Solyndra Fires Back At IRS Over Ch. 11 Plan Tax Breaks

Law360, Wilmington (October 15, 2012, 3:43 PM EDT) -- Solyndra LLC on Monday defended its Chapter 11 plan against a protest from the U.S. Internal Revenue Service, saying there is nothing improper about its private equity owners taking advantage of the defunct solar company’s tax breaks after it exits bankruptcy.

Last week, the IRS asked a Delaware bankruptcy judge to reject the plan over potentially $350 million in tax breaks that are being preserved for investors Argonaut Ventures I LLC and Madrone Partners LP. The agency claims these tax attributes — largely based on Solyndra’s...
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