Executive Jet Settles Child-abduction Lawsuit

Business Jet Traveler » February 2007
Thursday, February 1, 2007 - 4:00am

A child-abduction lawsuit involving charter and aircraft management services operator Executive Jet Management (EJM) has been settled out of court, according to attorneys for the plaintiff, Cornelia Streeter. The parties are bound by the settlement conditions not to disclose terms, but a source close to the case said the amount was "considerably less" than the original award of $27 million.

The lawsuit had its origins in the 2001 charter of an EJM Gulfstream by Anwar Wissa Jr., former husband of Cornelia Streeter and father of their two children. Wissa, an Egyptian national, took the children with him to Egypt on the flight.

After the abduction, Streeter, who had been granted custody of the children, engaged in a successful legal battle to have them returned. She also filed a lawsuit against EJM, claiming that the charter operator had failed to question the absence of the mother or to ask for a consent form granting her permission for the minor children to travel abroad in the father's custody.

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““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”

-David Yermack