NEW YORK -- Towers Financial-United Fire Insurance Co., which has ended an attempt to buy Pan Am Corp., Thursday revealed it led a buying group that has purchased up to 5 percent of Emery Air Freight Corp.
Steven Hoffenberg, chairman of Towers Financial Corp., said he did not know the exact number of shares owned, but a statement said the group 'has purchased approximately five percent of Emery.'
Emery has abut 19.8 million outstanding shares.
Hoffenberg said the group supported 'air freight industry executives' who intend to present a restructuring plan to the Wilton, Conn.-based air freight company.
He would not name the independent group of executives, which has not made its intentions public, but said the plan 'demonstrates a specific outline to return Emery and Purolator to profitability.'
Emery's stock fell 37 cents to $6.875 a share on the New York Stock Exchange Thursday.
Towers Financial had previously bought an interest of about 600,000 shares in Pan Am, and Hoffenberg said the company is supportive of Thursday's appointment of Thomas G. Plaskett, formerly of Continental Airlines Inc., as chairman and chief executive.