5th Circ. Says Co. Must Forfeit Land To Fulfill $173M IRS Claim
By David McAfee
Law360, Los Angeles (June 6, 2013, 4:48 PM ET) -- The Fifth Circuit on Tuesday found that bankrupt Wren Alexander Investments LLC must forfeit a 551-acre tract of land in Texas that was sold to it by an indebted third party, saying Wren couldn’t provide evidence to overcome a $173 million Internal Revenue Service claim on the property.
Wren filed bankruptcy in 2008, shortly after it acquired the property from United Capital Investment Group Inc., a company that currently owes $173 million in back taxes to the IRS. When the IRS filed a claim for the...