 Lockheed was attractive to Simmons because one of its primary investors was the California Public Employees' Retirement System (CalPERS), the pension fund of the state of California.At the time, the "New York Times" said, "Much of Mr. Simmons's interest in Lockheed is believed to stem from its pension plan, which is over financed by more than $1.4 billion.Analysts said he might want to liquidate the plan and pay out the excess funds to shareholders, including himself."