Experts In American Air Bankruptcy Could Get $371M
Texas Leaders Consider Freeing More PrisonersAUSTIN (AP) - Texas lawmakers are discussing whether releasing nonviolent convicts is a money-saving way to help deal with a projected $15 billion state budget shortfall. Senate Criminal Justice Committee Chairman John Whitmire of Houston says the state does not have the resources to continue business as usual in Texas. Whitmire said Tuesday that "everything is on the table for discussion this year." The Austin American-Statesman reports lawmakers are considering whether nonviolent foreign citizens who are up for parole and old, ill convicts might be considered for early released. Police, prosecutors and crime victims groups are urging caution in paroling any more convicts. House Corrections Committee chairman Jerry Madden of Richardson says whatever lawmakers decide, it should not compromise public safety. A 2009 legislative study urged that additional medical paroles be considered. (© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
DALLAS (AP) – Lawyers and other specialists who worked on the American Airlines bankruptcy case could get $371 million plus $16 million in expenses.
The biggest haul: $74.5 million in fees for Weil, Gotshal & Manges, American’s lead bankruptcy law firm.
Fort Worth, Texas-based American hired lawyers, accountants, aircraft-finance specialists and other professionals during the two years that it spent in bankruptcy court. It left Chapter 11 protection in December under a plan that included a merger with US Airways. Creditors were repaid in full, and American’s previous shareholders received stock in a new company formed by the merger, American Airlines Group Inc.
In a report to the bankruptcy judge who handled the case, fee examiner Robert Keach said the experts “collectively achieved a remarkable outcome.” He said that a preference for negotiations over litigation saved more money than any scrutiny of the specialists’ fees and expenses.
The recommendations in the report, filed late Tuesday, go to federal bankruptcy Judge Sean Lane in New York. The judge scheduled a hearing for Tuesday.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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