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DCR Update -- 08 Oct 2018 (AAL $35.90)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
24 July 2018: Court hearing on 189th, 190th, 191st, 192nd and 193rd omnibus objections
25 July 2018: Judge rejected AAL's 190th omnibus objection, ruled that AAL shall continue to provide the “retiree benefits” for the Section 1114 CoRE. Both AAL and CoRE have agreed not to appeal this verdict so case is officially resolved and closed. Consequently, Adversary Pro. No. 12-01744-shl is now officially resolved and dismissed.
31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
22 Aug 2018 : court hearing 11:30am (tele-conference)to look at releasing the shares to AAL shareholders. A group of AAL shareholders has engaged counsel Joel Moss of Shearman&Sterling LLP to renew the motion to release DCR shares.
28 Aug 2018 :
(1) 191th omnibus objection (extended from previous court hearing on 24 July);
(2) Transport Workers Union of America's Collective Bargaining Agreement seeking claims of $7.5 billion and another $116.8 million for grievances
(AAL responded by saying the $7.5bn is part of the old CBA which has since been renegotiated after the airline's bankruptcy and thus should be adjudicated. For the grievance claims of $116.8 million, AAL argued this should be no more than $1.00 million)
25 Sep 2018 : court hearing to hear appeals from individual retirees regarding their objections to 189th omnibus
02 Oct 2018 : AAL's objections to various claims granted by court (13467 patricia gordon, 7459 TWU , 191,195,197,198 ombinus)
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15 Oct 2018 : Puerto Rico Port Authority 4 outstanding claims (total $7.3 million) proof of claims - 10742, 10744, 10749, 10750
30 Oct 2018 : court hearing on 194th omnibus objection as well as proof of claim 7639 , both relating to TWU employee stock options.
These greedy guys want to have their $5 AMRCorp option back <hilarious>
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DCR Update-20 Aug 2018 (AAL $39.99)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
24 July 2018: Court hearing on 189th, 190th, 191st, 192nd and 193rd omnibus objections
25 July 2018: Judge rejected AAL's 190th omnibus objection, ruled that AAL shall continue to provide the “retiree benefits” for the Section 1114 CoRE. Both AAL and CoRE have agreed not to appeal this verdict so case is officially resolved and closed. Consequently, Adversary Pro. No. 12-01744-shl is now officially resolved and dismissed.
31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
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22 Aug 2018 : court hearing 11:30am to look at releasing the shares to AAL shareholders. A group of AAL shareholders has engaged counsel Joel Moss of Shearman&Sterling LLP to renew the motion to release DCR shares.
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28 Aug 2018 :
(1) 191th omnibus objection (extended from previous court hearing on 24 July);
(2) Transport Workers Union of America's Collective Bargaining Agreement seeking claims of $7.5 billion and another $116.8 million for grievances
(AAL responded by saying the $7.5bn is part of the old CBA which has since been renegotiated after the airline's bankruptcy and thus should be adjudicated. For the grievance claims of $116.8 million, AAL argued this should be no more than $1.00 million)
25 Sep 2018 : court hearing to hear appeals from individual retirees regarding their objections to 189th omnibus
DCR Update-15 Aug 2018 (AAL $37.44)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
24 July 2018: Court hearing on 189th, 190th, 191st, 192nd and 193rd omnibus objections
25 July 2018: Judge rejected AAL's 190th omnibus objection, ruled that AAL shall continue to provide the “retiree benefits” for the Section 1114 CoRE. Both AAL and CoRE have agreed not to appeal this verdict so case is officially resolved and closed. Consequently, Adversary Pro. No. 12-01744-shl is now officially resolved and dismissed.
31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
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22 Aug 2018 : court hearing 11:30am to look at releasing the shares to AAL shareholders. A group of AAL shareholders has engaged counsel Joel Moss of Shearman&Sterling LLP to renew the motion to release DCR shares.
