Wazzer: US Judge rules he "mislead and injured" Tyson

[Autobarn]

When someone reports it, no doubt it is followed by the most important detail of all: "Warren is bitterly disputing this ruling" etc.

[don't call it a comeback]

Yeah, if they have to balls to report it at all. Remember how BBC reported the Calzaghe ruling? Shameful.

What's happening with that? I've been away from the sites for a while and not read the trade press and coverage in the nationals has been non-existent as far as I can see.

Does anyone know of any comments from the protagonists (I'm not asking for any speculation that might be libellous, other non-libellous comment is fine) how much Calzaghe will get after the adminstrators and the banks and the taxman take their cut? Is he likely to be out of pocket for most of it? I guess the money definitely went into SN, FW admitted that. In which case, where has it gone?

If this was football or cricket or rugby the national press would be all over this...

I sympathise, I'm still owed 500 quid by Lirva33 who then went into adminstration and continued to trade under other names.

[fluxstuff]

The SN/FWP/Calzaghe story is complicated and will not likely reach resolution soon. Calzaghe contends that FWP was having assets transferred from SN as soon as it looked like the ruling may not go their way. This is fraud of a sort if true, but as SN is technically decommissioned, then is FWP liable? Well, no - so Calzaghe has sued FW personally (or is trying), claiming that as he effectively IS the promotional company, that he was both aware and complicit in any wrong doing.

None of this has been proven but isn't unusual in these circumstances. That all said, the finding in the case with Tyson will be problematic as it may convince a judge that FW has been dishonest in prior dealings and look harshly upon him.

[Rocky Balboa]

Came across this just now, not sure if this is old news to you guys, but here it is anyway!

Posted Aug. 20, 2009
By Michael Rosenthal

Mike Tyson has won a $1.2 million-plus-interest judgment in U.S. Bankruptcy Court against multiple entities, including British promoter allegedly, for money he was owed after he fought Danny Williams in 2004.

A portion of any recovery will go to the IRS to pay off Tyson’s tax debt. Tyson will receive the remainder.

Tyson was to be paid $7.2 million for the July 30, 2004 fight in Louisville, Ky. However, before the fight took place, Straight-Out Promotions – co-promoter of the fight – indicated it didn’t have enough money to pay the full amount.

To save the fight, the obligation to pay Tyson was assigned to a Gibraltar corporation called Brearly and tied to international television revenues. However, when it came time to pay up, Brearly claimed it had no obligation to make good on the debt. Warren claimed to have no connection with Brearly.

Thus, a lawsuit was filed in New York and U.S. Bankruptcy Judge Allan J. Gropper ruled in Tyson’s favor.

Gropper wrote in his ruling that Brearly was not what Warren and his promotional vehicle Sports Network purported it to be. The judge called it, “a corporate shell, with no employees, capital or business, used as a ‘façade concealing true facts.’”

Gropper wrote: “Based on the credible testimony at trial, the Court has no doubt that the UK Defendants used Brearly in the transaction to mislead and injure. In words appropriate in the boxing world, it was a perfect set-up. … Based on the evidence of record, the Court concludes that the UK Defendants used Brearly as part of a scheme or ruse to accomplish Warren’s goals: have Williams fight Tyson and possibly go on to secure a championship fight for Sports Network, while avoiding any liability to Tyson and Straight Out. Under English law, Brearly’s corporate veil must be lifted, with the result that the UK Defendants are liable for the contractual obligations that they undertook in Brearly’s name in connection with the Fight.”

Tyson was not awarded the full $1.4 million because the defendants were able to demonstrate that they accrued expenses.

Alan Kornfeld, one of the attorneys representing Tyson’s bankruptcy estate, was pleased with the decision.

“We’re very satisfied with the court’s decision,” Kornfeld said. “We wanted to hold allegedly liable and the judge held for us on that issue. Mike wasn’t paid what he was owed so steps were taken to get him what he should have been paid. We’re gratified.”

Attorneys for the defendants could not be reached.

Williams scored a fourth-round knockout over Tyson, who then was stopped in six by Kevin McBride the following year in his last fight.

[don't call it a comeback]

The SN/FWP/Calzaghe story is complicated and will not likely reach resolution soon. Calzaghe contends that FWP was having assets transferred from SN as soon as it looked like the ruling may not go their way. This is fraud of a sort if true, but as SN is technically decommissioned, then is FWP liable? Well, no - so Calzaghe has sued FW personally (or is trying), claiming that as he effectively IS the promotional company, that he was both aware and complicit in any wrong doing.

None of this has been proven but isn't unusual in these circumstances. That all said, the finding in the case with Tyson will be problematic as it may convince a judge that FW has been dishonest in prior dealings and look harshly upon him.

Thanks - from what you are saying it sounds like there was little or nothing left in Sports Network to pay the rightful debt to Calzaghe.

Shocking.

[Bard of Boxrec]

I sympathise, I'm still owed 500 quid by Lirva33 who then went into adminstration and continued to trade under other names.

post of the year right there. LOL

[Asterix]

I sympathise, I'm still owed 500 quid by Lirva33 who then went into adminstration and continued to trade under other names.

post of the year right there. LOL

[Autobarn]

TTT, as you wont find this story anywhere else...

Hence, "These damaging forums".

[banjo]

Hmm who is the lesser of these two evils?

[DG.]

I sympathise, I'm still owed 500 quid by Lirva33 who then went into adminstration and continued to trade under other names.

post of the year right there. LOL