Accounting News Roundup: The Tanning Tax Isn’t Fair; Dubai World Gets Another Life; Guy Hands Won’t Have to Go to London | 03.25.10;
• Does New 10% Tanning Tax Discriminate Against Whites? [TaxProf Blog]
Are you being unfairly taxed just because you want some extra Vitamin D?!?
• Dubai World, Nakheel Get $9.5 Billion Injection [WSJ]
For now at least, it appears that Aidan Burkett, Deloitte’s rock star restructuring expert has saved the day at Dubai World. DW will get $9.5 billion from the Dubai Government and plans to pay $26 billion to its creditors that include HSBC, Lloyds, Standard Chartered and RBS.
The complex deal that has taken months to draw up involves Dubai World issuing two tranches of new debt and converting $8.9 billion, or 38%, of its existing obligations into equity, the company said.
The new debt won’t be guaranteed by Dubai government, which has previously been a thorny issue between creditors and the city-state’s advisors.
• Citi Loses Bid to Move EMI Trial [WSJ]
Remember Guy Hands, the founder of Terra Firma Capital, who hates taxes so much that he asks that his family come to visit him in Guernsey so that he doesn’t risk his non-resident status for England?
Well, you’ll be happy to know that Citi’s bid to get the trial moved to London was rejected by Judge Jed Rakoff so Hands won’t have to worry his pretty little head. Had the motion to move the trial been granted, Hands’ non-resident status could have been jeopardized and he may have had to pay taxes due to England. And, God forbid, do some of the traveling to see his family.