Paine Field Terminal Sold to the Washington State Investment Board
Oct 1, 2019, 11:26 pm
#1
Suspended
Original Poster
Join Date: Oct 2016
Location: PDX
Programs: AS DL
Posts: 9,038
Paine Field Terminal Sold to the Washington State Investment Board
Propeller Airports, the firm which operates the Paine Field passenger terminal, has sold its stake to the retirement fund of state teachers and other unions. The Washington State Investment Board, which manages 17 public employee unions bought Propeller's ownership stake in the terminal. Propeller will continue to manage the terminal. However, presumably, it has made its profit by selling its ownership of the terminal and managing the terminal is icing on the cake as far as income.
Oct 2, 2019, 7:27 am
#2
Join Date: Sep 2009
Posts: 2,832
Propeller Airports, the firm which operates the Paine Field passenger terminal, has sold its stake to the retirement fund of state teachers and other unions. The Washington State Investment Board, which manages 17 public employee unions bought Propeller's ownership stake in the terminal. Propeller will continue to manage the terminal. However, presumably, it has made its profit by selling its ownership of the terminal and managing the terminal is icing on the cake as far as income.
The Washington State Investment Board is a public agency, established by state law, whose members are appointed by the Governor of Washington. By law, the Board manages the investment of state retirement funds and other public trust funds. It is not a labor union, nor does it manage any union. The unions do not operate any retirement funds.
https://www.sib.wa.gov/wsib_story.pdf
Oct 2, 2019, 12:30 pm
#3
Join Date: Apr 2017
Programs: AS 100k, DL PM, New Sagaya
Posts: 1,291
...and developers need to get their capital back out to move onto the next project. It is how it works.
Oct 2, 2019, 12:40 pm
#4
Join Date: Apr 2016
Location: BNA (Nashville)
Programs: HH Diamond
Posts: 6,227
Deleted....its not OMNI/PR
Oct 2, 2019, 6:02 pm
#5
FlyerTalk Evangelist
Join Date: Sep 1999
Location: Toronto, Ontario, Canada
Programs: OWEmerald; STARGold; BonvoyPlat; IHGPlat/Amb; HiltonGold; A|ClubPat; AirMilesPlat
Posts: 38,186
Public employee pension funds own many airports, office towers, toll highways and other infrastructure around the world. As noted, they are no associated in any way with unions...other than their pension recipients (and those to-be) may also be members of public sector unions.
Oct 2, 2019, 8:26 pm
#6
Suspended
Original Poster
Join Date: Oct 2016
Location: PDX
Programs: AS DL
Posts: 9,038
Absolutely false. The terminal has not been “sold to unions,” and the WSIB does not “manage 17 public employee unions.” Total garbage.
The Washington State Investment Board is a public agency, established by state law, whose members are appointed by the Governor of Washington. By law, the Board manages the investment of state retirement funds and other public trust funds. It is not a labor union, nor does it manage any union. The unions do not operate any retirement funds.
https://www.sib.wa.gov/wsib_story.pdf
The Washington State Investment Board is a public agency, established by state law, whose members are appointed by the Governor of Washington. By law, the Board manages the investment of state retirement funds and other public trust funds. It is not a labor union, nor does it manage any union. The unions do not operate any retirement funds.
https://www.sib.wa.gov/wsib_story.pdf
Fake news exists and means reported news is wrong.
A newspaper from Washington state reported it as the WISB operates the retirement benefits for 17 public employee unions.
Still, this thread is not about the WISB but rather Propeller developed the airport terminal then sold it right away rather than getting money drip by drip. Of course, now it will get less per month by managing it.
Oct 2, 2019, 10:01 pm
#7
FlyerTalk Evangelist
Join Date: Oct 1999
Location: Juneau, Alaska.
Programs: AS 75K;BA Silver;AA G;HH Dia;HY Glob
Posts: 15,815
Trump is correct. There is such thing as Fake News. Trump doesn't own the term.
Fake news exists and means reported news is wrong.
A newspaper from Washington state reported it as the WISB operates the retirement benefits for 17 public employee unions.
Still, this thread is not about the WISB but rather Propeller developed the airport terminal then sold it right away rather than getting money drip by drip. Of course, now it will get less per month by managing it.
Fake news exists and means reported news is wrong.
A newspaper from Washington state reported it as the WISB operates the retirement benefits for 17 public employee unions.
Still, this thread is not about the WISB but rather Propeller developed the airport terminal then sold it right away rather than getting money drip by drip. Of course, now it will get less per month by managing it.
For example:
The state board that manages retirement funds for firefighters, teachers, police and other public employees has invested in Paine Field’s new passenger terminal through its operator, Everett-based Propeller Airports.
The Washington State Investment Board is partnering with Global Infrastructure Partners, which made the investment and will manage it, according to a joint news release.
...
The Investment Board manages $140 billion in assets and 17 retirement plans for public employees, executive director Theresa Whitmarsh said.
The Washington State Investment Board is partnering with Global Infrastructure Partners, which made the investment and will manage it, according to a joint news release.
...
The Investment Board manages $140 billion in assets and 17 retirement plans for public employees, executive director Theresa Whitmarsh said.
Oct 2, 2019, 11:51 pm
#8
Join Date: Sep 2009
Posts: 2,832
You clearly misread the news article. Please provide a link to your source.
Oct 3, 2019, 7:25 am
#9
Join Date: Apr 2009
Location: YYF/YLW
Programs: AA, DL, AS, VA, WS Silver
Posts: 5,951
Still, this thread is not about the WISB but rather Propeller developed the airport terminal then sold it right away rather than getting money drip by drip. Of course, now it will get less per month by managing it.
Oct 3, 2019, 7:51 am
#10
Moderator: Alaska Mileage Plan
Join Date: Feb 2005
Posts: 12,317
Moderator Note: Edited title for accuracy and closing the thread because the discussion is not related to AS.
dayone, AS Moderator
dayone, AS Moderator