PwC seeks court approval to abandon the firm's sale and continue liquidation
PwC to make recommendation to court by mid-February
Deadline for sale process extended to Feb. 28
Court filings indicate losses could top $580 million
Simplified tax reporting was one solution floated in a report by PwC
Receiver reports that funds' former auditor retracted two years of audit reports
PwC says KPMG stepped down as funds' auditor earlier this month
The firm has five "primary" bidders, with six others targeting certain loans
The court appointed the firm based on an independent recommendation
Court gives nod to receiver's plan to find counsel for investors