US Airways

Buffett buys airlines and Apple | February 27, 2017

“I bought into one called U.S. Air. That was my previous investment in the late 1980s...it disappeared almost before we finished dinner.”

Buffett buys airlines and Apple | February 27, 2017

“U.S. Air had some favored routes, but Southwest was coming at them over time... It was a preferred stock... And then they had this blip... And then it went bankrupt twice afterwards. U.S. Air did.”

Afternoon Session - 2007 Meeting

“had very high seat mile costs, and it had protected routes, U.S. Airways, so it was able to operate with 12 cents a seat mile”

Wesco 2006 Annual Meeting — Notes of Charlie Munger's Remarks (Whitney Tilson)

“But You Sold US Airways... It was out of control. But the sales we've made over the years are tiny and few.”

How Executive Jet has done better than airlines

“Charlie and I were directors of U.S. Air a few years back, and our cost per seat mile were far higher than competitors”

Morning Session - 1998 Meeting

“one of our local operations that's run by Walter Scott, one of our directors, from the Keywood company Level 3”

Wesco Financial Annual Letter 1998

“Wesco's consolidated financial statements reflected an investment in 9.25% convertible preferred stock of US Airways Group, Inc., acquired by Wesco at par of $12,000,000”

Morning Session - 1997 Meeting

“Well, we're just an investor in U.S. They call it now U.S. Airways, but we're just an investor. We've owned a preferred stock for almost eight years.”

Morning Session - 1995 Meeting

“Well, it's certainly been an interesting experience, the U.S. Air experience.”

Morning Session - 1995 Meeting

“And we are not in the same position owning our Series A preferred of U.S. as we would be if we'd bought 1,000 shares or 5,000 shares of the Series B”

Morning Session - 1995 Meeting

“I haven't heard from them lately on U.S. Air, but the, but one of the considerations in that is that if you buy 100 shares of a preferred”

Morning Session - 1994 Meeting

“U.S. Air has a cost structure which is non-viable in today's airline business...there isn't a question that the cost structure is out of line.”