TITLE

Opinions Withdrawn In N.J. Case

AUTHOR(S)
McConnell, Alison L.
PUB. DATE
March 2006
SOURCE
Bond Buyer;3/9/2006, Vol. 355 Issue 32335, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on Drinker Biddle & Reath LLP's withdrawal of the bond opinions it provided for New Jersey's Camden County Improvement Authority after discovering that property acquired with proceeds from a 1999 bond sale was overvalued. The withdrawal of the opinions coincides with the preliminary adverse determination by the Internal Revenue Service that interest of bonds, issued by the authority for nonprofit Gateway Communities Inc. is taxable. The authority played a role as conduit issuer of the $15 million of variable-rate Series A bonds and $10 million of Series B subordinated bonds it sold on July 29, 1999.
ACCESSION #
20281918

 

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