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After American Airlines filed for bankruptcy, its ownership of a tony London townhouse came to light. Published weekly apartment rentals in miami reports, from Reuters, I think, quoted London real estate people as saying the property could sell for up to $30 million.
When the story originally broke about the townhouse s existence, American declined to disclose the original price it paid for the property in the early 1990s. However,it has suggested that the property was purchased at a time when prices were much lower. One would guess that American, or the bankruptcy estate, is making a tidy profit on the townhouse.
We are pleased with the proposed weekly apartment rentals in miami sale price of the London property, which is consistent with the appraised value of the property," American spokesman Sean Collins said Thursday. "The proposed weekly apartment rentals in miami cash sale will enable American to realize immediate funds that will increase the pool of assets available for our creditors.
In its filing, American said it had signed a deal with CG Property Nominees Ltd. on Wednesday to buy the property. American said it engaged a real estate agent to market the property in July, and received four offers.
"As part of their overall restructuring efforts, the Debtors continue to evaluate ways to maximize the value of their estates for the benefit weekly apartment rentals in miami of all parties in interest," weekly apartment rentals in miami American said in the filing. "Upon an assessment of current and future needs, the Debtors have determined that the Property should be sold."
"As so many of us will recall, this property continued to receive a great deal of attention from the onset of AA s bankruptcy last November, and some questions about it remain unanswered to this day. In particular, we cannot help but wonder why the Company waited so long to sell the 5,200 sq. ft. luxury home," the union said.
"Today's motion indicates that with each additional month the Company owns the property 'the Debtors could be subject to unnecessary maintenance costs and other fees…' weekly apartment rentals in miami Of course, that did not prevent the Company from holding the property until July (conveniently following the Wimbledon Championships), when it was finally put on the market," APFA added.
The deal requires American to pay a sales commission of 1.5 percent, or about $350,000 to the agent John D. Wood Co., which will pay about 20 percent of that, or around $70,000 (my estimates) to American's U.S. broker, Weston Commercial Realty. American's British solicitors will get £29,000, or just over $47,000.
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More in Airlines , American Airlines , AMR , AMR and American Airlines bankruptcy , Uncategorized AMR Corp. s Official Committee of Unsecured Creditors supports American Eagle's labor contracts with three unions