Billionaire-Tied Fund Seeks Bankruptcy Amid IRS Levy Notices (1)

A Bermuda fund linked to billionaire Robert Brockman has landed in U.S. bankruptcy court after the Internal Revenue Service said it may seize some of the fund’s assets at Vista Equity Partners to satisfy tax debts owed by Brockman.

The bankruptcy filing by Point Investments Ltd. may frustrate IRS efforts to quickly collect $1.46 billion in taxes it’s seeking from Brockman, 80. Prosecutors separately charged him in the largest U.S. criminal tax-evasion case against an individual, alleging he dodged taxes on $2 billion in income.

Most of that came from investments in Vista by Point, which Brockman controlled, prosecutors allege. ...