Litigation
Oct. 10, 2008
Creditors Win $26.5 Million in Schlock Film Tax Shelter Suit
A federal judge has voided a tax shelter deal and ruled that a pair of low-budget movie companies must return nearly $27 million to the trustee of a bankrupt holding company.
Daily Journal Staff Writer LOS ANGELES - A federal judge has voided a tax shelter deal and ruled that a pair of low-budget movie companies must return nearly $27 million to the trustee of a bankrupt holding company. Plaintiff Edward M. Wolkowitz, appointed trustee for Imperial Credit Industries, a credit holding company that filed Chapter 11 in 2003 and began liquidating in 2005, triumphed over two Delaware partnerships, film product...
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