Source Interlink Plan Falls Short On Taxes: IRS

By Brendan Pierson

Law360, New York (May 21, 2009, 12:00 AM ET) -- The Internal Revenue Service has said that magazine distributor Source Interlink Cos. Inc.'s reorganization plan can't be confirmed because the company hasn't filed all its tax returns and because its plan doesn't ensure adequate payment of tax claims, which the IRS estimates at over $10 million.

In an objection filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, the IRS said that Source Interlink and its affiliates had failed to file a “staggering” number of federal tax returns. The court can't confirm the...
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