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USA v. Federal Express et al: Order

Order granting a petition for Leave to Serve 'John Doe' Summonses as part of an IRS investigation into U.S. taxpayers who are suspected of tax evasion using the services of Panama Offshore Legal Services in USA v. Federal Express Corporation, a.k.a. FedEx Express; Fed Ex Ground Package System, Inc., a.k.a. FedEx Ground; DHL Express (USA), Inc., United Parcel Service, Inc., the Federal Reserve Bank of New York, The Clearing House Payments Company LLC, HSBC Bank USA, N.A., Citibank, N.A., Wells Fargo Bank, N.A., and Bank of America, N.A. at the U. S. District Court for the Southern District of New York.

USA v. Federal Express et al: ‘John Doe’ Summonses Supplemental Information

Supplemental Memorandum of Law and Declaration in support of a petition for Leave to Serve 'John Doe' Summonses as part of an IRS investigation into U.S. taxpayers who are suspected of tax evasion using the services of Panama Offshore Legal Services in USA v. Federal Express Corporation, a.k.a. FedEx Express; Fed Ex Ground Package System, Inc., a.k.a. FedEx Ground; DHL Express (USA), Inc., United Parcel Service, Inc., the Federal Reserve Bank of New York, The Clearing House Payments Company LLC, HSBC Bank USA, N.A., Citibank, N.A., Wells Fargo Bank, N.A., and Bank of America, N.A. at the U. S. District Court for the Southern District of New York.

USA v. Sovereign Management and Legal, Ltd. et al: Petition for Leave to Serve ‘John Doe’ Summonses

Ex Parte Petition for Leave to Serve 'John Doe' Summonses on Federal Express Corporation, FedEx Ground Package System, Inc., DHL Express, United Parcel Service , Inc., Western Union Financial Services, Inc., the Federal Reserve Bank of New York, Clearing House Payments Company LLC, and HSBC Bank USA, National Association regarding a tax investigation into clients of Sovereign Management & Legal, Ltd., filed at the U. S. District Court for the Southern District of New York.

Overseas Partners goes into liquidation

Bermuda-based Overseas Partners Ltd. went into voluntary liquidation on January 31, 2006 - nearly four years after going into run-off. Peter C.B. Mitchell, 51, and Nigel J.S. Chatterjee, 52, both of PricewaterhouseCoopers (Bermuda), have been appointed liquidators.The process should be “substantially completed, if not completed, by the end of 2006 if events unfold according to plan”, the firm stated in a recent SEC filing.

Russia: AN Lyashenko

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Russia into AN Lyashenko, AT Stroganov, Serguei Podiouk, Pavel Smirnov, Maksim Varatsilin and Pavlo Gorbenko for alleged participation in a credit card fraud scheme.

Overseas Partners Ltd. paid $535 m in 2003

Overseas Partners Ltd., which went run off after the termination of its lucrative shipper's risk program with affiliate United Parcel Service, paid liquidating distributions totaling $535 million or $4.50 per share during the 12 months ended December 31, 2003, the

Appeals court rules in favor of UPS in tax dispute with IRS

The 11th Circuit U.S. Court of Appeals in the United States has denied a petition of the IRS Commissioner to rehear its earlier decision in favor of United Parcel Service Inc. in relation to the legality of its now defunct

UPS and Overseas Partners celebrate tax court decision

A US appeals court has overturned a 1999 decision that a reinsurance program operated by UPS and Bermuda-based Overseas Partners Ltd. amounted to tax evasion.The Eleventh Circuit Court of Appeals said the reinsurance program, which covered extra package insurance for UPS clients, was not a "sham transaction", as determined by the IRS and Tax Court.

Overseas Partners facing victory against the IRS

Overseas Partners Ltd. appears to have won its battle with the US Internal Revenue Service over tax assessments and penalties totalling $539 million that were levied against the firm for the period 1984-90. On January 21, 1999, a US Tax Court ruled that OPL had no deficiency in income tax, and no additional tax was due from the company, for 1984, the only year that has so far gone to trial.

UPS faces $1 billion liability from its Bermuda reinsurer

United Parcel Service could be liable for as much as $1 billion in federal income taxes if it loses a case now before the US Tax Court in Atlanta that involves Bermuda based reinsurer, Overseas Partners Ltd., which reinsures UPS