PMI Sues Ariz. Regulator To Shield $1.3B In Tax Assets

Law360, Wilmington (August 21, 2012, 8:13 PM EDT) -- Defunct mortgage insurer PMI Group Inc. sued an Arizona insurance regulator on Monday in Delaware bankruptcy court to preserve its control over $1.3 billion in tax assets that it wants to use to pay back creditors.

PMI Group retreated into Chapter 11 in November after its business collapsed along with the housing market and the Arizona Department of Insurance seized its insolvent operating subsidiary, PMI Mortgage Insurance Co. In January, the Arizona Superior Court placed MIC into receivership, with ADI Commissioner Germaine L. Marks acting as...
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