Bankrupt Retailer Sells Government Tariff Refund Claim For Millions #
Clara Geoghegan watched a Delaware bankruptcy judge approve a pristine piece of modern financial alchemy on Tuesday. Furniture retailer American Signature Inc. successfully offloaded its federal tariff refund claims for $7.2 million. The transaction covered roughly 77% of the tariffs the distressed company had previously paid. The basic story of the tariff situation is that the executive branch collected illegal import taxes, the courts struck them down, and now U.S. Customs and Border Protection owes corporations $166 billion. If you…