CHARLOTTE, N.C. -- The merger between US Airways(LCC Quote) and America West two years ago was in many ways among the most successful airline deals in history, but it hasn't done much for long-term shareholders.
In fact, US Airways shares recently dipped below $20, their price when the airline emerged from bankruptcy in September 2005. The shares traded as high as $63.27 in November 2006. On Friday, they closed at $20.77.
To be sure, some investors made money. Most prominent among them is Boston hedge fund PAR Investment Partners, an early investor during the US Airways bankruptcy and at one time the combined airline's largest shareholder. PAR sold 6.75 million shares in May at around $36 and 6.5 million in February at about $58. It had bought about 11 million shares at $15 and another 2.75 million at around $40. ...
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