AIRLINES
From Times Staff and Wire Reports
Ex-Continental Directors Sued: The airline’s creditors committee is suing Frank A. Lorenzo and Robert D. Snedeker plus Jet Capital Inc. for $180 million over a series of transactions they conducted with Scandinavian Airlines Systems four months before Continental filed for bankruptcy protection. The transactions generated $41.6 million for Lorenzo, Snedeker and Jet Capital, which Lorenzo and Snedeker controlled, the suit says. The suit contends that the payments were received while Continental was insolvent, in violation of Lorenzo’s and Snedeker’s duties as directors. SAS is not a defendant in the suit.
