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US govt finalizing settlement to resolve Baldwin suit
Bridge Capital principal and chief executive officer John K. Baldwin and the U.S. government are still finalizing their settlement that will resolve his $5-million federal tax refund lawsuit.
Attorney Deborah Deitsch-Perez and Tax Division trial attorney Landon M. Yost, counsels for Baldwin and the U.S. government respectively, filed yesterday in the U.S. District Court for the NMI their seventh status report that describes their progress toward settlement.
Deitsch-Perez and Yost said THAT, as outlined in prior status reports, the U.S. government has formally accepted Baldwin’s settlement offer that would resolve all issues in this case.
The lawyers said pursuant to the terms of the settlement, however, any overpayment due to Baldwin will be first applied to any assessment against him arising from another federal tax case between him and the U.S. that is currently pending in federal court.
Thus, they said, since the settlement in intertwined with settlement of the other tax case, the settlement cannot be effectuated until the other tax case is resolved.
Deitsch-Perez said in the other tax case, Baldwin has submitted a settlement offer that has been accepted by the Tax Division’s Office of Review, which has the final authority to accept the offer.
“The settlement is still in the process of being finalized, with details such as the calculation of the final numbers yet to be completed,” the lawyers said in the joint status report.
The parties agreed to submit another joint status report on the progress of the completion of the settlement by Nov.30, 2014, in the event that they have not jointly moved to dismiss the case by then.
