Lehman Owes New York City $627 Million in Back Taxes, Interest

Bloomberg reports:

Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, owes New York City $627 million in taxes, interest and penalties and must pay the amount in full before giving any money to other creditors, according to a claim filed in court.

Lehman owes about $414 million in corporate taxes, plus $201 million in accumulated interest from 1996 through 2008, the city said in the claim filed June 1 in U.S. Bankruptcy Court in New York. Commercial rent taxes due for the eight years through May 2009 are $7.1 million, plus interest of $2.7 million and a penalty of $2.2 million, according to the filing.

Best of luck to everyone involved in this mess.