'Iron Mike' Tyson Files for Bankruptcy

[Cranky]

What can I say........way too many punches in the head......

~~~~~~~~~~~

'Iron Mike' Tyson Files for Bankruptcy
Sun Aug 3,10:32 PM ET Add Top Stories - Reuters to My Yahoo!


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.

Reuters Photo



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 ears of heavyweight boxer Evander Holyfield 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 multimillion dollar payment to the Internal Revenue Service (news - web sites) and that Turner squandered millions on a lavish lifestyle.

[MPLABBE]

how do you blow 300 million?

[Disgruntled70sHab]

The problem stems not only from King, but Mike Tyson's upbringing as well. The guy came from a poor upbringing and had nothing most of his life. He also had no one to steer him in the right direction once the success came along. He had no life focus really. Enter Don King.

He wasn't always this way. If you remember, when Tyson was first coming up, he was a real gentleman in the ring. He never gloated or what have you. And Tyson could have been the absolute standard by which boxers would be judged, but he lost his way.

Tyson went down as soon as he told King to take a hike. Some feel that the rape conviction he did time on was all King's doing; a set up by any other name. Also, losing to Buster Douglas was all but predictable to those in the know. Tyson didn't train as much, or take the fight all that seriously. Again, some saying King was in on that as well.

But, when you blow $300,000 in a weekend; buying luxury cars with cash, etc, you can expect the same outcome as Tyson. His fault? Ultimately we're all responsible for our actions. However, was Tyson a responsible person, or did he have responsible people looking after his best interests? Depends on your point of view.

This was only a matter of time.

Cheers.