Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Bankruptcy Judge Approves Sales of Luxury American Airlines London Townhouse
Author: Joel R. Glucksman
Date: January 11, 2013
Key Contacts
Back
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.
- Practices: Bankruptcy & Creditors' Rights
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breach of Contract Explained: Types and Consequences
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Gross Lease vs. Net Lease: Understanding the Key Differences
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
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.