[DOWNLOAD] "In re Prudential Lines" by United States Court of Appeals for the Second Circuit ~ Book PDF Kindle ePub Free
eBook details
- Title: In re Prudential Lines
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 20, 1991
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
TIMBERS, Circuit Judge Appellant/cross-appellee PSS Steamship Company, Inc. (PSS) appeals from an order entered September 28, 1990, in the Southern District of New York, Robert P. Patterson, District Judge, affirming an order of the bankruptcy court that permanently enjoined it from taking a worthless stock deduction on its 1988 federal income tax return with respect to its bankrupt subsidiary Prudential Lines, Inc. (PLI), since that would have adversely affected PLI's ability to carryforward its net operating loss to offset future income. On appeal, PSS contends that (1) the NOL generated by PLI was not property of PLI's estate within the meaning of § 541 of the Bankruptcy Code; and (2) the bankruptcy court erred in enjoining PSS from taking a worthless stock deduction on its 1988 federal income tax return as violative of the automatic stay. On cross-appeal, the Official Committee of Unsecured Creditors (Creditors' Committee) and Cold Spring Shipping, L.P. (Cold Spring) contend that the bankruptcy court erred in denying relief based on a violation of PSS' fiduciary duty to PLI.