|View Poll Results: What's the main reason why Bob Arum won't do business with GBP|
|Because he want's all the money to be in house||28||57.14%|
|because he's a control freak and wants to be in control of everything||4||8.16%|
|Is jealous how successful GBP is and hates it when his fighters lose to their fighters||8||16.33%|
|because he likes to match up his fighters with weak opponents and still get paid||9||18.37%|
|Voters: 49. You may not vote on this poll|
Join Date: Feb 2012
Rep Power: 31
Total Points: 389,482,593,185.77
Cotto got 8 mil for Mayweather, 4 mil for Pac
You'll catch feelings
Join Date: May 2006
Rep Power: 93
Total Points: 1,000,250,825,505,529,088.00
Because illiterate Pac stains and their ilk continue to support him as he f*cks the sport over? If you can keep making money doing something...why stop?
Join Date: Jan 2008
Location: MONTERREY MEXICO
Rep Power: 9
Total Points: 5,600,926,437.04
dont you remember this:
On May 18, 2012 VisionQwest Accountancy Group filed a federal lawsuit against boxing promoter Bob Arum and Top Rank, Inc., as well as Michael Koncz who acts as the Business Advisor of boxer Manny "Pacman" Pacquiao for interfering with a contractual relationship and defamation.* VisionQwest contracted with Mr. Pacquiao to perform various tax and accounting functions, and to review the financial records prepared by Top Rank on each fight from 2005 and all forward fights through a co-promotion agreement between Top Rank and Pacquiao.* VisionQwest was abruptly terminated by Pacquiao based on interference tactics and false allegations made by Michael Koncz, Bob Arum, and Top Rank against VisionQwest.*
The VisionQwest complaint specifically alleges that Bob Arum, Top Rank, Inc., Michael Koncz, and other Defendants: intentionally and negligently caused interference with the contract and with the contractual relationship between VisionQwest and Pacquiao, as well as VisionQwest's prospective economic relations; violated unfair business practices; and defamed VisionQwest.Over the years of 2010 and 2011 VisionQwest spent hours going over contracts and financial documentation prepared by Top Rank.* The firm, after careful consideration and review notified their client that the documents being prepared and presented by Top Rank were unreliable.* The firm presented the findings to Mr. Pacquiao, as well as other tax matters.* Mr. Pacquiao, upset by the findings, entered into a new contract with VisionQwest, to investigate his contracts with Top Rank and evaluate whether he was owed funds.*
Glendale, CA, September 20, 2011: Prior to 2010, Manny Pacquiao ("Manny") and MP Promotions, USA, Inc. ("MP") never had a full time accountant or a bookkeeper, and did not have a full time accounting firm. Michael Koncz is the business advisor of both Manny and MP and he has no accounting degrees or training, yet he is in charge of their finances. For every year, before Manny and MP hired VQ for their accounting needs, they would hire different accountants who simply plugged in numbers supplied by Michael Koncz into the taxation forms and filed them with the IRS, without any backup or reconciliation. Due to this mode of operation on the part of Michael Koncz, Manny and MP had audits issued against them for at least two prior years (2006, 2007).
VQ's management accepted the representation of Manny and MP. Contracts were entered into for the following issues:
1.Personal income and Corporate Tax returns needed to be filed.
2.Tax Audits had been issued as well as tax levies which needed immediate attention.
3.A complete overhaul of Manny and MP's financial records and bookkeeping needed to be implemented because there were no records other than six boxes of receipts, hand written notes, and e-mails which were not kept in any order with no designations.
4.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 which would enable VQ's staff to perform their duties.
