Since Lehman went down in September, everyone’s been trying to get their piece of the carrion. The latest vulture? Mike Bloomberg.
His administration says New York City is owed $627 million in corporate and other taxes, beginning in 1996, The New York Times reports.
The line of creditors is long, but the Bloomberg claim is the largest. Getting the full amount is another matter:
“Though financial experts say the city stands a good chance of recouping at least some of the money, how much and when is anyone’s guess, given the size and complexity of the bankruptcy proceedings.
Even so, bankruptcy experts who have reviewed the claim — the largest the city has ever made in bankruptcy court — say they are flabbergasted by the size and time span of the allegedly unpaid taxes.”
Besides Bloomberg’s personal empathy for Dick Fuld, there’s little downside to the action. Lehman’s reputation is already in the can, and NYC can certainly use the money after refunding $800 million in corporate taxes last fall.
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