Texas Rips $5M Fee For Ultimate Electronics Liquidator

Law360, New York (July 15, 2011, 6:06 PM EDT) -- The Texas Comptroller of Public Accounts on Thursday urged a Delaware bankruptcy judge to reject a $5.2 million bill submitted by the companies that oversaw the liquidation of the Ultimate Electronics Inc. retail chain.

The liquidators that ran the going-out-of-business sales at the Ultimate Electronics stores failed to pay trust fund sales taxes, according to the comptroller. Therefore, the bankruptcy estate, which gained nothing through their efforts, should not pay the millions of dollars they seek in fees and expenses, the Texas comptroller said.

The comptroller...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.