Sunday, May 20, 2007
1031 Tax Group LLC, a privately held consolidated group of qualified intermediaries for deferred like-kind property exchanges, has filed for chapter 11 reorganization in U.S. Bankruptcy Court for the Southern District of New York (Case No. 07-11448-alg). From the press release:
1031 TG is a "roll-up" of several qualified intermediaries created to service real property exchanges under Section 1031 of the Internal Revenue Code. The Debtors are: The 1031 Tax Group, LLC; 1031 Advance 132 LLC; 1031 Advance, Inc.; 1031 TG Oak Harbor LLC; Atlantic Exchange Company, Inc.; Atlantic Exchange Company LLC; Exchange Management, LLC; Investment Exchange Group, LLC; National Exchange Accommodators, LLC; National Exchange Services QI, Ltd.; National Intermediary, Ltd.; NRC 1031, LLC; Real Estate Exchange Services, Inc.; Rutherford Investment LLC; Security 1031 Services, LLC; and Shamrock Holdings Group, LLC.
(Hat Tip: Mark Cochran.)