The world's largest oil tanker firm could have been put out of business on Friday but a lawyer's plea that a judge make the order to wind up shipping giant Frontline was put on hold - at least until Wednesday of this week.

The Bermuda-based company, majority controlled by Norwegian multi-billionaire shipping magnate John Fredriksen, could have been wound up save for a faxed piece of paper to its own lawyer, Appleby, Spurling & Kempe litigation manager Kelvin Hastings-Smith, said to be wire instructions received moments before the hearing, for some 61 million Swedish Kroner or nearly $8 million.

Frontline is faced with the action after its failure to pay the plaintiff - the Blad Foundation - money it owes after court orders first in Sweden and then in Bermuda.

Lawyer for the plaintiff, Jeffrey Elkinson, said in court: "We do not accept that payment has been made, in good faith or not."

Mr. Elkinson proceeded to tell the court that an hour before coming to court he had received a faxed letter at his firm, Conyers Dill & Pearman, on behalf of his client stating that they had obtained orders in Lichtenstein, where Blad is incorporated, withdrawing CD&P's power of attorney rights to receive money on behalf of its client.

He said, therefore, the $8 million awarded to Blad more than two years ago in a ruling first by the Swedish Chamber of Commerce and then by the Swedish Court of Appeals, if paid into CD&P's Bermuda account, may not be accessible.

Mr. Elkinson said that the letter received from AS&K on behalf of Frontline also stated, in a threatening manner, that it presumed the plaintiff would not proceed with its court action: "There has been the threat that if we preceded with the petition, action would be taken against the petitioner and (our) firm."

Mr. Elkinson told the court he would not back down from the petition.

He said that the shipping giant had had more then enough time to make good on the debt it owed: "This petition was presented on June 26, and there was representation that the money would be paid."

He continued: "The behaviour of the company in the face of this petition, at seconds to the twelfth hour, is quite extraordinary....such behaviour from a supposedly reputable company listed on three (stock) exchanges."

Mr. Elkinson added: "This is a very dangerous game you are playing..." and pushed for the court to move forward with the wind up action. But Chief Justice Ward said he thought it should be determined whether or not the money had actually been wired: "I think one should check," he said and adjourned the matter to Wednesday morning at 11 a.m. Mr. Elkinson said: "In 25 years, My Lord, I have never seen such behaviour. Please set the date sooner rather than later."

A publicly-traded company, Frontline, is listed on the New York Stock Exchange, the London Stock Exchange and on the Oslo Stock Exchange. Its annual report for 2002, filed earlier this month with the US Securities and Exchange Commission (SEC), does not mention the wind-up petition from the Blad Foundation and the court order that it pay close to $8 million. The annual report does however state that the company may be either a plaintiff or defendant to several lawsuits although it said management believed the resolution of such claims would have a material adverse effect on the company's financial condition.