The law firm has not been named but the problem relates to the treatment of the company's international tax debts. 'Proskauer Rose LLP were Overseas Shipholding's legal advisers at the time its tax issues were discovered', according to NASDAQ.com. The news was revealed in the US Bankruptcy Court in Wilmington where the company is under Chapter 11 protection. No comment was made by New York-based 600-lawyer Proskauer Rose in return to calls made by NASDAQ.com. The bankruptcy came after 'revelations…that the company's financial reports from 2009 through the present were not trustworthy', according to NASDAQ.com. This summer, the company said that it might owe US $460m in taxes.
Email your news and story ideas to: [email protected]
