Oren L. Benton - Page 4

                                        - 4 -                                         
          estate) and the Nuexco Trading Corp. Bankruptcy Estate (NTC                 
          bankruptcy estate).  As of the date of each petition, the                   
          entity’s assets became assets of its bankruptcy estate.  Pursuant           
          to section 1398(d)(2)(D), petitioner elected to terminate his               
          taxable year as of February 23, 1995.  A separate Federal income            
          tax return was filed for petitioner’s short taxable year February           
          23 through December 31, 1995.                                               
               Among the assets that made up the Benton estate were                   
          petitioner’s interests in three entities that were involved in              
          the operation and ownership of the Colorado Rockies National                
          League Baseball Franchise.  The three interests included a                  
          limited partnership interest in the Colorado Baseball Club                  
          Limited Partnership (CBCLP), which was the owner of the National            
          League franchise.  In addition, Colorado Baseball Management,               
          Inc. (CBM), was a corporation entitled to a percentage of the               
          gross revenues of CBCLP.  Lastly, Colorado Baseball, Inc. (CBI),            
          was the managing general partner in CBCLP.                                  
               A second amended plan of reorganization (the plan), dated              
          August 18, 1997, for petitioner and his related bankruptcy                  
          estates was to be effective on August 31, 1997.  Until the August           
          18, 1997, confirmation of the plan, petitioner served as the                
          debtor in possession.  Among other things, the plan provided that           
          on August 31, 1997, most of the various bankruptcy estates’                 
          assets would be transferred into a liquidating trust to be                  

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011