Opinion
11565-15
10-30-2023
THRASYS, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER
Albert G. Lauber, Judge
This case, which is part of a group of consolidated cases, involves a corporation (Thrasys) that received a $15 million payment in 2008 but did not report that payment on its Federal income tax return. On May 4, 2015, Thrasys and its shareholders petitioned this Court seeking a redetermination.
On October 24, 2023, petitioner filed a Notice of Proceeding in Bankruptcy, which states that Thrasys filed a petition on October 20, 2023, with the U.S. Bankruptcy Court for the District of Delaware under 11 U.S.C. Chapter 11. Petitioner indicated that this Court should stay the proceedings in this case pursuant to the automatic stay under 11 U.S.C. section 362(a)(8).
Although this Court is obligated to automatically stay proceedings under 11 U.S.C. section 362(a)(8), we are troubled by the endless delays occasioned by petitioner and its shareholders in these consolidated cases, which were docketed eight years ago. If respondent becomes aware of any reason why the stay should be lifted, he shall promptly inform the Court.
Upon due consideration and for cause, it is
ORDERED that, pursuant to 11 U.S.C. section 362(a)(8), all proceedings herein are automatically stayed. It is further
ORDERED that although all proceedings are stayed, respondent shall file, on or before December 29, 2023, a status report indicating the then-present status of the case and related bankruptcy proceedings.