Property
AMR Corporation owns a five-story townhouse, London Residence LON6526, in Cottesmore Gardens, Kensington, London. As of 2011 it is worth $30 million U.S. dollars. Many large companies own or rent property for use of executives who are working abroad. When AMR Corporation requested Chapter 11 bankruptcy protection, LON6526 was one of the eight owned properties the company declared. The airline purchased the complex in 1992 for ₤6.3 million British pounds (US$9.8 million). Nina Campbell, an interior designer, had renovated the property. An AMR spokesperson said that AMR may sell the townhouse. Richard Tilton, a lawyer with specialization in bankruptcy and the director of Sheldon Good & Co., compared the property to the "corporate jets that the executives at GM and Chrysler were forced to give up", and predicted that such "symbols of corporate suite excess" were unlikely to survive the Chapter 11 reorganization.
Read more about this topic: AMR Corporation
Famous quotes containing the word property:
“Crimes increase as education, opportunity, and property decrease. Whatever spreads ignorance, poverty and, discontent causes crime.... Criminals have their own responsibility, their own share of guilt, but they are merely the hand.... Whoever interferes with equal rights and equal opportunities is in some ... real degree, responsible for the crimes committed in the community.”
—Rutherford Birchard Hayes (1822–1893)
“Communism is inequality, but not as property is. Property is exploitation of the weak by the strong. Communism is exploitation of the strong by the weak.”
—Pierre-Joseph Proudhon (1809–1865)
“It is clearly better that property should be private, but the use of it common; and the special business of the legislator is to create in men this benevolent disposition.”
—Aristotle (384–322 B.C.)