IRS Says Solyndra's Ch. 11 Plan Is Ploy To Skirt Taxes

Law360, Wilmington (October 10, 2012, 6:30 PM EDT) -- The Internal Revenue Service moved to derail Solyndra LLC's bankruptcy plan on Wednesday, claiming the plan cannot be approved because its “principal purpose” is to help the defunct solar company's private equity owners avoid paying taxes.

While Solyndra is liquidating, the plan preserves its parent as an “empty shell” corporation that only exists so investors Argonaut Ventures I LLC and Madrone Partners LP, which also sponsored the plan, can utilize some $350 million in tax breaks accrued by the failed company, the IRS said in an...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Solyndra, LLC


Case Number

1:11-bk-12799

Court

Delaware

Nature of Suit

Date Filed

September 6, 2011

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.