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LRI Holdings Objections Filed

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Lubbock Central Appraisal District, Midland County, Dickinson ISD, City of Burleson, Burleson ISD, Potter County Tax Office, Randall County Tax Office, Wichita County, Wichita Falls ISD and the City of Wichita Falls (collectively, “Taxing Entities) and the Texas ad valorem taxing jurisdictions filed with the U.S. Bankruptcy Court separate objections to LRI Holdings’ First Amended Joint Plan of Reorganization.

The Taxing Entities assert, “The TAXING ENTITIES object to confirmation of the Plan to the extent that it treats their claims as anything other than secured claims. The TAXING ENTITIES’s claims are fully secured ad valorem tax claims pursuant to Texas law. TAXING ENTITIES’s claims are impaired under the current proposed Plan. The TAXING ENTITIES object to the confirmation of the Plan to the extent that it does not provide their secured claims with interim statutory interest at the rate specified under Section 33.01(c) of the Texas Property Tax Code and pursuant to Sections 506(b), 511 and 1129 of the Bankruptcy Code from the petition date through the date of payment (including post-petition interest) at the statutory rate of 12% per annum.”

The objection continues, “The TAXING ENTITIES object to the confirmation of the Plan to the extent it provides for payment to creditors of lower priority prior to the satisfaction in full of their secured tax claims, to the extent they are not, or may not be, adequately protected. TAXING ENTITIES object to the Plan to the extent it may release or discharge TAXING ENTITIES’s liens against the Debtors property and may release or discharge the Debtors of any liability for all taxes, penalties, and interest that may become due TAXING ENTITIES. TAXING ENTITIES object to the Plan to the extent it seeks to limit their claims in any way. TAXING ENTITIES assert they are secured tax claimants holding secured tax liens on the property of the Debtors until such claims are paid in full, plus any applicable interest.”

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