PMI's Ch. 11 Plan Aims To Avoid Tax Bill, US Atty Says

Law360, Wilmington (July 9, 2013, 8:18 PM EDT) -- The U.S. Attorney's Office objected Tuesday to the confirmation of mortgage insurance holding company PMI Group Inc.'s Chapter 11 plan, arguing that its main objective is to use $2.4 billion in tax attributes to avoid paying Uncle Sam.

The U.S. attorney contends that once PMI emerges from bankruptcy, the only assets it will have will be stock in inactive subsidiaries as well as $2.2 billion in consolidated net operating losses and $195 million in income tax credits as of Dec, 31, 2011, according to a motion...
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