Judge Nixes $20M Airline CEO Payout
Morning Business Memo… How much is too much for a departing CEO of a bankrupt airline? A federal bankruptcy judge says it would be “inappropriate” to approve a $20 million dollar exit payment to Tom Horton, the outgoing CEO of American Airlines. Judge Sean Lane...
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Judge Approves American-US Airways Merger
(NEW YORK) — American Airlines won bankruptcy court approval Wednesday to combine with US Airways and form the world’s biggest airline. “The merger is an excellent result. I don’t think anybody disputes that,” Judge Sean H. Lane said before issuing his decision. (MORE: The Battle for the Future of American Airlines) But the judge declined to sign off on a proposed $20 million severance package for Tom Horton, currently the CEO of American’s parent AMR Corp. The approval is an important milestone for American, which filed for Chapter 11 in November 2011 after having long resisted using the bankruptcy process to cut labor and other costs. The merger still needs approval from Department of Justice antitrust regulators and US Airways shareholders. It is expected to close by the fall. The combined airline will have 6,700 daily flights and annual revenue of roughly $40 billion. The new American Airlines will fly slightly more passengers than United, the current No. 1. It will be run ...
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Web video implies Biden 'on something' in debate
Monday, October 15, 2012 - 10:58 Alex Wong/Getty Images Americans for Limited Government, a non-disclosing nonprofit, released a Web video mocking Biden's debate performance. Americans for Limited Government , a well-funded, shadowy nonprofit that has released a series of videos attacking the administration of President Barack Obama, released a new one that implies Vice President Joe Biden was on drugs during last week’s vice presidential debate. The video has gotten few views on YouTube , but the group behind it, Americans for Limited Government, has considerable resources. The 501(c)(4) “social welfare” nonprofit is not required to publicly disclose its donors but in its 2010 tax filing , the most recent available, it reported revenue of $9.1 million. The group has also spent at least $1.4 million on election expenditures, according to the filing. Democrats praised Biden’s aggressiveness in the debate with GOP vice presidential nominee Rep. Paul Ryan of Wisconsin. Republicans ...
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California contest tops outside spending in House races
Friday, October 5, 2012 - 10:05 YouTube/Screenshot Rep. Dan Lungren, R-Calif., has been hit by environmental groups for his support of increasing oil drilling. This ad from the Sierra Club highlights his votes. The U.S. House race between Republican Rep. Dan Lungren and physician Ami Bera in central California has already seen more outside money than any other House race, and with a new campaign from the nonprofit League of Conservation Voters Inc. , the money continues to pour in. The League of Conservation Voters Inc. reported spending nearly $382,000 opposing Lungren in California’s rejiggered 7th District this week as part of its “Flat Earth Five” campaign, which targets five Republican representatives for their denial of global warming. The $2 million campaign includes telephone calls to voters, direct mail and television ads in an effort to unseat Lungren and Republican Reps. Dan Benishek of Michigan, Ann Marie Buerkle of New York, Francisco Canseco of Texas and Joe ...
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Major wind farm opens in Oregon
Wednesday, September 26, 2012 - 04:22 Sean Gallup/Getty Images Wind turbines producing electricity spin in a field on June 22, 2012 near Gerdshagen, Germany. One of the world's largest wind farms officially came online this week in Eastern Oregon , with 300 giant turbines spread over dozens of miles. But the announcement comes at a time of uncertainty for the industry: A federal wind energy tax credit is set to expire at end of the year. As far as wind projects go, the Shepherds Flat farm is an ambitious undertaking, according to John Audley, deputy director of the non-profit Renewable Northwest Project. "It is probably two and a half to three times to size of good-sized wind farms," Audley says, "so this is a big wind farm." The project's price tag was also big -- just under $2 billion; about half that coming from taxpayer subsidies. Now some members of the Republican-controlled House want to end government support of green energy. This week, forty-seven congressmen penned a letter to Speaker ...
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