http://www.fighthype.com/pages/content10813.html
VisionQwest has exposed Pacquiao's financial nightmare...
Key points:
VisionQwest has exposed Pacquiao's financial nightmare...
Key points:
- Manny believed that his fight promoter was not paying him his fair share
- Manny has not paid back money he and Mike Koncz borrowed from VQ to help purchase a home for Mike Koncz in Orange County, California
- Manny and Mike Koncz both requested VQ not to charge him upfront for fees and costs because they claimed that there was a lack of funds
- Tax Audits had been issued as well as tax levies
- VQ identified ridiculous amounts of money being paid to Michael Koncz and the fact that Michael Koncz not only worked for Manny and MP but Top Rank, Inc. as well.
- Manny was distraught and after reviewing the documentation, Manny agreed to pursue Top Rank, Inc. as well as Michael Koncz
- From the documents that were furnished, VQ and its staff were able to decipher various accounting issues and were very concerned that there were considerable un-answered questions regarding the recording of revenue (through a verification processes with outside companies) and their expenses
- Manny and MP did not have any important documents in their possession like bout contracts, bank statements, bout proceed distributions, endorsement contracts, promoter contracts, co-promoter contracts, property ownership records and many other important documents
- Manny requested that no legal action take place until Manny received his advance for his upcoming fight in November 2011 from Top Rank
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