Judge OKs $180M Inner City Sale Over US Objection

Law360, New York (February 21, 2012, 7:43 PM EST) -- A New York bankruptcy judge on Tuesday approved Inner City Media Corp.'s plan to sell itself for $180 million to creditors including billionaire Ron Burkle, overruling the U.S. government's objection that the plan constituted an attempt to dodge $31 million in taxes.

U.S. Bankruptcy Judge Shelley C. Chapman heard arguments from both sides at a sale hearing during which Inner City Media, which runs a number of radio stations aimed at serving black communities, stressed that a Section 363 sale was the only viable option for...
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