Koll Says It May Owe $21 Million in Back Taxes
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NEWPORT BEACH — Koll Real Estate Group Inc., the real estate holding and development company that owns the Bolsa Chica wetlands, said Friday it may owe $21 million in back taxes.
Raymond Pacini, chief financial officer of the Newport Beach company, said the shortfall resulted from tax-sharing agreements with two New Hampshire companies-- aerospace firm Abex Inc. and refuse company Wheelabrator Technologies Inc. The two companies and Koll Real Estate are all former subsidiaries of Henley Group Inc., also based in New Hampshire.
Abex notified Koll that a tax payment might be due, Pacini said. “We are evaluating whether we do owe what they say we owe and potential sources of financing.”
Koll, which had an estimated $17 million in revenue last year, also owns properties in San Diego and some coastal property in New Hampshire.
In Nasdaq trading Friday, Koll Real Estate Group’s stock fell 6.25 cents a share to close at 28 cents.
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