A judge has rejected a proposed severance package of nearly $20 million for Thomas Horton, the chairman and chief executive officer of American Airlines parent AMR Corp, saying the payout was not allowed under federal bankruptcy law.U.S. Bankruptcy Judge Sean Lane in Manhattan issued his decision on Thursday, after having approved at a March 27 hearing AMR's planned $11 billion merger with US Airways Group Inc.Horton's $19.9 million severance had been part of the merger agreement and was to consist of equal amounts of cash and shares of the combined company.Lane had suggested at the hearing that severance might be better addressed in AMR's reorganization plan, which the company has yet to submit and which requires creditor approval.
US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC fell by 0.31% or $-0.05/share to $16.14. 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 3751742.
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