In re Chipman-Union, Inc. (01-31418)
Chapter 11 debtor filed ad valorem tax returns, asserting the true market value of its equipment was $8.8 million. Debtor began liquidating its assets and would not reorganize as a going concern. Several months later, debtor asked the court to determine, under 11 U.S.C.A. section 505, that the value of its equipment was $1,296,000. The Court was not persuaded by testimony of Debtor's expert witness and held that valuation in ad valorem tax returns must stand. The Court also refused to excuse the debtor's untimely filing of its freeport exemption application.