for €325m, returning a profit of €140m on its investment. FL had first invested in easyJet in October 2004, taking an 8.4% share, increasing this over the course of 2005. In October 2006 FL GROUP secured the sale of Icelandair Group. In 2007, the FL Group invested $50 million in several Bayrock projects linked to Donald Trump, including a development in Whitestone, Queens, and Trump SoHo in Manhattan. 2008 revamp In February 2008, after the US real-estate bubble had burst, FL Group announced it was divesting itself of its real-estate projects in the US. The Trump Tower project, along with other US based real estate projects, were moved to a subsidiary of FL Group called FL Bayrock Holdco. In March, stakes in Finnair and investment group Aktiv Kapital were divested; in April a 39% stake in FL was acquired by Styrkur Invest, a company controlled by FL's Chairman Jón Ásgeir Jóhannesson. The company then delisted from the Iceland Stock Exchange on 6 June after a share buyback. Jón Ásgeir stepped down as Chairman later that month after a conviction for breaking accounting laws. His wife Ingibjorg Stefania Palmadottir was elected as his replacement. On July 4, FL Group announced both that it had changed its name to Stodir and acquired a 39% stake in retail holding company Baugur Group. Insolvency 2008 In September 2008 it was announced that Stodir had filed an application for a debt moratorium process at the District Court of Reykjavík, effectively putting the company into administration. The move was prompted by the Government of Iceland's acquisition of three-quarters of troubled bank Glitnir, in which Stodir had previously held a 32% stake. For 2008, FL Bayrock Holdco posted more than US$140 million in losses. It was declared bankrupt in January 2014, costing its sole investor and creditor, the parent FL Group, nearly US$130 million in losses. 2009-2016 Composition agreement reached with creditors (June 2009), which thereby acquired all shares in the renamed company Stodir. Between 2009 and 2016, all assets were sold except for a shareholding in Refresco Holding, a pan European beverage company, all debt was paid off, and all legal issues resolved. 2017 S121 ehf. (a group of Icelandic and UK family investors) acquired the majority of shares in Stodir. 2018 Refresco shareholding was sold for EUR 140 million and Stodir was repositioned as an active investment company. 2018-current A number of investments made, including