Claim Filed Against Hunt Companies
DALLAS (AP) _ The Internal Revenue Service claims it is owed $584.4 million in taxes, penalties and interest by two companies and a trust controlled by the billionare Hunt brothers.
Placid Oil Co. and a subsidiary, Placid Building and Service Co., owe $543.7 million in back taxes, penalties and interest for 1976-85, the IRS said in documents filed in U.S. Bankruptcy Court.
The William Herbert Hunt Trust Estate owes $6.1 million for the years 1981 and 1983-85, the IRS said. The IRS action involves brothers Lamar, Nelson and William Herbert Hunt.
The claims, filed Friday, are dated Aug. 29, the day the entities filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
The charges ″cover the waterfront″ in variety, said attorney Clive Bode, representing the Hunts.
″Because Placid is in bankruptcy they (the IRS) have been very aggressive on the issues,″ he said Monday.
The IRS never actually assessed any of its claims before the Placid-Hunt bankruptcies and none of its claims are secured, said IRS analyst Jeanne Paxton. The new claims are all the result of ″re-examinations of the returns,″ she said.
″The banks have a secured claim, with their liens attached to mortgages, but we come ahead of the general unsecured creditors,″ said Grover Hart III, tax attorney for the U.S. Justice Department.