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Washington Mutual (WMI) - Opinion Denying Confirmation of Modified 6th Plan

Washington Mutual (WMI) - Opinion Denying Confirmation of Modified 6th Plan

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Published by meischer
In re Washington Mutual, Inc., Case No. 08-12229 (MFW)
United States Bankruptcy Court, District of Delaware
Opinion Denying Confirmation of Modified 6th Plan and Granting Motion of Equity Committee for Standing to Prosecute Claim Stayed Pending Mediation
http://www.kccllc.net/documents/0812229/0812229110913000000000006.pdf
In re Washington Mutual, Inc., Case No. 08-12229 (MFW)
United States Bankruptcy Court, District of Delaware
Opinion Denying Confirmation of Modified 6th Plan and Granting Motion of Equity Committee for Standing to Prosecute Claim Stayed Pending Mediation
http://www.kccllc.net/documents/0812229/0812229110913000000000006.pdf

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Published by: meischer on Sep 14, 2011
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05/24/2012

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acquisition net operating loss carryover against [the acquiror’s]

57

even more substantial post-acquisition profits”); The Swiss

Colony, 428 F.2d at 52 (tax court had found that “Taxpayer

acquired control of [liquidating company] ‘for the principal

purpose of evading or avoiding Federal income taxes by securing

the benefit of net operating loss deductions which it would not

otherwise have enjoyed’”); U.S. Shelter, 13 Cl. Ct. at 609-10

(noting that section 269 was passed to prevent “the recently

developed practice of corporations with large excess profits . .

. acquiring corporations with current past, or prospective losses

or deductions, . . . for the purpose of reducing [the acquiror’s]

income and excess profits taxes.”) (citing S. Rep. No. 627, 78th

Cong., 1st Sess. 58 (1943)).

In this case, the creditors are acquiring the Reorganized

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