Mich., Shareholders Object To Citadel's Ch. 11 Plan

Law360, New York (April 22, 2010, 4:54 PM EDT) -- Michigan's Department of the Treasury and a group of shareholders have separately raised doubts about Citadel Broadcasting Corp.'s proposed reorganization plan, claiming the bankrupt radio broadcaster has failed to pay state taxes and plans to overpay senior creditors.

Michigan Attorney General Michael A. Cox and Assistant Attorney General Juandisha Harris filed their objection Wednesday in the U.S. Bankruptcy Court for the Southern District of New York on behalf of the Treasury Department, alleging the company hadn't lived up to its obligations to pay Michigan business taxes....
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