Ill. Regulator Slams Triad's Bid To Rush $780M Tax Fight
By Matt Chiappardi
Law360, Wilmington (September 5, 2013, 4:18 PM ET) -- The state regulator holding subsidiaries of bankrupt mortgage insurance holding company Triad Guaranty Inc. in rehabilitation blasted on Wednesday the debtor’s request to fast-track a fight over about $780 million in tax assets, arguing the proposed timetable is too truncated and would “short-circuit” federal statutory protections.
Andrew Boron, director of the Illinois Department of Insurance, contended in a motion filed in the U.S. Bankruptcy Court for the District of Delaware that the scheduling proposal — which would require an answer to Triad’s adversary complaint and a...