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Matthew Hicks Comments: Essar Judge Sidelines Fight Over IRS' $9M Debt Hunt

July 27, 2017, Law360

Facing a potentially needless fight over bankruptcy court power to block the IRS' pursuit of an Essar Steel executive for a $9 million company tax debt, a Delaware judge steered the dispute into a brief limbo Wednesday, indicating that time could resolve the issue.

“I don’t mean to be mean to anybody, but isn’t this kind of a dumb fight?” Judge Shannon asked Vuppuluri’s attorney, Matthew C. Hicks of Caplin & Drysdale. “I’m not minimizing the significance of this to your client, but if we have a debtor jumping up and down saying 'this is a liability we will quickly pay … '”

Hicks said he was obligated to seek relief after the IRS made it clear it was investigating Vuppuluri and had concluded that he was potentially liable for a penalty equal to Essar’s unpaid taxes. Essar is financing Vuppuluri’s legal representation and supporting his position, while also warning that the dispute is diminishing resources that could go to creditors.

To view the full article, please visit Law360’s website (subscription required).

Excerpt taken from the article “Essar Judge Sidelines Fight Over IRS' $9M Debt Hunt” by Jeff Montgomery for Law360.

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