Thanks for the correction Ski. But what I was emphasizing was the 7 million amount mention. Yes. He could’ve split the debt in half. Or he just pulled it out of the air. Just like the 6 million given to our new partner Alexion. I look forward to mid July court date. With regards to taxes:
Tax-Free Transfers Under the Bankruptcy Code
Section 1146(a) of the Bankruptcy Code provides that "the issuance, transfer, or exchange of a security, or the making or delivery of an instrument of transfer under a plan confirmed under [the Bankruptcy Code], may not be taxed under any law imposing a stamp tax or similar tax." A "transfer" includes a sale of property or the grant of a mortgage lien. To qualify for the exemption, a transfer must satisfy a three-pronged test: (i) the tax must be a "stamp or similar" tax; (ii) the tax must be imposed upon the "making or delivery of an instrument of transfer"; and (iii) the transfer must be "under a plan confirmed" pursuant to section 1129 of the Bankruptcy Code.
