Trucept, Inc. (TREP)

[Lazarus]

HOW WAS IT DONE?

Usually when there's a buyout of a company the amount that was paid for the company the terms - cash / cash + stock / etc are clearly spelled out.

Why no mention of the terms?

Why would a company with 30 employees and 4 million in revenues allow itself to be acquired by a company if it knows that: The U.S. Treasury and Internal Revenue Services (IRS) will have a priority interest in all assets of the Company."

- per last audited financials


the Company had an obligation for $17.6 million in delinquent payroll taxes plus $1.4 million in accrued penalties. These amounts are due to the US Treasury and represent collection of employment taxes from its PEO employees. The U.S. Treasury and Internal Revenue Services (IRS) will have a priority interest in all assets of the Company.
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It just makes no sense to me. If it did, I wouldnt be bringing it up.

I'm not an attorney or a tax expert but it would seem to me that an acquired company would become another asset of the IRS (until these disputes are laid to rest).