IRS Files Objection To Source Interlink’s Reorganization Plan
josh hunter
- May 27 2009
- 482 views
- 7 comments
According to this story on Foliomag.com, the Internal Revenue Service filed an objection last week in Delaware’s U.S. Bankruptcy Court to Source Interlink’s reorganization plan, claiming the company owes more than 10 million dollars in unpaid taxes.
From Foliomag.com: “The objection said Source’s reorganization plan cannot be confirmed because it does not ensure adequate payment of the IRS’ tax claims. The IRS said Source and its affiliates have not filed a “staggering” number of federal tax returns.”
According to the article the IRS isn’t the only one objecting to the plan of reorganization:
“A number of other creditors have also filed objections to Source’s plan of reorganization. According to a Law360.com report, SINV LLC, one of Source’s landlords, filed an objection stating that the planned consolidation of Source’s affiliates could “hurt its claims.”
Automotive media company eVox Productions also objected to the plan, claiming, among a number of complaints, that it violates a licensing agreement it had with Source.”
The article says it is not immediately clear how these objections will effect Source’s emergence from bankruptcy protection. Stay tuned to Transworldbusiness.com for updates.
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May 28th, 2009 at 7:00 pm
How do they still get so many companies to advertise if they're doing all this sketchy shit?
May 28th, 2009 at 8:19 pm
they give it away for free