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During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered
  • Locke Lord LLP
  • USA
  • November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010.

Wisconsin Tax Appeals Commission addresses sham transaction doctrine
  • Eversheds Sutherland (US) LLP
  • USA
  • April 13 2010

In Hormel Foods Corp. v. Wisconsin Dep’t of Revenue, No. 07-I-17 (Mar. 29, 2010), the Wisconsin Tax Appeals Commission determined that Hormel’s subsidiary, Foods LLC, lacked economic substance and business purpose and was formed primarily for state tax savings purposes.