do well, even in the past year--if everyone is so concerned about finding education dollars, I say we let Mr. Bronner run the show.

posted by Terry at 9:01:00 AM

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