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 Gary Corcoran Hopes Jeff Horn Title Fight is Finalized Soon Parker vs. Fury - Terry O'Connor Replaced As Referee WBC Prez: Golovkin Went Forward All Night, Dominated Action! Haye vs. Bellew Rematch - Deal Getting Close For December 17 Carl Frampton on Inking Deal With MTK, Targeting Big Names Hughie Fury: Parker Is Obviously Overlooking Me, Eyeing Joshua GGG's Promoter: Judge Who Scored Draw Must Also Take Blame! Joshua: Parker Quite Strong, Could Stop Hughie Fury Late Golovkin Promoter Not Sure if Cotto Would Fight GGG in December Daily Bread Mailbag: Canelo vs. Golovkin Post-Fight Mania Frank Warren Discusses Canelo-Golovkin Outcome, Scoring Euro News: Filip Hrgovic, Tom Schwarz, Denis Radovan, More Warrington vs. Ceylan: Jack Massey Added To The Card George Foreman: I'm Shocked McGregor Hit Mayweather Like That Hopkins: Golovkin on The Decline, He Didn't Get Better! Kevin Lerena To Return in February, First Defense at Home Dmitry Kudryashov Only Focused on The Ring, Not World News Canelo-Golovkin Controversial draw shocks fans and gamblers Arum: This is What They Get For Letting Byrd Do Canelo-Golovkin! Gennady Golovkin's Promoter on The Canelo Rematch Clause Rohan Murdock Aiming For a Knockout Victory on October 14 Photos: Mario Barrios vs. Naim Nelson - Official Weights NSAC Head: No Corruption, Byrd Feels Terrible Over Canelo-GGG Saunders Now Hoping To Have Unification With Golovkin Photo: Jorge Linares in Top Form For Luke Campbell Defense Nonito Donaire vs. Ruben Hernandez Now For WBC Silver Title Barthelemy-Ramirez Ticket Specials For PBC Card on Sept. 26 Tyson Fury Pleads With UKAD To Render Decision on His Career NSAC Director Won't Put Byrd Back in Soon, But Still Will Judge News: Dorticos-Kudryashov, Briedis-Perez Card, Top Rank Update Deontay Wilder vs. Luis Ortiz Finalized For November 4, Showtime Magomed's Legal Team Want More Safety Measures For Fighters Sanchez: Crowd Booed Canelo For Talking So Much Sh*t - He Ran! Photos: Joseph Parker, Hughie Fury - Very Heated Final Presser Parker, Fury Final Press Conference Explodes Over Referee Pick Photos: Avni Yildirim Training For War With Chris Eubank Jr. Joshua Not Worried Over Lack of Star Power in The Division Gennady Golovkin: Byrd's Bad Scorecard is 'Terrible for Boxing' Abel Sanchez: I Expected Canelo to Tire Out & Run Like He Did Hopkins: Canelo Handled 'Grim Reaper,' Rematch Will Be Easier
Advertisement

Latest Active Forum Threads
Advertisement
Advertisement