Ill. Opposes Marcal's Bid For Tax-Free Sale

Law360, New York (January 7, 2008, 12:00 AM EST) -- As Marcal Paper Mills Inc. readies its assets for the auction block next week, the state of Illinois expressed its opposition to the bankrupt company's request that the sale be exempted from state transfer taxes.

The Illinois Department of Revenue filed an objection to Marcal's motion seeking declaratory judgment of its tax exemption on Friday in the U.S. Bankruptcy Court for the District of Delaware. A hearing on the issue is scheduled for Jan. 15, the same day Marcal's assets are set to go on sale....
To view the full article, register now.