$3B Tax Earmark Ends Verizon Fight In Altaba Wind-Down Suit
Law360 (September 28, 2020, 6:47 PM EDT) -- Verizon withdrew Delaware Chancery Court objections Monday to a proposed $7.3 billion reserve for claims against former Yahoo owner Altaba's more than $40 billion wind-down plan, after assurances that more than $3.1 billion will be earmarked to cover potential Verizon tax liabilities.
The move resolved one in a range of disputes that arose from Verizon Inc.'s acquisition of the early internet leader and web services provider for $4.5 billion in 2017, with the remaining parent company — which had huge holdings in China's Alibaba online retail business — taking the name Altaba Inc.
Still looming, however, are other challenges to the...
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