By Mark Vester
The lawsuit front has been pretty quiet for promoter Don King, but a recent decision by the Nevada Supreme Court has slapped King with an order to pay a $2.7 million judgment to Panix Promotions Ltd in a contract dispute over former heavyweight champion John Ruiz. The court upheld a decision by District Judge David Wall. King claimed that he only owed $30,000 and Panix claimed it was owed $5.3 million.
According to the Las Vegas Sun, Panix and Ruiz signed an 18-month agreement in 1996 that gave Panix the right to promote three fights. As part of the agreement, Ruiz was not allowed to sign with any other promoter. After fighting twice for Panix, the company signed an agreement with King for the promotion of a third fight. Panix was to receive the 50% of the net profits from the third fight.
When the two sides got into an argument over the financial details of the third fight, King refused to pay the 50% and Panix filed suit.
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