Wednesday, June 29, 2016

Poor F. Lee Bailey

"Famed lawyer F. Lee Bailey files for bankruptcy" Bloomberg News  June 26, 2016

SAN FRANCISCO — F. Lee Bailey, a defense attorney who was part of O.J. Simpson’s “Dream Team,” has filed for personal bankruptcy, saying he is more than $5 million in debt.

Besides Simpson, a former football star found not guilty in 1995 of the murder of his former wife and a friend, Bailey represented Claude Duboc, who was accused in 1994 and later convicted of importing large amounts of marijuana into the United States. Bailey, 83, said in a phone interview that his bankruptcy filing stems from the case against Duboc.

He said he was paid by Duboc in shares of a Canadian pharmaceutical company, an arrangement Bailey said the US government approved and then rejected after the price of the stock more than quadrupled. The government argued that Bailey was acting as its trustee and reclaimed the money, he said.

Bailey said he has been locked in a battle with the Internal Revenue Service for 22 years over the proceeds.

Bailey, a native of Waltham, Mass., attended Harvard University and left in 1952 to join the US Marine Corps as a fighter pilot."