Judge Approves Sale Of Greenbrier Resort
A federal judge dismissed the Greenbrier resort's bankruptcy case, clearing the way for a new owner to make good on his pledge to return the iconic West Virginia property to its former glory and profitability.
Bankruptcy Judge Kevin R. Huennekens in Richmond granted the resort's motion to dismiss the case yesterday after James C. Justice II testified that his firm, Justice Family Group, has the financial means to make the plan work.
The dismissal of the Chapter 11 case also ended a dispute between Justice Family Group and Bethesda's Marriott, which intended to buy the Greenbrier from the railroad company CSX as part of the bankruptcy proceedings, which began in March.
Justice and Greenbrier Chief Financial Officer Michael McGovern testified that dismissing the case would benefit creditors, workers and the local community. They also said the decision would allow the Greenbrier's creditors to be paid immediately from a $17 million escrow fund, much sooner than if the Chapter 11 plan were to remain.
The Greenbrier, once a playground for the wealthy, filed for bankruptcy protection after losing more than $90 million in the past five years, according to court filings.
-- Associated Press
130 Lockheed Jobs Cut With Defense Budget
Lockheed Martin said it would trim 130 jobs following proposed Pentagon budget cuts to programs deemed wasteful, including a new fleet of high-tech presidential helicopters.
The downsizing will affect Lockheed's systems integration unit in Owego, N.Y., which was working on the VH-71 presidential helicopter, a company spokesman said.
In February, President Obama called the helicopter an example of military procurement "gone amok," as the program's costs have nearly doubled from original estimates. In his 2010 budget plan unveiled in April, Defense Secretary Robert M. Gates proposed canceling Lockheed's $13 billion contract to build a fleet of VH-71 aircraft.