I've heard an ugly rumor last week that Commodore was in deep doo-doo (that's
a legal term) with the IRS.
Has anyone heard this? What's the real story?
Geo
And I quote,
"In January, 1989 CBU reported that its U.S. subsidiary had received a
statutory notice of deficiency from the Internal Revenue Service for taxes of
$74 million for 1981-3. CBU said its tax reserves, in light of available tax
loss carrybacks, are adequate to cover a realistic resolution of the situation
and that such a resolution would not have a material impact on earnings, cash
flow or financial position.