American Home seeks $1.78 million settlement with Texas comptroller

By Reshmi Basu

New York, Dec. 17 - American Home Mortgage Investment Corp. asked for court approval of a $1.78 million settlement agreement with the Texas comptroller of public affairs, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the motion, in order to operate in Texas, AHM pays franchise taxes to the state.

The company has a $1.92 million tax credit plus additional interest accrued from Dec. 14 through Dec. 31 and a $135,000 tax liability plus additional interest from Dec. 14 through Dec. 31.

Under the settlement, as a result of a setoff, the Texas comptroller will pay the company $1.78 million. The amount is subject to slight variations because of the accruing interest.

A hearing is scheduled for Jan. 4.

American Home, a Melville, N.Y.-based real estate investment trust focused on residential mortgage loans, filed for bankruptcy on Aug. 6. Its Chapter 11 case number is 07-11047.

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