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Energy Future Holdings Settlement Approved

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The U.S. Bankruptcy Court issued an order approving Energy Future Holdings’ motion for an order approving a settlement with the Texas Comptroller of Public Accounts.

As previously reported, “By this Motion, the Debtors seek entry of the Order approving the Settlement with the Texas Comptroller whereby the TCEH Debtors pay the Texas Comptroller $11.8 million for a mutual release of all claims and liens for prepetition taxes asserted by the Texas Comptroller against the Debtors and potential refund claims asserted by the Debtors….In total, the Texas Comptroller has filed assessments totalling approximately $330 million and proofs of claim totalling approximately $150 million. The Texas Comptroller asserts that certain of these amounts are fully secured and may not fully reflect penalties and interest that are owed….Of the $150 million of proofs of claim filed by the Texas Comptroller, approximately $55 million is attributable to the Gross Margin Tax, with the remaining amounts attributable to sales, gross receipts utilities, and direct pay taxes….In total, the Debtors have submitted approximately $48.5 million of disputed or un-finalized refunds and beneficial positions. Of that amount, approximately $11.5 million is related to ‘E-side’ adjustments, approximately $2.4 million is not readily subject to allocation between the ‘E-side’ and ‘T-side’ because they relate to intercompany elimination entries and related items, and the remainder is related to adjustments with respect to the TCEH Debtors, EFH Corporate Services, or EFH Properties Company.”

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