A judge has rejected a proposed severance package of nearly $20 million for Thomas Horton, the chief executive of American Airlines parent company AMR Corp , saying the payout wasn't allowed under federal bankruptcy law.U.S. Bankruptcy Judge Sean Lane in Manhattan issued his ruling on Thursday. The judge had approved AMR's plan to merge with US Airways Group Inc on March 27, a step toward creating the world's largest airline.The combined company is to be run by US Airways Chief Executive Doug Parker, with Horton serving as chairman. Parker would add that role after the first annual shareholder meeting.AMR and US Airways did not immediately respond to requests for comment on Friday.
US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC remained unchanged at $16.19. In the past year, the shares have traded as low as $7.70 and as high as $17.43. On average, 8761420 shares of LCC exchange hands on a given day and today's volume is recorded at 2800.
Source
