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Judge Says AHM Can End Executives' Contracts

Law360 (June 26, 2008, 12:00 AM EDT) -- American Home Mortgage Corp. has won permission to reject its employment contracts with five of its top executives as it continues to negotiate a Chapter 11 plan with its creditors committee.

Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware ruled Wednesday that AMG can reject its contracts with its chief financial officer, general counsel, controller, treasurer and executive vice president of capital markets.

Rejecting the contracts “is in the best interests of the debtors, their estates and creditors and is...
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