New Braniff Complaint: Braniff Inc. and its...
From Times Staff and Wire reports
New Braniff Complaint: Braniff Inc. and its unsecured creditors have filed a complaint against the bankrupt airline’s former management and an adviser, accusing them of illegally draining cash from the ailing carrier. The complaint filed in U.S. Bankruptcy Court earlier this month seeks $18.5 million in compensatory and punitive damages, a lawyer representing the creditors said. The complaint charges that the executives drained more than $6 million from the ailing Orlando, Fla., firm in part by charging inflated fees in a number of aircraft transactions between Braniff and its affiliates.
