market folly

Value investor Mohnish Pabrai just filed a Form 4 with the SEC regarding shares of Pinnacle Airlines (PNCL). Per the filing, Pabrai has just sold 158,464 shares on April 3rd at a price of $0.70.

After the transaction, Pabrai Investment Fund II LP now owns 777,868 shares of PNCL. At the end of 2011, all of Pabrai's entities filed owning a collective 1,985,902 shares.

Shares of Pinnacle Airlines have plunged from $5.50 in 2011 down to where they currently trade at around $0.31. The company recently filed for bankruptcy protection to help tackle its debt and costs.

We've highlighted Pabrai's activity since it's a rare glimpse at his movements. As of the end of 2011, PNCL was his smallest US equity long allocation. His largest stakes were in Wells Fargo (WFC), Berkshire Hathaway (BRK.B), Potash (POT), and Terex (TEX).

For more on this investor, head to Pabrai on his checklist on how to approach an investment.

Per Google Finance, Pinnacle Airlines "an airline holding company based in Memphis, Tennessee. It is a parent company of three wholly owned subsidiaries: Pinnacle Airlines, Inc., Colgan Air, Inc. and Mesaba Airlines. The company's operating platforms include Regional Jet Operations and Turboprop Operations."