Advertisement
Advertisement
Boxingscene.com

Mayweather Seeking $61 Million From Bankrupt Casino

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 [email protected]

User Comments and Feedback (Register For Free 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…

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…

Comment by edgarg on 08-03-2012

[QUOTE=Hitman932;12396914]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,…

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.

Post a Comment - View More User Comments (91)
Top Headlines Wilkins, Karkardi To Appeal BBBofC Bans Over Nick Blackwell Manny Pacquiao: I Would Fight Conor McGregor - Only in Boxing De La Hoya Worried: Chavez Jr. Could Derail Canelo-Golovkin Plan Danny Garcia on Father's Racial Jabs: I've Heard Trump Say Worse! The Return of Zab Judah Ricardo Mayorga Holds Press Conference, Reveals April 1 Return DeGale: Mayweather Came To My Room, I Doubt I'll Work With Him! Cuadras Sides With Julio Cesar Chavez Jr. To Take Down Canelo Canelo-Chavez: Big Promotional Tour on Tap, Big Undercard Plans Photos: David Lemieux, Curtis Stevens - Face To Face in Montreal Chris Eubank Jr: I Can Beat Gennady Golovkin, He's Not The Truth! Photos: Adam Lopez vs. Danny Roman - Official Weigh-in Leo Santa Cruz: I’ll Fight Different Than in First Frampton Bout Froch: I'm Very Confident Callum Smith Beats Anthony Dirrell Juan Jose Velasco Faces Fernando Marin in WBA Regional Clash Oscar Valdez Yearns For Gary Russell Unification Bout Dejan Zlaticanin: I Will Catch Mikey Garcia and Knock Him Out Brooklyn Boxing With a Big 2016, Bigger 2017 is Expected Garcia Feels His Resume Stronger Than Thurman's, Has Proven More Kid Galahad vs. Joseph Agbeko on Eubank-Quinlan PPV Card Dodson Offered Buglioni Title Shot; Would Land On Haye-Bellew Golden Boy Promotions, ESPN Announce Multi-Year TV Deal Callum Smith: If Dirrell is Next in Line For WBC Belt - Let's Do It! Richard Commey, Fredrick Lawson Back in Action on March 11 Michael Conlan on His Relationship With Conor McGregor Trainer: Charlo Should Fight Top 15 Middleweight, Become a Contender Hearn on Brook-Spence: Khan Worth 3 Times More, 3 Times Easier Thurman: Angel Garcia Wants the Limelight; Should Let Son Speak DeGale: Groves Should Drop WBA Shot, Fight Me For The IBF! Liam Smith vs. Liam Williams Showdown in Play For April 8 Callum Smith's Trainer is Not Buying Badou Jack's Weight Issues Haye, Bellew Could Lose Licenses if Further Violence, Says Hearn Dina Thorslund Wants Mikkel Kessler as a Number Boy Lara's Trainer: Canelo is Facing Chavez Jr. at 165, No GGG at 160? Manny Pacquiao is Stumped: I Don't Know Who Jeff Horn is? Gervonta Davis Vows: I Will Be That Next Pay-Per-View Star! Michael Conlan Puts Olympics Behind Him, Has Big Career Goals Marquez Gives Canelo The Clear Edge Over Much Bigger Chavez Jr. Thurman: My Power, Speed Will Rise Above Garcia's 'Swiftness' DeGale-Jack Drew an Average of 454,000 Viewers on Showtime
Advertisement
Latest Active Forum Threads
Advertisement
Advertisement