Opinion
Case No. 02-83984-SSM (Jointly Administered).
August 23, 2004
Douglas M. Foley, Esquire, McGuireWoods, LLP, McLean, VA, Counsel for the reorganized debtor.
M. Ellen Carpenter, Esquire, Roach Carpenter, P.C., Boston, MA, Counsel for City of Boston.
Dennis Early, Esquire, Assistant United States Trustee, Malcolm Mitchell, Esquire, Vorys, Sater, Seymour Pease, L.L.P., Alexandria, VA, Local counsel for the Post-Confirmation Committee.
ORDER
Upon consideration of the motion (Doc. # 5112) by the reorganized debtors for a determination that this court has jurisdiction to determine the correct amount of taxes owed by the debtor to the City of Boston for tax years 2002 and 2003, and for the reasons stated on the record at a hearing held on August 19, 2004, it is
ORDERED:
1. The motion is granted, and this court determines that it has jurisdiction under § 505(a), Bankruptcy Code, to determine the correct amount of the taxes owed by the debtors to the City of Boston for the tax years 2002 and 2003. The court further determines that in making such determination, the court is not bound by the formula for determination of "fair cash value" set forth in the 1989 consent decree and 1997 amended consent decree, but that such methodology is presumptively correct, and the burden will be on the debtors to establish that economic conditions have so changed since 1997 that the formula no longer yields a value that equals or closely approximates the statutory standard of "fair cash value."
2. The clerk shall mail a copy of this order, or give electronic notice of its entry, to the parties listed below.