Northwest Issues Disclosure of Stock Sale

Bankrupt Northwest Airlines Corp. has disclosed that one of its executives sold the last of his company stock months ago, in May 2005.

The disclosure filed Wednesday involved the sale of 4,630 shares by Philip Haan, executive vice president for international, alliances and technology. He got $4.73 each for the shares. They're now worth less than a tenth of that.

Several other sales by Haan last year were disclosed at the time. But the May 5 sale disclosed on Wednesday closed out the last of his Northwest position and came at a time when the airline was headed for a showdown with its mechanics that resulted in a strike on Aug. 20.

"Northwest filed the appropriate notice as soon as we received notice of the stock transaction," spokesman Kurt Ebenhoch said Thursday.

Stock sales generally must be reported to the Securities and Exchange Commission within two days.

This makes the second time an executive or director's stock sale wasn't disclosed as required. Chairman Gary Wilson sold off nearly all of his stake in the airline during the summer of 2005, including a series of sales made a few weeks before Northwest filed for Chapter 11 protection.

Most of Wilson's sales were disclosed at the time, but one sale was not disclosed until after Northwest sought bankruptcy protection on Sept. 14. The airline blamed the delay on an administrative error.

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