Travelers, Comerica Settle Dunmore Tax Fight For $13M

Law360, New York (September 29, 2011, 6:32 PM EDT) -- The trustee overseeing the liquidation of failed homebuilder Dunmore Homes Inc. asked a California bankruptcy judge Tuesday to approve an amended settlement with Travelers Casualty and Surety Co. of America and Comerica Bank over a nearly $12.9 million tax refund.

Under the settlement, the trustee overseeing the liquidation of Dunmore's New York arm would receive around $5.6 million while Travelers would net just over $5 million. Comerica would get about $2.2 million under the deal, and drop several other claims against the estate.

The settlement resolves...
To view the full article, register now.