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28 Aug 2018 :
(1) 191th omnibus objection (extended from previous court hearing on 24 July);
(2) Transport Workers Union of America's Collective Bargaining Agreement seeking claims of $7.5 billion and another $116.8 million for grievances
(AAL responded by saying the $7.5bn is part of the old CBA which has since been renegotiated after the airline's bankruptcy and thus should be adjudicated. For the grievance claims of $116.8 million, AAL argued this should be no more than $1.00 million)
DCR Update 27 July 2018 (AAL stock price $39.69)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
24 July 2018: Court hearing on 189th, 190th, 191st, 192nd and 193rd omnibus objections
25 July 2018: Judge rejected AAL's 190th omnibus objection, ruled that AAL shall continue to provide the “retiree benefits” for the Section 1114 CoRE. Both AAL and CoRE have agreed not to appeal this verdict so case is officially resolved and closed. Consequently, Adversary Pro. No. 12-01744-shl is now officially resolved and dismissed.
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31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
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28 Aug 2018 :
(1) 191th omnibus objection (extended from previous court hearing on 24 July);
(2) Transport Workers Union of America's Collective Bargaining Agreement seeking claims of $7.5 billion and another $116.8 million for grievances
(AAL responded by saying the $7.5bn is part of the old CBA which has since been renegotiated after the airline's bankruptcy and thus should be adjudicated. For the grievance claims of $116.8 million, AAL argued this should be no more than $1.00 million)
Now that the judge decided that AAL must continue to provide retiree benefits to the Section 1114 CoRE, can anyone read the below excerpt and tell me if these retiree benefits will be paid out from our Disputed Claims Reserves or whether these benefits will be paid out of regular operating cashflows since retirees will receive their benefits over the course of their remaining lives.
Bear in mind the Section 1114 CoRE is claiming $1.367 billion (their estimated Present Value of claims) and that the DCR only has 25 million AAL shares worth just $955 million as of close of market 25-July ($38.19 stock price)
Below is the excerpt I took out from the Bankruptcy Reorg agreement:
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On July 1, 2013, AAL filed a motion to establish a disputed claims reserve. As that motion set forth, a condition to confirmation of the Bankruptcy Reorg Plan was that the claims subject to reserve not exceed $3.2 billion. Because the Retiree Benefit Claims would have made it very difficult, if not impossible, for AAL to meet the claims reserve condition, AAL argued that no reserve was necessary for the Retiree Benefit Claims.
3. To resolve the Retiree Committee’s objection to the reserve motion, AAL and the Retiree Committee agreed to a provision in the Disputed Claims Order that would relieve AAL of the obligation to reserve funds for the Retiree Benefit Claims—thereby eliminating an obstacle to confirmation of the Plan—but that also would require AAL to continue to provide benefits in accordance with Bankruptcy Code §1129(a)(13) “f the Court determines that all or any portion of any benefit claimed in the Retiree Claims [], if modified, would give rise to an Allowed Claim ….” (Bankr. Dkt. 9560 at 8; see also Bankr. Dkt. 9869 at 28.) In short, the “reserve” for the Retiree Benefit Claims was the requirement that AAL continue to pay retiree benefits post-confirmation.
Consistent with this agreement, AAL included a provision in their confirmed Plan that provided:
AAL intends to continue to prosecute the Retiree Adversary Proceeding, and to the extent the Retiree Adversary Proceeding has not been finally resolved by the Effective Date, New AAG shall continue to prosecute the Retiree Adversary Proceeding subsequent to the Effective Date. To the extent that AMR or New AAG, as applicable, are unsuccessful in whole or in part in obtaining the relief requested in the Retiree Adversary Proceeding, any remaining vested benefits shall be treated in accordance with the provisions of section 1129(a)(13) of the Bankruptcy Code. (Plan, §8.4(a).) The Confirmation Order contained similar language: Notwithstanding anything in this Confirmation Order to the contrary, if the Court determines that all or any portion of any benefit claimed in the proofs of claim filed by the Retiree Committee against AMR (Proof of Claim No. 12239) and against American (Proof of Claim No. 12893) (together, the “Retiree Claims”), if modified, would give rise to an Allowed Claim (the “Allowed Retiree Claim”),then AAL shall continue such retiree benefits (as such term is defined in section 1114 of the Bankruptcy Code) under the Plan for the group of affected retired employees covered by the Allowed Retiree Claim in accordance with the provisions of section 1129(a)(13) of the Bankruptcy Code.... (Confirmation Order, ¶15.)
