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Rossco1874
GET A LIFE!!! |
    
Found this while browsing the sport on the web bit of a shock.
NEW YORK (Reuters) - Troubled boxing champ Mike Tyson, once estimated to be worth at least $300 million, has filed for bankruptcy in an attempt to bring some order to his finances, his lawyer said on Sunday.
Tyson, currently facing assault and disorderly conduct charges stemming from a scuffle in a Brooklyn hotel in June, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Manhattan on Friday, according to his attorney Debra Grassgreen.
The one-time heavyweight boxing champion -- who served three years in prison in the mid-1990s on a rape conviction and was suspended from professional boxing for biting the ear of heavyweight boxer Riddick Bowe during a 1997 bout -- opted for bankruptcy after years of financial mismanagement and free spending habits that burned through hundreds of millions of dollars in earnings.
According to media reports, Tyson amassed and spent between $300 million and $500 million.
"As a professional fighter, who relied on others to manage his affairs, he discovered that his debts far exceeded his assets," Sunday's New York Post quoted Grassgreen as saying. "Now, he has taken the lead in bringing order to his financial affairs."
Tyson, nicknamed "Iron Mike," also blames ring promoter Don King for his financial ills, the Post said.
Tyson has a $100-million lawsuit pending against King that goes to trial in September, claiming King cheated him out of millions after he got out of prison in 1995 and went back to fighting for the promoter.
Tyson's financial outlook has been deteriorating for some time and media reports have speculated for over a year that he would have to file for bankruptcy due to mounting legal fees and lavish spending on a series of homes and cars as well as clothing, jewelry and even pets such as pigeons, cats and tigers.
In 2002 he claimed lack of funds prevented him from paying estranged wife Monica Turner Tyson $10 million in a divorce settlement.
During the divorce proceedings it was reported that Tyson had spent $9 million on legal fees alone from 1995 to 1997, as well as $230,000 on pagers and cell phones, $410,000 on a birthday party, $8,100 for the care of his pet tigers and $65,000 for limousine services alone.
Tyson has also alleged that his ex-wife failed to send a promised multi-million dollar payment to the Internal Revenue Service and that Turner squandered millions on a lavish lifestyle.
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I'm on the whisky diet I have already lost 3 days already
Tommy Cooper
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Total Posts: 566 | Joined May 2002 | Posted on: 7:43 pm on Aug. 3, 2003 | IP
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KTA
GET A LIFE!!! |
$230.000 on pagers and cellphones WTF ?.
Nearly half a million on a birthday party?
You,ve got to feel sorry for him eh? NOT!
BTW(reuters)he bit a chunk off Evander Holyfields lug !
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Women are NOTHING like dogs !!!!
The later you are .... the more pleased a dog is to see you !!!!!
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Total Posts: 400 | Joined Dec. 2001 | Posted on: 8:54 pm on Aug. 3, 2003 | IP
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Neutral Observer
GET A LIFE!!! |
Quote: from Rossco1874 on 7:43 pm on Aug. 3, 2003
Found this while browsing the sport on the web bit of a shock.
What's shocking about it? Mike Tyson is, and always has been, so self-destructive this was probably only a matter of when and not if.
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'the players were uneasy at the thought of taking a free kick right in the Cochabamba.'
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Total Posts: 414 | Joined April 2002 | Posted on: 10:54 pm on Aug. 3, 2003 | IP
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Rossco1874
GET A LIFE!!! |
How the hell do you blow $300 - $500million and have its such a large figure to just blow even with a lifestyle as chaotic as Tysons. Thats what i found shocking not the fact he has filed for bankruptcy.
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I'm on the whisky diet I have already lost 3 days already
Tommy Cooper
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Total Posts: 566 | Joined May 2002 | Posted on: 10:58 pm on Aug. 3, 2003 | IP
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Heid Banger
GET A LIFE!!! |
'I'm going to rip out his heart and eat his kids, praise be ALLAH!'
Tyson, in his pre-fight press conference with Lennox Lewis. Quality 
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I stand corrected, said the man in the orthopeadic shoes
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Total Posts: 665 | Joined Feb. 2002 | Posted on: 5:56 pm on Aug. 5, 2003 | IP
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Tartan Army Message Board
Tyson files for Bankruptcy
