Mike Tyson files for bankruptcy The former heavyweight champion is believed to have gone through nearly $300 million. August 3, 2003: 3:16 PM EDT 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 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 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.
$410,000 on a birthday party? Hmmm...I think he should join CreditNet and we could help him set some financial priorities!
Not that it has anything to do w/ his bankruptcy - but wasn't it Evander Hollifield's ear that Tyson bit???
This here seems very suspect. This article is full of improper english inaccuracies. Like saying he was suspended for biting Riddick Bowes ear. That is wrong it was Evander Holyfield. Also why has this not hit ESPN or anything. Suspect very suspect
Re: Re: Mike Tyson files for bankruptcy Maybe Tyson can't afford PR anymore and wrote it himself.... he he he
Re: Re: Mike Tyson files for bankruptcy see http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=363648#post363648
