- - Sunday, April 24, 2011


St. Louis airport resumes flights

Flights partially resumed out of Lambert Airport on Sunday after the area’s most powerful tornado in decades ripped off part of the roof and shattered hundreds of windows at the main terminal.

The airport expects all 256 daily departures to be back on schedule by the middle of the week. About 60 percent of the daily departures were slated to take off on Easter Sunday, as area residents were still sorting through the debris and rubble.

Airlines said the impact on other hubs was minimal owing to the limited number of flights out of Lambert. American Airlines, which was housed in the damaged Concourse C and operates 31 daily flights out of Lambert, planned to resume flights Monday. Crews were working over the weekend to ready a nearby concourse that had been closed for several years.


Investment funds report $1.7 billion in gains

The Treasury Department said Friday that an investment program set up during the financial crisis to buy toxic assets from banks is showing a $1.7 billion gain.

The department committed $22.1 billion in taxpayer funds to the Public-Private Investment Program, which was created in March 2009. The money has been used to set up funds that have invested in mortgage-backed securities and other financial assets. The goal is to take those assets off the books of large banks that were facing huge losses from bad real estate investments during the housing bubble.

The department has earned more than $500 million in dividends and other profits from the investments, Treasury said. And Treasury’s share of the securities held in the funds has increased in value by $1.2 billion.

The department reports on the status of the funds each quarter.


Borders plan to pay $6.6M in bonuses OK’d

NEW YORK | An attorney for bookseller Borders Group Inc. says a judge has approved paying executives up to $6.6 million in bonuses as the company works to reorganize under bankruptcy court protection.

The Office of the U.S. Trustee objected to an earlier request to pay about $8 million in bonuses. Lawyer Andrew Glenn confirmed that a judge in U.S. Bankruptcy Court for the Southern District of New York approved the lower amount on Friday.

Borders says the bonuses are necessary to retain executives in key posts. Forty-seven executives have left the company since Borders filed for Chapter 11 bankruptcy court protection in February.

Ann Arbor, Mich.-based Borders wants to emerge from bankruptcy protection by August or September as a smaller and profitable company.

From wire dispatches and staff reports

Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide