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AMR Adequate Protection Opinion

AMR Adequate Protection Opinion

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Published by Chapter 11 Dockets

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Published by: Chapter 11 Dockets on May 21, 2013
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03/19/2014

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UNITED STATES DISTRICT
COURT
SOUTHERN
DISTRICT
OF
NEW
YORK
----x
In
Re:
AMR
CORPORATION,
et
al.,
12
Civ.
3967
Debtors.
OPINION
---x
WILMINGTON
TRUST
COMPANY,
as
collateral trustee,
and
U.s.
BANK
NATIONAL
ASSOCIATION,
asIndenture
Trustee,Appellants,
-against-
AMR
Corporation,
et
I
Appellee.
------------------
X
Attorneys
Appellant 
Wilmington
Trust
Company 
MILBANK,
TWEED,HADLEY
&
MCCLOY
LLP1
Chase
Manhattan
Plaza
New
York,
NY
10005
By:
Tyson
M.
Lomazow,
Esq.
Attorneys
Appellant
U.S.
Bank
National
Association
JONES
DAY 
555
South
Flower
Street 
Los
Angeles,
CA
90071 
By:
James
O.
Johnston,
Esq. 
11-15463-shl Doc 8200 Filed 05/20/13 Entered 05/20/13 15:33:25 Main DocumentPg 1 of 26
 
FOLEY
&
LARDNER
LLP90
Park
Avenue
New
York,
NY
10016
By: Mark L.
PragerAttorneys
for
Appellee
WElL,
GOTSHAL
&
MANGES
LLP
767
Fifth
Avenue
2
Floor
New
York
NY
10153
 
By:
Stephen
Karotkin,
1 
11-15463-shl Doc 8200 Filed 05/20/13 Entered 05/20/13 15:33:25 Main DocumentPg 2 of 26
 
Sweet,
D.J.
Wilmington
Trust
Company,
solely in
its
capacity
as
collateral
trustee
(the
"Collateral
Trustee") with
respectto
certain
7.5%
Senior
Secured
Notes
Due
2016
(the "Senior
Secured
Notes")
issued
by
appellee
American
Airlines,
Inc.
("American"),
and
guaranteed
by
appellee
AMR
Corporation
("AMR"),
and
u.S.
Bank
National
Association,
solely in
its
capacity
as
indenture
trustee
(the
"Indenture
Trustee"
and,
together
with
the
Collateral
Trustee,the
"Trustees")with
respectto
the
Senior
Secured Notes,
have
appealed
from
an
Order
entered
March
12,
2012
(the
"Order")
by
the
United
States
Bankruptcy Court
for
the
Southern
District
of
New
York
(the
"Bankruptcy Court") denying
their
motion
for
adequate
protection,
or,
in
the
alternative,
for
relief
from
the
automatic
stay
(the
"Motion"),
in
respect
of
their
interest
in
the
collateral
securing the
Senior
Secured
Notes
(the
"Collateral").
Upon
the
conclusions
set
forth
below,
the
Order
is
affirmed,
and
the
appeal
is
dismissed.
Skilled
advocates
have
ably presented the
issues
raised
by
this
appeal.
The
motion
for
adequate
protection
and
its
alternative
for
relief
from
the
automatic
stay
present
differing
burdens
ofproof
and
factualconsiderations
which
were
2 
11-15463-shl Doc 8200 Filed 05/20/13 Entered 05/20/13 15:33:25 Main DocumentPg 3 of 26

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