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:
“No man acquires property without acquiring with it a little arithmetic, also.”
—Ralph Waldo Emerson (1803–1882)
“By avarice and selfishness, and a groveling habit, from which none of us is free, of regarding the soil as property, or the means of acquiring property chiefly, the landscape is deformed, husbandry is degraded with us, and the farmer leads the meanest of lives. He knows Nature but as a robber.”
—Henry David Thoreau (1817–1862)
“For experience showed her that she had not, by marrying a man of a large fortune, obtained any great proportion of property which she could call her own or command at her pleasure.”
—Sarah Fielding (1710–1768)