Claremore Daily Progress

Top Stories

March 29, 2013

American-US Airways merger approved by judge

OKLAHOMA CITY — American Airlines won bankruptcy court approval Wednesday to combine with US Airways and form the world’s biggest airline.

“The merger is an excellent result. I don’t think anybody disputes that,” Judge Sean H. Lane said before issuing his decision.
But the judge declined to sign off on a proposed $20 million severance package for Tom Horton, currently the CEO of American’s parent AMR Corp.
The approval is an important milestone for American, which filed for Chapter 11 in November 2011 after having long resisted using the bankruptcy process to cut labor and other costs. The merger still needs approval from Department of Justice antitrust regulators and US Airways shareholders. It is expected to close by the fall.
The combined airline will have 6,700 daily flights and annual revenue of roughly $40 billion. The new American Airlines will fly slightly more passengers than United, the current No. 1. It will be run by Doug Parker, the CEO of US Airways Group Inc., who began pursuing a merger shortly after American entered bankruptcy protection.
The U.S. trustee, a federal bankruptcy watchdog, had objected to the severance package for Horton. While he didn’t question the amount, Lane agreed that the timing of it seemed to violate prohibitions in the bankruptcy law.
“Approving it today is just not appropriate,” Lane said. The judge plans to issue a written decision at a later date detailing his reasoning.
Horton has spent nearly his entire career at American, becoming CEO when the company filed for bankruptcy. Horton will cede the CEO position to Parker when the deal closes, and has agreed to leave the company’s board within a year of the closing date.
In 2011, Horton was paid a salary of $618,135. He also got stock awards and options that were valued that year at nearly $2.7 million, but the company argued those could be nearly worthless after the bankruptcy reorganization. Figures for 2012 aren’t yet available.

Text Only
Top Stories
  • New Programs hosted in Foyil

    The Foyil Community Organization was launched in January with the purpose of providing residents with community events.

    July 30, 2014

  • Gutierrez awarded Health Foundation scholarship

    Evelyn Gutierrez of Claremore was recently awarded a scholarship from United Health Foundation’s Diverse Scholars Initiative to pursue a career in primary health care.

    July 30, 2014

  • Medical marijuana petition signing up thousands of new voters

    Medical marijuana may be the state’s newest gateway drug — to voting.
    Oklahomans for Health is spearheading a ballot drive to legalize the use of marijuana for medical purposes. The group has collected about 100,000 of the 156,000 signatures of registered voters it needs to get the issue on the ballot, according to its chairman, Chip Paul.

    July 30, 2014

  • City open records dispute continues

    The city of Claremore will pay $41,324.25 in attorney fees to the Vinita law firm who challenged their compliance with the Oklahoma Open Records Act.

     

    July 29, 2014

  • Claremore sisters featured on talk show

    During their recent trip to Los Angeles, Claremore sisters Lindsey and Whitney Martin made the most of their time in the city of angels, spending time with family, visiting several beaches, restaurants and Hollywood attractions.

    July 29, 2014 1 Link

  • Elementary students learn to bid at Zebra Stripes auction

    Claremore elementary students in the Zebra Stripes summer care program participated in a student-friendly auction Friday at Roosa Elementary. The auction was presented by Daneen Shepherd, realtor/broker and auctioneer of Tulsa, who taught the children how to bid on items efficiently and effectively.

    July 29, 2014 1 Link

  • Treasurer issues tax warrants

    For the first time, tax warrants are being issued in Rogers County to collect unpaid personal property taxes.
    This week, some local business owners should expect to be served by the Rogers County Sheriff’s office.
    Personal tax warrants have been issued to three local companies, who owe a total of approximately $38,000 in past due taxes.

    July 29, 2014

  • No evidence or human remains found

    Rogers County Sheriff’s deputies and assisting agencies vacated a Tiawah property Friday, after no evidence or human remains were found in connection to the disappearance of a local resident that went missing in 1996.

    July 27, 2014

  • RCLC launches letter campaign

    The Rogers County Literacy Council, RCLC, is launching their annual letter writing campaign.
     A United Way Organization, the council is asking for community support to help promote literacy in the English language.

    July 27, 2014

  • taylor.armerding.jpg Inequality crisis shot with factual problems, hypocrisy

    President Obama, various media and political liberals say inequality, of all things, is the defining issue of our times. Yet this message is delivered by multimillionaires and a president who jets from tee time to stump speech on the taxpayer's dime.
     

    July 26, 2014 1 Photo