Bankrupt Asarco Resists $516M Tax Claim By Parents

Law360, New York (January 12, 2009, 12:00 AM EST) -- Bankrupt Asarco LLC has moved to block a claim by its parent companies for more than $516 million in post-petition taxes, saying the claim is excessive and not worthy of status as an administrative priority.

Americas Mining Corp. and Asarco Inc. — the joint parents of the mining giant — filed the administrative claim in the U.S. Bankruptcy Court for the Southern District of Texas on Sept. 19, saying it was brought on behalf of Asarco under a prepetition tax-sharing agreement.

In its objection Friday, Asarco...
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