IRS Cuts Bankrupt NYRA's Claim By $1.58B

Law360 (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....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.