11th Circ. Sends Bankrupt BankUnited's Tax Refund To FDIC

Law360, New York (August 15, 2013, 8:08 PM EDT) -- The Eleventh Circuit on Thursday ordered BankUnited Financial Corp. to forward refunds from a consolidated tax return to the FDIC as receiver, for distribution to its subsidiaries. 

The ruling reverses a Florida bankruptcy court's decision to allow BankUnited to keep the refunds as assets for its bankruptcy estate.

The opinion, written by U.S. Circuit Judge Gerald Bard Tjoflat, noted that the bankruptcy court's decision undermined a tax sharing agreement BankUnited signed with its bank subsidiary BankUnited FSB more than a decade before BankUnited entered bankruptcy. ...
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