All American Wins Right To Toss Severance Contracts

Law360, New York (June 8, 2007, 12:00 AM EDT) -- All American Semiconductor Inc. has won bankruptcy court approval to reject some agreements it entered into with former employees after arguing that the contracts were detrimental to the company and its estates.

U.S. Bankruptcy Judge Lauren Myerson Isicoff issued an order on June 6 granting All American’s bid to toss the agreements, which included five salary continuation plan agreements, one deferred compensation plan for an executive and one auto lease for a former All American director, Rick Gordon.

In its May 25 motion to reject the...
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