IRS Cuts Bankrupt NYRA's Claim By $1.58B

Law360, New York (January 29, 2008, 12:00 AM EST) -- The New York Racing Association may have cleared at least one hurdle in seeking confirmation of its reorganization plan, now that a hefty $1.6 billion tax claim from the Internal Revenue Service has been reduced to $15.2 million.

NYRA expects the final IRS tax claim to be “a lot less” than the proposed $15.2 million after the agency finishes reviewing relevant numbers, NYRA attorney Brian Rosen, a lawyer at Weil, Gotshal & Manges LLP, said on Tuesday.

“We're still disputing it, still negotiating it,” he said....
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