
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: January 11, 2013
Partner
201-896-7095 jglucksman@sh-law.com
A $23 million London townhouse owned by distressed company American Airlines will be sold in the coming weeks, following unions’ outrage that the company still retained the luxury residence throughout bankruptcy proceedings.
U.S. Bankruptcy Judge Sean Lane approved the sale of the five-bedroom house, which is located in an upscale neighborhood a short distance from Kensington Palace, where Prince William and Kate Middleton reside. The airline purchased the townhome in the early 1990s, and it has been used as a residence for executives “responsible for American’s international operations and for corporate functions,” said airline spokesman Sean Collins.
The airline’s unions expressed anger over the company’s decision to maintain the residence during proceedings as workers agreed to wage cuts and concessions to help keep the company afloat. Following the court’s approval of the sale to a cash buyer willing to pay 14.2 million British pounds, the unions said they are pleased with the decision. The Transport Workers Union chief James Little said that while the sale should have been completed earlier, he is pleased that the property will finally be unloaded.
“A year ago, when this ritzy asset showed up on AMR’s books, I said that when so many American Airlines workers were losing their homes it was outrageous for executives to be living in such a posh residence,” said Little. “At the time, I said American Airlines would have been Marie Antoinette’s favorite airline.”
American Airlines filed for protection under bankruptcy law in November 2011, and has since faced an onslaught of legal complications due to labor issues and embittered contract disputes with several unions.
If you face bankruptcy issues in your business, please call me.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Secured transactions form the backbone of a wide range of business dealings, including business loans, mortgages, and inventory financing. Because the stakes are often high and relatively minor oversights can have drastic consequences, lenders and borrowers should thoroughly understand how to form an enforceable security agreement that protects their legal rights. What Is a Secured […]
Author: Dan Brecher
Cashing a check marked “paid in full” can be a risky endeavor, particularly if you don’t fully understanding the legal implications. If you are owed more than the amount of the check you accept and deposit, you may waive your right to collect the full disputed amount. That is why you should consider either rejecting […]
Author: Dan Brecher
The One Big Beautiful Bill Act of 2025 (OBBBA) significantly impacts federal taxes, credits, and deductions. A key change relating to Qualified Small Business Stock (QSBS) allows greater tax-free gains for investments in startups and other qualifying small businesses. Company founders and other investors should understand how the enhanced tax strategy works or risk missing […]
Author: Dan Brecher
Corporate consolidation involves two or more businesses merging to become a single larger entity. The result is often a stronger and more competitive company that can better navigate today’s competitive marketplace. What Is Corporate Consolidation? Corporate consolidation closely resembles a basic merger transaction. The primary difference is that a consolidation creates an entirely new business […]
Author: Dan Brecher
Business law plays a critical role in nearly every aspect of running a successful enterprise, from negotiating a commercial lease to drafting employee policies to fulfilling corporate disclosure obligations. Understanding what is business law and your legal obligations can help your business run smoothly and build productive relationships with clients, business partners, regulators, and others. […]
Author: Dan Brecher
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!