From LA Times:
The U.S. trustee overseeing the bankruptcy proceedings for American Airlines’ parent company is questioning a $19.9-million severance package for the company’s top executive.
In a filing made last week, Trustee Tracy Hope Davis said the airline, which filed for bankruptcy in 2011, is obligated to explain the severance package it proposes for its Chief Executive Tom Horton.
AMR plans to merge with US Airways Group, the parent company of US Airways, to form what is expected to be the nation’s largest airline.
The newly merged company will be run by US Airways Chief Executive Doug Parker, with Horton taking the position of chairman of the board.
In court records, AMR requested a change in its payment policy to give Horton the payout after he loses his post as CEO.
Comments
4 Comments so far. Leave a comment below.Severance pay for a demotion? Glad I don’t own any of their stock. I’m just glad it’s even being looked into.
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How about giving him a ‘golden parachute’? And by that I mean having him jump from an airplane with a parachute made of a couple hundred pounds of solid gold.
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I prefer a golden bullet, more personal.
Christ what an asshole!
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Just another case of the wealthy always coming out on top….
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