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.
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Famous quotes containing the word property:
“All over this land women have no political existence. Laws pass over our heads that we can not unmake. Our property is taken from us without our consent. The babes we bear in anguish and carry in our arms are not ours.”
—Lucy Stone (1818–1893)
“The power of perpetuating our property in our families is one of the most valuable and interesting circumstances belonging to it, and that which tends the most to the perpetuation of society itself.”
—Edmund Burke (1729–1797)
“A few days later the younger son gathered all he had and traveled to a distant country, and there he squandered his property in dissolute living.”
—Bible: New Testament, Luke 15:13.