DCR Update 25 July 2018 (AAL stock price $38.19)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
24 July 2018: Court hearing on 189th, 190th, 191st, 192nd and 193rd omnibus objections
25 July 2018: Judge rejected AAL's 190th omnibus objection, ruled that AAL shall continue to provide the “retiree benefits” for the Section 1114 CoRE. Both AAL and CoRE have agreed not to appeal this verdict so case is officially resolved and closed. Consequently, Adversary Pro. No. 12-01744-shl is now officially resolved and dismissed.
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31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
DCR Update (AAL stock price $38.13)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: Court hearing on 186th, 187th and 188th omnibus objections
11 July 2018: Court hearing on Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
19 July 2018: Judge Sean Lane approved AAL's 186th, 187th and 188th omnibus objections, after hearing on 26 June 2018
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24 July 2018: 189th, 190th, 191st, 192nd and 193rd omnibus objections
31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
DCR Update (AAL stock price $35.96)
Past & Upcoming Court Hearings :
12 June 2018: Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018: 186th, 187th and 188th omnibus objections
11 July 2018: Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
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24 July 2018: 189th, 190th, 191st, 192nd and 193rd omnibus objections
31 July 2018 : Allied Pilots Association's Motion to Dismiss and American Airlines, Inc.'s Motion to Dismiss Plaintiffs' Complaint to Vacate Arbitration Award
DCR update
past & upcoming court hearings --
12 June 2018 : Judge Sean Lane puts an formal end to Krakowski, Sikes, Horner et. al. adversary proceeding
26 June 2018 : 186th, 187th and 188th omnibus objections
24 July 2018 : 189th and 190th omnibus objections
11 July 2018 : Motion to Dismiss Section 1114 Committee of Retired Employees's Adversary Proceeding
AAL lead lawyer Stephen Youngman passed away
just as the lawsuits are wrapping up ... so sad
http://obits.dallasnews.com/obituaries/dallasmorningnews/obituary.aspx?n=stephen-a-youngman&pid=189023976&fhid=11533
I am heartened by the judge's use of the words "FINALLY time" , "ENTIRE" and "YEARSLONG"
However I also just saw Lawrence Meadows file yet another appeal dated 15 June 2018. I wonder how long a time his legal rights will let him burden company and court resources for. Absurd!
Upcoming court hearings--
26 June 2018 : 186th, 187th and 188th omnibus objections
24 July 2018 : 189th and 190th omnibus objections
you can write to investor relations to ask for an update
investor.relations <at> AA.com
People who objected to the $9.8mm settlement with EEOC
1. Lawrence Meadows
2. Kathy Emery (she has since withdrawn her objection on 23 April)
3. Wallace T. Preitz II
4. Andrea Twitchell
These people are also shareholders of AAL and have objected among other things, the use of the DCR funds to pay to settle the EEOC lawsuit
Now that the targeted, one-off bombing is over, and that Russia didn't retaliate with hard force (Putin chose to voice his strong objection at the UN instead) , I think investors will be relieved that the uncertainty of a big scale war is over and if you look at oil prices, it has fallen too.
AAL should be heading back up
30 April 2018 deadline coming up next
(1) Puerto Rico Port Authority - 4 outstanding claims, zero progress for the last 4 years (since June 2014)
(2) Section 1114 committee of retired employees
Kathy Emery just joined the foray
Together with determined nutcase Lawrence Meadows, Kathy filed yet another objection to EEOC's proposed settlement with AAL for $9.8 mm
She first filed her objection together with Meadows back in 24 January 2018
As a background, Kathy's claims for the amount of $1.44 mm and $311,000 were rejected and withdrawn back on 13 Sep 2017.
Exactly!
I second that, SoundGuy.
And now we are all held hostage by the actions of this lunatic
He already had his case heard in many courts and he had also filed numerous appeals after appeals even after each and every district/appeal judge ruled against his favor.
He went as far as to threaten AAL executives if you read the latest submission by AAL counsels.
He is selfishly delaying the court processes and putting undue burden on court and company resources, not to mention huge counsels' expenses incurred by AAL and the airline's shareholders.
