TaxMasters Bankuptcy Screws CNN, Fox News, MSNBC

By Alex Weprin Comment

If you have watched cable news for any extended period of time, you are certainly familiar with TaxMasters, the company that claims that it will help you resolve all of your tax issues. Perhaps TaxMasters could have benefited from its own advice, as it has filed for bankruptcy protection following a massive $200M fraud settlement.

As part of the filing, the cable news channels (among others) have been left in the lurch to the tune of more than five million dollars.

As noted by Forbes, TaxMasters’ largest creditor is CNN, which it owes a staggering $2.6 million. The company owes Fox News Channel more than $938,000 and MSNBC nearly $260,000. When you add the money it owes to History, Discovery and The Weather Channel, among others, the bill is over $5 million.

Last year ABC’s Brian Ross investigated the firm and found (shocker!) that they may have been engaged in some shady practices.

(H/T Johnny $)