Robert Clanin

Bermuda-based Overseas Partners Ltd., which is closely associated with courier firm UPS, is apparently making headway in settling its long-running dispute with the IRS in the United States."We made further progress in resolving the tax litigation with the IRS in relation to our workers' compensation reinsurance program with UPS," stated OPL in a letter to shareowners on August 20.

Overseas Partners Ltd. has taken measures that it described as "painful" to preserve its capital after losing 36 per cent of it in a little over 12 months.These include suspending its share repurchase program, lowering the "fair value" of the firm's shares to $14.50 per share and reducing the dividend from 45 cents to 25 cents per share, effective August 8.