In this Oct. 3, 1995, file photo, defense attorney F. Lee Bailey, left, looks on as O.J. (Myung J. Chun/Daily News via AP)For those who’ve not followed the fortunes — and more recently the misfortunes — of F. Lee Bailey, it might have come as a shock to hear that Friday he filed for bankruptcy in a federal court in Maine. (Courtesy F. Lee Bailey)Bailey and another attorney were not paid directly for their work but were instead to take their compensation and expenses from sales of shares in the company. The IRS was also pursuing Bailey for unpaid taxes, including, it argued, money resulting from his handling of the pharmaceuticals shares. And since the IRS imposes interest and penalties every day a taxpayer fails to pay, the debts were mounting rapidly.

Source: Washington Post June 27, 2016 11:08 UTC