Bankrupt Coupon Co. Saves Big With Mich. Tax Agreement

Law360, New York (August 4, 2014, 5:15 PM EDT) -- A coupon publisher's Chapter 7 trustee on Monday proposed a settlement agreement with the Michigan Treasury over $667,000 in taxes it paid under protest before it entered bankruptcy.

Trustee Charles M. Forman proposed that the Entertainment Publications LLC be refunded $550,000, which will be divided between the debtor and former equity owner InterActiveCorp, which had fronted most of the tax payment in 2011. The bankrupt company would receive $170,000.

The settlement was negotiated with the Michigan attorney general.

The state made an audit determination for January...
To view the full article, register now.