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BUSINESS
March 19, 2013 | By Hugo Martin
American Airlines is defending a plan to pay its departing chief executive a severance payout of nearly $20 million after the airline completes a merger with US Airways. The parent company of American Airlines, AMR Corp., which filed for bankruptcy in 2011, recently submitted a request to a bankruptcy court to make the payment to its chief executive, Thomas Horton. After the merger is completed, Horton will be replaced by US Airways Chief Executive Doug Parker and will take the post of board chairman for the new airline.
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BUSINESS
June 22, 2013 | By Minh Dang, Los Angeles Times
The trouble started with the inheritance. Eight years ago, the economy was booming and Jane Osick was on solid ground. She had manageable student loans, a stable job and excellent credit. Then, in less than two years, she racked up $120,000 in credit card debt. How did a sensible schoolteacher dig such a hole? Blame it on the inheritance - a house she helped refinance when her mother was ailing and then remodeled after her mother died. "Looking back, what I should have done was stay out of it," said Osick, 48. "We should have let her lose the house, because what difference would it have made?
BUSINESS
February 22, 2013 | By Alejandro Lazo
Federal prosecutors have accused a Northern California man of running a foreclosure rescue scheme in which he exploited bankruptcy laws to delay home seizures by lenders. Authorities have grown increasingly concerned about schemes aimed at homeowners in foreclosure because, they say, these types of scams can prevent borrowers from getting legitimate assistance with their foreclosures. A federal grand jury indicted Walter Bruce Harrell of Montara -- roughly 20 miles south of downtown San Francisco -- on charges of bankruptcy fraud and two counts of making false statements in bankruptcy court.
ENTERTAINMENT
March 8, 2013 | By Richard Verrier
JS Communications Co., a South Korean entertainment and media company, has signed a letter of intent to acquire the assets of El Segundo-based Rhythm & Hues, the visual effects house that recently filed for bankruptcy protection from creditors. JS Communications, a diversified entertainment and media company, on Thursday agreed to enter into negotiations to buy Rhythm & Hues, according to a document filed in U.S. Bankruptcy Court in Los Angeles. Rhythm & Hues retained investment banking firm Houlihan Lokey Capital Inc. to solicit bids for Rhythm & Hues, which recently won an Oscar for its work on the Ang Lee movie "Life of Pi," and is one of Hollywood's premiere visual effects companies.
BUSINESS
October 21, 2000
Troubled Premier Laser Systems Inc. said Friday that it has tentatively agreed to sell assets of its EyeSys Corneal Topography division to ProLaser Ltd. in Duesseldorf, Germany. ProLaser will acquire the intellectual property, customer base and inventory of the EyeSys division. ProLaser expects to close the deal Dec. 8.
BUSINESS
June 1, 2006 | From the Associated Press
A $280-million-a-year concession agreement between Delta Air Lines Inc. and its pilots was approved Wednesday by a U.S. Bankruptcy Court judge. The decision rejected claims by the government's pension insurer that it should receive the compensation the pilots were promised if their pension is terminated. The decision came hours after pilots approved the deal. The agreement, which runs through 2009, will take effect today.
BUSINESS
January 9, 1987 | JONATHAN PETERSON, Times Staff Writer
The controversial saga of Financial Dynamics founder Richard E. Donovan continued Thursday, as a bankruptcy trustee prepared to take control of millions of dollars in assets once held by the investment entrepreneur who ran afoul of state officials. The move follows a decision by U.S. Bankruptcy Court Judge Barry Russell to turn down the request of Nancy R. Schauer, an attorney who previously had been sorting out Donovan's dealings, to terminate the bankruptcy proceeding.
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