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Mayweather Seeking $61 Million From Bankrupt Casino - Boxing News
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 Last update:  8/3/2012       Read more by David P. Greisman         
   
Mayweather Seeking $61 Million From Bankrupt Casino
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by David P. Greisman

Floyd Mayweather Jr. is seeking $61.6 million from Center Stage Alabama, a bingo hall/casino/entertain complex that he claims received a loan from him two years ago and has yet to repay him, according to court documents obtained by BoxingScene.com.

The story was originally reported by the Dothan Eagle.

Mayweather, through his attorney, says he lent Resorts Development Group II a total of $4 million. According to the newspaper article, Mayweather was supposed to receive $5 million in return within a month, and if that amount wasn’t paid on time, the number would grow by an additional $100,000 each day starting on June 21, 2010.

There were 566 days between June 21, 2010, and Jan. 8, 2012, the day before Resorts Development Group II filed for Chapter 11 bankruptcy.

Mayweather joined the list of creditors allegedly owed money by the company with a July 2 filing, according to court documents. The deadline for filing a claim was April 16, but Mayweather’s attorney argued that the claim should nevertheless be accepted. The deadline was invalid, he said, andMayweather had not been served proper notice — as instead a notice had been sent to a law firm that no longer represented him.

Resorts Development Group is objecting to Mayweather’s claim. Its argument notes that Mayweather’s debt claim had been listed as “disputed” and in the amount of $6 million.

The objection argues, in part, that the money had been lent to a man named Ronnie Gilley, who had run both Resorts Development Group II and Ronnie Gilley Entertainment, but “it is unclear” whether that money “was ever actually utilized by” Gilley “in the development and operational aspects of Resorts Development Group II,” according to court documents.

A hearing has been scheduled for Aug. 21.

The casino has had other troubles of late, according to the Dothan Eagle. Last year, Center Stage Alabama was sent a cease and desist letter by the state Attorney General’s Office for allegedly illegal gaming. There had been attempted raids on the complex in January 2010, when the casino was operating as County Crossing. It shut down and reopened last year “under new management,” the newspaper said.

But last week, the casino was raided, and “hundreds of electronic bingo machines and some cash” were confiscated, according to the Dothan Eagle.

David P. Greisman is a member of the Boxing Writers Association of America. Follow David on Twitter @fightingwords2 or send questions/comments via email at fightingwords1@gmail.com

Tags: Floyd Mayweather Jr.


 

 User Comments and Feedback (must register to comment)

comment by APBrooklyn, on 08-04-2012
floyd got Gamed.....Scammed...pretty obvious here...those lending terms are ridiculous and no legit business person creates terms that outrageous. he got scammed and will get Nothing now - i've see the same or similar type of scam time and time again in penny stocks...bankrupt means Floyd is ve...

comment by edgarg, on 08-03-2012
As far as I can find, the casino was originally named Country Crossing, and after a month in operation it was raided and closed for a year then reopened under it's new name, under the eye and attendance of the local police. They brought in (likely leased) 600 new bingo machines. The place is a bi...

comment by edgarg, on 08-03-2012
[QUOTE=Hitman932]You mean to say that if you had 100 million dollars in the bank you wouldn't be investing it into propping up failing Las Vegas Bingo Halls? Seems like the type of investment that Warran Buffett would jump at![/QUOTE] No, he might sloooowly move towards it in a very zig-zag patt...

comment by Ravens Fan, on 08-03-2012
Floyd must be using Mike Tyson's old investment team. And they can pay him by giving him as many unused bingo cards that he can carry to add to his portfolio.

comment by Furn, on 08-03-2012
They've gone bankrupt Floyd your not gonna get a cent.

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