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Dallas Fed's Fisher, Philadelphia Fed leaders to retire in 2015

WASHINGTON — The outspoken president of the Federal Reserve Bank of Philadelphia will step down in March, shortly before the central bank is expected to raise interest rates for the first time since the recession, the regional bank said Monday.

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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Troubled RadioShack files SEC form, talks with 'major vendor'

RadioShack Corp.’s latest filing with the U.S. Securities and Exchange Commission describes recent discussions that “could be beneficial to the financial restructuring of the company.”

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REIT plans demolition of Fort Worth's Westchester Plaza, mixed-use redevelopment

The developer is seeking a $3.8 million reimbursement from the Southside tax increment finance district.

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Road Show: City leaders prepare campaign to corral votes for $450 million arena

Fort Worth’s biggest backers of a new arena at the Will Rogers Memorial Center are leaving little to the chance of a “no” vote in a citywide election Nov. 4 to decide on new fees that would fund 15 percent of the $450 million project.

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Trustee opposes $20M payout to American Air CEO

 

JOSHUA FREED,AP Airlines Writer


The Justice Department is objecting to a proposed $20 million severance payment for American Airlines CEO Tom Horton, saying it's bigger than allowed by bankruptcy law.

Horton became CEO when American filed for Chapter 11 protection in November 2011. The proposed merger of US Airways Group Inc. and American calls for Horton to lose that job and become chairman of the combined company. American has proposed giving him severance pay of almost $20 million and lifetime flight benefits.

The objection filed Friday by the U.S. trustee's office says bankruptcy law caps such payments, even if they are agreed to in bankruptcy court but not made until the company exits bankruptcy protection. Bankruptcy law limits severance payments to executives and aims to make sure companies can repay as much of their debt as possible.

The objection also says previous company filings showed that Horton would get a maximum of $6.4 million if he had left at the end of last year, and raises the question of why he should get so much more money now. American has said in filings that the money for Horton is in recognition of his efforts during the airline's restructuring and his role in overseeing the merger with US Airways.

The trustee's objection also says American should be required to explain how its board determined that $20 million was the right amount for Horton, and to say whether independent directors approved of the payment.

The trustee's office is part of the Justice Department. Its job is to review bankruptcy cases to make sure bankruptcy laws are being enforced.

A written statement from American said it does not "expect any delay in the approval of the Disclosure Statement or voting on the Plan of Reorganization," which the company said is supported by the committee of unsecured creditors.

The case is in federal bankruptcy court in New York. Judge Sean Lane had previously rejected the same payment for Horton, but he left the door open for American to propose the payment in its reorganization plan, which it has done.

The trustee's objection is set to be heard in bankruptcy court on June 4.
 

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Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?