Are we going to let this person drain us out for another 5 years? Who is being the prick here?
that prick, he's really annoying
here's how he looks like
https://www.google.com.sg/search?q=lawrence+meadows+pilot&rlz=1C1CHBF_enSG698SG698&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjsyaSZgKzaAhVCYo8KHVFPCywQ_AUICigB&biw=1920&bih=949#imgrc=HOdEjjB0JT5MIM:
yah man, FINALLY !!!
That lunatic has filed appeals after appeals, in different courts, each time asking the judge of the new court to either void the decision of the previous court or demanding that the new judge revisit the case.
Since he's representing himself, he needn't bear the burden of exhausting his own monies. He meed't pay for expensive legal fees.
I am surprised the courts let him drag on this far. And i quote from the court ... Meadow's actions entailed duplicative lawsuits, caused needless expense to the debtors (American Airlines) and imposed an unnecessary burden on courts across the country. Meadows's communication with American Airlines was unprofessional at best and threatening at worst
However, the 6th point noted Meadows can continue to litigate grievance number 12-011, including his appeal before the 10th circuit [court] which I am sure he will do
DCR update 6 Jan 2018
- tax-exempt status of the reserve fund created to hold the American Airlines stock need to be confirmed
- if tax-exempt status not granted, taxes on DCR could be as much as 50%
- applicable income tax and FICA tax need to be ascertained
- could take just a few more months to receive distribution payout
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January 6, 2018
Brothers and Sisters:
As we enter a new calendar year and begin to analyze the implications of the recently enacted changes to the U.S. tax code, TWU’s lawyers are pressing the IRS for a determination as to the tax-exempt status of the reserve fund created to hold the American Airlines stock[color=red][/color] granted to the TWU during the bankruptcy reorganization. This determination by the IRS is critically important. Our tax lawyers advise us that, if the IRS determines that the reserve fund is not a tax-exempt entity, a potential capital gains tax liability of almost half the estimated value of the reserve fund may be owed to the IRS. Although this means that a full distribution of the fund will be postponed until the extent, if any, of these tax liabilities is determined by the IRS, we expect to distribute most of the monies from the fund within the next few months.
Unfortunately, your distribution payouts were delayed for several years by the now-concluded litigation contesting the TWU distribution plan. Mindful of this, we are working hard to get the reserve fund monies into your pockets as quickly as possible, while also preparing for an adverse determination by the IRS. To do that, our lawyers advise us that we must do two things. The first is that we have to set aside approximately half of the fund to pay the potential capital gains tax liability in the event the IRS does not agree with the TWU’s position that the reserve fund should have the same tax-exempt status as our Union does. The second is that we have to await American Airlines’ agreement to a system for the payout of the reserve fund balance to the members, including the withholding of all applicable income and FICA taxes.
To expedite that process, TWU’s lawyers and accountants are actively engaged in discussions with American Airlines, but they have not yet agreed to pave the way for these payments. We remain optimistic that an agreement will be reached with the Company in the very near future, so that payouts can commence. But again, the Company has not yet agreed to make this happen. Unlike in 2013 when American Airlines first made distributions of the dollar value of stock to our members through its payroll system (withholding taxes and paying its share of FICA), the Company is refusing our request to do so again now. Their refusal both unreasonably delays the distribution process and makes it more costly to TWU members.
Instead, American Airlines has proposed that TWU retain an outside company to act as a payroll agent. This is unreasonable, costly, and potentially problematic in many ways. The Union continues to press the Company to do the right thing, but as of now American Airlines is not helping this situation.
Suffice it to say that we understand your frustration with the time it has taken to get to this point. Unfortunately, while the court litigation was pending, we were constrained by court order from doing anything with the reserve fund monies.
Rest assured that the Union’s leadership, lawyers, and other professional advisers are doing everything in our power to move the process along and, of course, to get the reserve fund monies into your pockets as soon as possible.
On behalf of the entire TWU International leadership, please accept my best wishes to you and your loved ones for a happy and healthy 2018.
Fraternally,
Mike Mayes
TWU International Vice President and Air Division Director
that's our perennial question.
No one knows
AAL counsels refused to ask court for distribution.
Major shareholders of AAMRQ ain't making noise
4 adversary cases are pending resolution, now at various stages, one case last updated in 2012, 2 last updated in 2013, one last updated in 2014. God knows what's holding these up, the judge's inaction perhaps?
