PMI Inks Deal To Split $2.2B In Tax Assets With Subsidiary

Law360, Wilmington (November 19, 2012, 5:25 PM EST) -- Defunct mortgage insurer PMI Group Inc. asked a Delaware bankruptcy judge on Monday to approve a settlement splitting $2.2 billion of disputed tax assets with an operating subsidiary that was seized by Arizona insurance regulators last year.

The deal resolves litigation in multiple jurisdictions between PMI Group and the operating subsidiary, PMI Mortgage Insurance Co., or MIC, over ownership of the net operating loss tax assets, clearing a path out of bankruptcy for the debtor, according to a settlement motion filed with the court.

Under the...
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