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Old 03-09-2008, 05:52 PM
  #11  
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Joined APC: Jun 2007
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He lost money on his US Airways adventure back in the 90s,
Actually, in the end, Buffett made money on USAir. He owned preferred shares. When USAir stopped paying it's dividend in on preferred shares in 1994, Buffett had to take a $270 million pretax charge on the books, making his holdings essentially worth $85 million by 1995. Buffett tried to sell the shares in 1996. Fortunately for him, no one bought them. USAir went on to record breaking profits and began paying dividends in arrears on the preferred stock. USAir repurchased the stock from Buffett in 1998, and he walked away with a tidy little profit. So Buffett actually made a fair amount of money on USAir. It wasn't pretty, and it wasn't the return he had hoped for, but did make money.
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