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Quicksilver Resources Objection Filed

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The United States, on behalf of the Internal Revenue Service (IRS) and Department of Interior (DOI), filed with the U.S. Bankruptcy Court an objection to Quicksilver Resources’ First Amended Joint Chapter 11 Plan of Liquidation.

The objection asserts, “IRS has asserted an unsecured priority, pre-petition claim against Quicksilver Resources, Inc., in the amount of $341,639.77. IRS records indicate that the debtors have not yet filed their 2015 federal income tax return. DOI, through the Office of Natural Resources Revenue, filed a general unsecured, pre-petition claim against Quicksilver Resources, in the amount of $205,703.56. DOI, through the Bureau of Land Management, filed an estimated pre-petition claim in the amount of $65,829.00. The United States objects to the confirmation of the Plan unless and until all federal income tax returns have been filed. The United States objects to the third party non-debtor limitation of liability, injunction and release provisions set forth in Article 11 of the Plan.”

The objection continues, “The injunction provisions violate the Anti-Injunction Act, I.R.C. Section 7421(a)….The United States objects to the Plan to the extent it fails to preserve the setoff and recoupment rights of the United States. Confirmation of a plan does not extinguish setoff claims when they are timely asserted…The United States objects to the treatment of the IRS priority claim in Article 2 of the Plan.”

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The post Quicksilver Resources Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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