Law360, New York (November 1, 2013, 4:42 PM EDT) -- In connection with the bankruptcy of a bank holding company (the "bank holdco") and its operating bank subsidiary (the "bank"), there are often different classes of creditors competing for one tax refund. If the bank holdco is the parent corporation of a consolidated group of corporations (the "consolidated group"), the bank holdco usually is treated as the agent of the group for federal income tax purposes. In such a situation, the bank holdco files income tax returns on behalf of the consolidated group, carries back and forward net operating losses of the consolidated group and receives from the IRS any refund of taxes paid by the consolidated group as the group's agent....