3rd Circ. Clarifies Tax Claims In Harvard Ch. 11 Spat

Law360, New York (June 18, 2009, 12:00 AM EDT) -- A federal appeals court has weighed in on how far industrial parts maker Harvard Industries Inc. can go in claiming specified liability loss tax credits in bankruptcy court, ruling that workers' compensation and employee pension contributions make the cut, but product liability claims do not.

The U.S. Court of Appeals for the Third Circuit on Wednesday reversed in part and affirmed in part a lower court decision appealed by Harvard's secured creditors committee trust seeking to write off millions in tax credits as specified liability losses....
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