{"id":222586,"date":"2016-03-09T06:06:20","date_gmt":"2016-03-08T20:06:20","guid":{"rendered":"http:\/\/www.saipantribune.com\/?p=222586"},"modified":"2016-03-09T06:06:20","modified_gmt":"2016-03-08T20:06:20","slug":"cpa-board-authorizes-sale-of-delta-shares","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/cpa-board-authorizes-sale-of-delta-shares\/","title":{"rendered":"CPA board authorizes sale of Delta shares"},"content":{"rendered":"
\"The<\/a>
The Commonwealth Ports Authority board of directors during a meeting at the Port of Saipan last Wednesday. (Frauleine Villanueva-Dizon)<\/figcaption><\/figure>\n

The board of the directors of the Commonwealth Ports Authority has authorized the sale of its shares in Delta Airlines Inc.<\/p>\n

During the board meeting last Wednesday, the CPA board passed Resolution No. 16-03, which is a resolution regarding sale authorization.<\/p>\n

According to director Kimberly King-Hinds, who introduced the motion, a resolution was needed for the sale of the shares, as was discussed in their prior board meetings. <\/p>\n

The resolution states that the board \u201cowns\u201d the Delta shares and \u201chas the authority to sell, assign, and transfer securities.\u201d<\/p>\n

It added that the board \u201cdesires to sell its shares\u201d and is therefore authorizing the sale of the shares. <\/p>\n

Acting board chair Thomas P. Villagomez, secretary Roman T. Tudela, and directors Pete P. Reyes, Barrie C. Toves, and Hinds all voted to pass the resolution. <\/p>\n

Back in October of last year, CPA has been contemplating the sale of the said shares in light of an investment policy in the works.<\/p>\n

During that time, the over 9,000 shares of CPA was priced at $46 each, according to CPA comptroller Skye Aldan.<\/p>\n

The shares were originally debt owed them by Northwest Airlines. When Northwest filed for bankruptcy, the airline took the debt and converted it into common shares in its reorganization plan.<\/p>\n

With the shares, CPA is sitting on around $400,000 presently as the stocks which had then little value has appreciated. The board discussed that in 2010, the value of the stock was at $11.51, and in 2013, the closing price was at $18.41.<\/p>\n

The board previously discussed recovering the $400,000 and taking care of the $165,000 in debt, and keeping the net balance with Delta or toward an investment or project.<\/p>\n

On the investment option, Aldan said they would follow investment policy statement, which CPA has drafted and would present to the CPA finance committee for review and comments.<\/p>\n","protected":false},"excerpt":{"rendered":"

The board of the directors of the Commonwealth Ports Authority has authorized the sale of…<\/p>\n","protected":false},"author":51,"featured_media":222589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[124,10186,8879,7767],"class_list":["post-222586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-local-news","tag-cpa","tag-delta-airlines-inc","tag-northwest-airlines","tag-skye-aldan"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/222586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=222586"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/222586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media\/222589"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=222586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=222586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=222586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}