/biz/ - Business & Finance

Last fun one and them I'm gonna go play video games. Two mentions of discussing "Section 269". That section of the bankrupcty code, in short, seems to determine that if the purpose of an "...acquisition is evasion or avoidance of Federal income tax by securing the benefit of a deduction, credit, or other allowance which such person or corporation would not otherwise enjoy, then the Secretary may disallow such deduction, credit, or other allowance." Looks like bondies tried to see if there was a legal way for them to shut down the deal by seeing if they could take away the NOL tax credit. I wonder why they only spent an hour working on that. My guess is it maybe wasn't the miracle out that they thought it was. Glennies absolutely BTFO.