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December 20, 2013
17:19 EDTCIT, TYCCIT Group to pay $60M to settle with Tyco
CIT Group (CIT) disclosed in a regulatory filing that it reached an agreement with Tyco International (TYC) to settle contract claims asserted by Tyco related to a Tax Agreement that CIT and Tyco entered into in 2002 in connection with CITís separation from Tyco. Pursuant to the agreement, CIT was obligated to pay Tyco an amount equal to any Federal or state income tax benefits realized attributable to certain net operating losses and other tax attributes that arose during the period that Tyco owned CIT. The maximum federal tax attribute is approximately $794M and the maximum state tax attribute is approximately $180M. CITís federal and state tax rates are currently 35% and 6.5%, respectively. Pursuant to the settlement agreement, CIT agreed to pay Tyco $60M, which will result in a Q4 charge against earnings of $45M net of reserves, and Tyco agreed to release all of its rights and claims under the agreement. CIT maintains a valuation allowance against its deferred tax assets due to uncertainties related to its ability to realize the net deferred tax assets in the future.
News For CIT;TYC From The Last 14 Days
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April 17, 2014
09:55 EDTTYC, TYCTyco initiated with an Outperform at CLSA (pre-open)
Target $48.
April 16, 2014
17:45 EDTCITCIT Group to sell $3.6B in student loans to Nelnet
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April 15, 2014
08:31 EDTCITCIT serves as sole lead arranger for $95.2M financing to Heron Ventures
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