Objections Filed By Musicland's Tax Claimants

Law360, New York (November 21, 2006, 12:00 AM EST) -- Musicland Holding Corp.’s second amended plan of liquidation has inspired objections from creditors with tax claims who claim the proposed plan gives their claims short shrift.

The city of Memphis, Tenn., several local Texas tax authorities, the Connecticut Department of Revenue Services and Michigan’s Department of Treasury have all filed objections asking the court to reject Musicland's plan.

Many of the objections state that the proposed interest rates Musicland would pay on the claims at issue are too low.

While Article 3, Section F of Musicland’s...
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