The parties entered into two (2) accounting service contracts which detailed the work and fees related to the services to be performed. VQ has licenses and is accredited for any service offered or provided to Manny and MP under the contracts. Manny signed a Power of attorney on behalf of VQ because it was absolutely necessary to enable VQ's staff to obtain the necessary documents as outlined above. All accounting contracts and Power of Attorneys were in accordance to accounting requirements to represent the client(s) and bank needs to gather and respond to documentation. At all times, Manny and MP were well protected via the legal instruments entered into. You have to understand; Manny is never available and was almost non-existent during the time that VQ was representing both him and his company. It would have been impossible for VQ to conduct accounting and tax audit work without the power of attorney nor would the banks have given VQ any of the documents that where needed. Bank statements are needed to reconcile the in and out of funds for accounting (to record income and expenses) and to reconcile to the bout contracts. Again, Manny would not be bothered and Koncz was generally not available and mostly useless. Manny also signed a power of attorney for use with the IRS, which again was absolutely necessary for the audits and required by the IRS. Finally, with regards to the contracts, Manny and MP signed a contingency agreement with VQ which authorized VQ to pursue any monies which were missing or owed to them. VQ would not have been able to perform this specific task without the power of attorneys issued to VQ. The main reason why VQ was hired to look into the missing money was because Manny believed that his fight promoter was not paying him his fair share. During the course of his contractual relationship with Top Rank, Manny had never had anyone review the bout Income Statements generated by Top Rank. The contracts gave Manny the right to review these income statements and he had chosen not to do so prior to hiring VQ. MANNY AND MP HAVE BUSINESS ADVISORS, AND ATTORNEYS WHO REVIEW EVERYTHING THEY SIGN, ESPECIALLY CONTRACTS, THEY ALL ACKNOWLEDGED AND APPROVED THE CONTRACTS AND POWER OF ATTORNEYS THAT WHERE SIGNED BY MANNY.
Manny and Mike Koncz both requested VQ not to charge him upfront for our fees and costs because they claimed that there was a lack of funds. We agreed that VQ would be paid from the funds from any tax refund or fight advances that Manny may receive, any available funds. Please understand, Manny was being audited and levies had been instituted against him and MP. VQ and its staff knew that Manny may not have been entitled to a refund or that it may take a very long time due to ongoing tax audits and significant tax issues; however Manny and MP needed our help so we agreed to be paid once a tax refund was received or from bout advances received.
We started compiling records and building files for Manny and MP. We were able to get the audits under control and to stop the seizure and levies taking place before we took over. However, to be able to completely do our job, we needed for Manny's boxing promoter, Top Rank, Inc. to provide a lot of documents that where in their possession. From the beginning of the review and examination in late 2010 of Top Rank Bout income statements, Top Rank, Inc. and its majority owner Bob Arum provided us with minor documentation, then in 2011 became very hard to work with and would not respond to requests for documentation and answers to questions. From the documents that were furnished, VQ and its staff were able to decipher various accounting issues and we 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. We were also able to indentify 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.
In the last months of our representation of Manny and MP, we continuously requested documents from Top Rank, Inc. and we were denied at every instance. At a certain point, Top Rank, Inc. was no longer responding to our requests. We were able to obtain some documents from the Nevada Athletic Commission to verify inconsistencies in reporting and documentation.
At this point of time, roughly in mid 2011, our relationship with Top Rank, Inc. and Michael Koncz was non-existent. The IRS issued a refund check dated June 24, 2011. VQ's senior staff flew to and met with Manny in the Philippines and delivered to him the tax refund check and they discussed their findings pertaining to Top Rank, Inc. and Michael Koncz. Manny was distraught and after reviewing the documentation, Manny agreed to pursue Top Rank, Inc. as well as Michael Koncz. However, Manny requested that no legal action take place until Manny received his advance for his upcoming fight in November 2011 from Top Rank, Inc. and to take no action until September 1, 2011. VQ's staff requested payment and again presented Manny with billing for their services that had been performed on his behalf and Manny stated that he would deposit the check and then wire the funds.
Since the last meeting with Manny where he received his check, VQ has not received any payment for any of their accounting and tax audit work performed, nor has Manny even paid back money he and Mike Koncz borrowed from VQ to help purchase a home for Mike Koncz in Orange County, California.
its incredible you still defend the old fuks azz, do you still call him uncle bob" ?
Last edited by controlmachete; 11-15-2012 at 01:17 AM.
|arum, business, main, reason, what's, won't|