More Stories

Long-time American GC Gary Kennedy and other in-house and outside counsel in the American Airlines bankruptcy and merger with US Airways on Tuesday provided the most extensive behind-the-scenes tour of the historic reorganization. They discuss undercover flights to New York on a competitor’s airline, angry calls with AMR board members, outside legal fees of $500,000 a day and closed door arguments between senior lawyers at the two airlines.

The merger of American Airlines and US Airways may be the last combination of large U.S. air carriers for a long time.

A deeply divided Texas Supreme Court issued a landmark decision Friday that legal experts say will likely slam shut the courthouse door to minority investors in hundreds of privately owned Texas companies who feel they have been financially damaged by the actions or inactions of majority ownership.

Texas’ highest court has reversed two lower court rulings that a minority shareholder was entitled to “fair market value” for his or her shares, including “discounts for lack of marketability and for the stock’s minority position.”