Dominic Frederico, president and CEO of Assured Guaranty, said: "With the only established bond insurers to have come through the recession in strong capital positions, the Assured Guaranty family of companies, which now includes Assured Guaranty Corporation, Assured Guaranty Municipal Corporation and Assured Guaranty Re (licensed and operating exclusively in Bermuda), remain committed to the municipal market and have the capital resources to meet its needs.

"We also see an important role for Assured Guaranty Corporation to assist in the recovery of the structured finance sector as the economy improves. Our value proposition, which goes beyond the guaranty and includes providing liquidity and valuation, as well as credit analysis, surveillance, and, if necessary, remediation, is more necessary than ever given the current economic environment."

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"The PBGC has not fulfilled its obligation as trustee of our pilots' retirement fund," said Captain Mike Cleary, president of USAPA. "Our own investigation has uncovered a number of questionable circumstances surrounding activities and investments of our retirement fund prior to its termination. Our request to the PBGC for a thorough investigation has fallen on deaf ears, so we are asking the court to appoint a trustee who will do its due diligence in this matter and investigate the management, or perhaps the mismanagement, of our pilots' retirement fund."

The PBGC assumed control of the pilots' pension on March 31, 2003, when US Airways terminated the plan during its bankruptcy proceedings over the objections of the pilots.

Headquartered in Charlotte, N.C., the US Airline Pilots Association (USAPA) represents more than 5,000 US Airways pilots in seven domiciles across the United States.

SOURCE: The US Airline Pilots Association

The US Airline Pilots Association 
Captain James Ray, 980-875-7642