Another 4 adversary cases outstanding but active in 2017 - 3 cases are from Krakowski et al. This guy is happy filing appeals after appeals after appeals, lining his lawyers' pockets, wasting court's time and resources, and getting the same verdict slapped on him. Wonder how he could get his way with appeals. Kinda annoying .... One from Carolyn, another bitch. She is crying foul over the internet (think AAL, priceline, expedia, airbnb and the likes) bypassing her travel agency and reaching out directly to consumers/travelers. She used to make $2mm a year as a middleman leeching on airlines and travelers. She wants some money compensation. Seriously?!! Get a life woman!
I don't see any court hearing scheduled in the link you provided too
Nov 2018 TBD court date is removed
Hope this means DCR matters are resolved and no longer necessitate a court hearing
wonder if this is related to the DCR bottleneck
Forecast of sequence of events by way of linear extrapolation
10 November 2017 (???) : We should expect a response from AAL
5 October 2017 : Shareholder Julian Stoopler files letter to Judge Lane to consider release of DCR shares
28 June 2017 : Stephen Youngman of Weil Gotshal (AAL's counsel) files response to Tom
23 May 2017 : shareholder Tom Mitchell files appeal to Judge Lane, asks Judge to consider release of DCR reserves
doubt its the PRPA, they are only claiming $7.27 million
Puerto Rico Ports Authority
These are the only outstanding claims (filed since 16 July 2012, Yes! more than 5 years and counting!)
> claim no. 10742 : UNLIQUIDATED (AAL objected, deadline 31/Dec/2017)
> claim no. 10747 : $9.3 million (allowed, so AAL has to pay up)
> claim no. 10744 : $1.248 million (AAL objected, deadline 31/Dec/2017)
> claim no. 10749 : $3.266 million (AAL objected, deadline 31/Dec/2017)
> claim no. 10750 : $2.756 million (AAL objected, deadline 31/Dec/2017)
TOTAL = $7.27 million (AAL objected)
There is clearly no basis to deny shareholders their DCR distributions considering the amount claimed by this creditor is only $7.27 million (if it's even allowed by the Court)
DCR Update
There are approximately 394 Proofs of Claim remaining, of which 262 Proofs of Claim (excluding claims related to the Aircraft Subreserve) with a filed amount of approximately $70 million have been included in the Debtors’ estimate of remaining Disputed Claims.
Out of the 8 adversaries,
THREE are related to Krakowski which are essentially as good as resolved. Krakowski et al have been filing appeals after appeals in one court after another. Verdicts are all the same ... that the case has no merits
ONE adversary is related to Carolyn Fjord et al who is suing American Airlines for causing her to earn less. She runs a travel agency and used to make more than $2 million a year ripping airlines and passengers off. Now that all price info is on the internet courtesy of Tripadvisor, Agoda, Priceline, Airbnb, hotels.com, trivago, expedia, she can no longer make abnormal profits and so she is sore, very sore. She initially wanted the judge to undo the merger and was one of the people who wanted to see AAL merger with US Airways not go through. Now she wants money compensation.
Her case has No merits i feel too.
ONE adversary is the Section 1114 Committee of retired employees. This one has no bearing on DCR. Payouts (if any) would be drawn from the airline's cashflow from operations
TWO adversaries relating to U.S. BANK TRUST NATIONAL ASSOCIATION I have no idea about their statuses
Final ONE relates to Allied Pilots Assoc
There's another Puerto Rico Port Authority (PRPA) claimant not listed under the list of adversaries. The notional claim amount is only about $7 milliom. PRPA is one of the 8 people/institutions who filed objections to AAL's motion to distribute DCR shares to shareholders back in April 2015.
Thank you, Julian Stoopler!
We should all do our part to write to Judge Lane.
The labor unions, TWU, APFA, APA and John Krakowski, Carolyn Fjord are fighting and appealing after appealing and delaying shareholders for 4 years and counting. Absurd!
AAMRQ - DCR distribution in 2018 ?
Just saw on amrcaseinfo website that a court hearing has been scheduled on 8 November 2018 Yes, you read it right! End of 2018! More than 1 year away. Is there a typo error or what? Unbelieveable!