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Sunday, Aug 4
DOJ again objects to Tom Horton's $20M AMR severance package
- The Department of Justice has again objected to the $20M severance package for outgoing AMR (AAMRQ.PK) CEO Tom Horton as part of the airline's exit from bankruptcy. The DOJ's Office of the U.S. Trustee has asked a court to block the payment.
- A hearing to to confirm the exit plan, the basis of which is AMR's merger with U.S. Airways (LCC), is scheduled for August 15, when a judge will also consider objections.
- Last week, AMR's creditors overwhelmingly approved the plan.