PBGC to sell half its stake in UAL

The PBGC will soon sell about half of its 23.4% stake in UAL, worth $400 million. The PBGC became an unsecured creditor and the largest single shareholder in UAL when the company dumped a $10.2 billion unfunded pension liability on the agency. The PBGC's position is that a government agency should not take an active role in corporate management or governance. With the sale (in addition to United assets it previously acquired as a creditor and sold), the agency will recover considerably more than the seven cents on the dollar it normally realizes.

Source: WSJ