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Tyson files Chapter 11
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witchdoktor
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I don't think people are realy surprised by this one:
NEW YORK (Aug. 3) - Mike Tyson has filed for Chapter 11 protection in U.S. Bankruptcy Court, claiming his finances are in disarray.
The former heavyweight champion has squandered nearly $300 million in ring earnings through lavish spending and bad advice. Tyson's handlers said in a news release on Friday that Tyson has taken control of himself and wants to resolve his financial problems.
They blamed his out-of-control spending habits and subsequent mounting debt on mismanagement by others.
``As a professional fighter, who relied on others to manage his affairs, he discovered that his debts far exceeded his assets,'' Tyson's attorney Debra Grassgreen said. ``Now, he has taken the lead in bringing order to his financial affairs.''
The fighter frittered away millions on mansions, Bentleys, jewelry, and even Bengal tigers while buying extravagant gifts for his entourage. Don King also took a huge chunk.
Tyson has a $100 million lawsuit pending against King that goes to trial in September. The suit claims King cheated Tyson out of millions after he got out of prison in 1995 and went back to fighting for the promoter.
Earlier this year, as part of a divorce settlement, Tyson agreed to pay his ex-wife, Monica, $6.5 million from future earnings.
Besides his financial problems, Tyson is also facing possible jail time again.
He pleaded innocent last month to misdemeanor assault, harassment and disorderly conduct charges for pummeling two men during a brawl at a Brooklyn hotel on June 21. Tyson's lawyers claimed his actions were justified because the two men allegedly menaced the boxer first by telling him they were armed. Prosecutors say the assault went too far.
Tyson, who served three years in prison for rape in the 1990s, faces up to a year if convicted of the latest charges.
08/03/03 00:02 EDT
Copyright 2003 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.
NEW YORK (Aug. 3) - Mike Tyson has filed for Chapter 11 protection in U.S. Bankruptcy Court, claiming his finances are in disarray.
The former heavyweight champion has squandered nearly $300 million in ring earnings through lavish spending and bad advice. Tyson's handlers said in a news release on Friday that Tyson has taken control of himself and wants to resolve his financial problems.
They blamed his out-of-control spending habits and subsequent mounting debt on mismanagement by others.
``As a professional fighter, who relied on others to manage his affairs, he discovered that his debts far exceeded his assets,'' Tyson's attorney Debra Grassgreen said. ``Now, he has taken the lead in bringing order to his financial affairs.''
The fighter frittered away millions on mansions, Bentleys, jewelry, and even Bengal tigers while buying extravagant gifts for his entourage. Don King also took a huge chunk.
Tyson has a $100 million lawsuit pending against King that goes to trial in September. The suit claims King cheated Tyson out of millions after he got out of prison in 1995 and went back to fighting for the promoter.
Earlier this year, as part of a divorce settlement, Tyson agreed to pay his ex-wife, Monica, $6.5 million from future earnings.
Besides his financial problems, Tyson is also facing possible jail time again.
He pleaded innocent last month to misdemeanor assault, harassment and disorderly conduct charges for pummeling two men during a brawl at a Brooklyn hotel on June 21. Tyson's lawyers claimed his actions were justified because the two men allegedly menaced the boxer first by telling him they were armed. Prosecutors say the assault went too far.
Tyson, who served three years in prison for rape in the 1990s, faces up to a year if convicted of the latest charges.
08/03/03 00:02 EDT
Copyright 2003 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.
witchdoktor
New member
Boss101 said:
your right, it's not his fault, poor Mikey
Boss101 said:
i see what your saying, BUT. its his own stupid fault! is he a great boxer?hell no! is he a good street fighter in the ring? the best!!! he has no class and his a mad man.... he needs a lot of help. he had a fucked up child hood but he cant sit back and feel sorry for himself about that! shit i know a lot of people that had it like himn and turned out to be 100% right! not a head case!!!
i mean do i like to watch him fight? hell ya, it dont get no better than him in the ring. i just wish he didnt act like a asshole and bite people ext.... he could still be a great fighter..
-matt
riddick bowe was a bad ass heavy weight and he is broke and now in the marines.......well these ppl are so poor before they get rich and they arent educated ppl and just spend it.......tyson didnt even have cable TV till he got rich....some ppl are just so poor and then they go nuts and buy everything
bigschweeler
New member
It's been downhill since he got knocked out by Douglass. He has been falling ever since. This is just the inevitable conclusion to his financial woes.
bigschweeler
New member
witchdoktor said:
Yep, that's the sad part. I see some bad end in his future.
witchdoktor
New member
bigschweeler said:
BINGO!
And I wish I were wrong but he still probably has a few more sad chapters to go through before a depressing end
louden_swain
New member
That amazes me that 300 million can go up in smoke!
The Whole F/N Show
New member
Richard Pryor blew away 30 Million in Brewster's Millions in one month so I am sure Mike could blow $300 million over his career. Mike Tyson doesn't strike me as a who is man good with his money.
