Hedge fund PAR sells stake in U.S. Airways, for a gain-Barron's Online
From the "Inside Scoop" section: PAR, a Boston-based hedge fund, disclosed Wednesday morning that it had sold 6.75M shares of U.S. Airways (LCC) to UBS Securities the previous day, according to SEC data. The sale lowered PAR's stake in the airline to 0.29% from 7.9%. Earlier this year, PAR sold 6.5M shares to Goldman Sach (GS) in a private deal at $57.81 per share. PAR's cost basis for LCC was $19.25 per share, so it came out well ahead. Ben Silverman, director of research at InsiderScore.com, said PAR did what many others have failed to do: it made a lot of money on an airline stock.
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