Tuesday, April 3, 2012
Forbes, TaxMasters Leaves CNN, Fox News, MSNBC Holding Empty Bag, by Janey Novack:
TaxMasters, the heavily advertised “tax resolution” company that filed for bankruptcy last month, has left several big media companies, as well as its clients and law firms, holding an empty bag. In a court filing yesterday, TaxMasters listed TimeWarner’s CNN unit at its largest unsecured creditor, owed $2.6 million. Its second largest creditor is the Philadelphia based law firm of Blank Rome, owed $2.3 million.
TaxMasters’ unsecured creditors are unlikely to see much, if any, cash. ... In addition to CNN, TaxMasters’ 20 largest listed creditors include News Corp.’s Fox News Channel (owed $938,414); Houston advertising firm Maxximedia (owed $1,326,676); American Express (owed $679,497); radio network Westwood One, now a part of Dial Global (owed $676,000); the History Channel (owed $653,820); MSNBC (owed $259,441); Yahoo (owed $196,475); Dial Global’s Weather Channel (owed $172,233); The Discovery Channel (owed $136,850) and Disney’s ESPN (owed $94,265).