Texas Tax Authorities Object To IBahn Bankruptcy Sale

Law360, New York (March 4, 2014, 6:48 PM EST) -- A coalition of Texas tax authorities on Monday filed a formal objection to hotel internet services provider iBahn Corp.'s planned bankruptcy sale, saying any potential buyer will need to repay the state for the company's unpaid property tax bill.

A group of Texas municipalities are seeking to block iBahn's upcoming bankruptcy auction at which the company plans to sell its property and assets. The tax regulators said iBahn's current plan to attach outstanding property liens to auction proceeds would not fully extinguish the company's property debt....
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