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I'm posting my comment from the other thread
Yep. Looks like Arum took a L on this one
http://espn.go.com/boxing/story/_/id...haymon-lawsuit
He went on a fishing expedition and had to catch and release. Especially when they had to start handing over some of the Pacquiao documents. Of course he wants everything kept under wraps. The last time somebody started looking into Pacquiao's documents it got ugly.
http://goo.gl/Pfu6j4
When they started finding irregularities he was convinced by Arum and Koncz to fire them.
http://goo.gl/cb9o2y
After he fired VisionQuest he hired another company
The lawyers from his case against Haymon/PBC
DANIEL M. PETROCELLI S.B. #97802 dpetrocelli@omm.com DAVID MARROSO (S.B. #211655) dmarroso@omm.com JAMES M. PEARL (S.B. #198481) jpearl@omm.com STEPHEN J. MCINTYRE (S.B. #274481) smcintyre@omm.com O’MELVENY & MYERS LLP 1999 Avenue of the Stars Los Angeles, California 90067-6035 Telephone: (310) 553-6700 Facsimile: (310) 246-6779 Attorneys for Plaintiff TOP RANK, INC.
So Koncz "advised" Pacquiao to fire VisonQwest and hire Arum's lawyers. Talk about a violation of the Ali Act!
Yep. Looks like Arum took a L on this one
When the suit was initially filed, Arum said he wanted to take it to trial so he could find out "where the bodies are buried." What changed is not clear.
"If I was still working for the U.S. Attorney's office, I might have seen this through to the end, but I'm a private citizen," said Arum, who worked in Robert Kennedy's Justice Department before becoming a boxing promoter 50 years ago....."I can say categorically, absolutely, no," Arum said. "[A potential rematch] had no part at all in any negotiations for the settlement or anything like that. It was not an issue and it was never raised."....The sides had been deep into the discovery process and had been exchanging documents when they stopped about two weeks ago. Then came the settlement.
"If I was still working for the U.S. Attorney's office, I might have seen this through to the end, but I'm a private citizen," said Arum, who worked in Robert Kennedy's Justice Department before becoming a boxing promoter 50 years ago....."I can say categorically, absolutely, no," Arum said. "[A potential rematch] had no part at all in any negotiations for the settlement or anything like that. It was not an issue and it was never raised."....The sides had been deep into the discovery process and had been exchanging documents when they stopped about two weeks ago. Then came the settlement.
He went on a fishing expedition and had to catch and release. Especially when they had to start handing over some of the Pacquiao documents. Of course he wants everything kept under wraps. The last time somebody started looking into Pacquiao's documents it got ugly.
Manny Pacquiao and MP Promotions USA Inc had signed an extension contract to retain the firm of VisionQwest Resource Group, Inc. and VisionQwest Accountancy Group out of Los Angeles, California to handle all accounting, personal and business tax, audits and examinations, as well as all contract reviews. Contract reviews will be done during the course of contract negotiations and prior to any signing by Manny Pacquiao and MP Promotions USA Inc. to insure that there is a thorough understanding of all contracted financial aspects and tax issues, and that the agreements protect Manny’s potential earnings. VisionQwest reports directly to Manny. VisionQwest is currently examining all contracts from 2005 and going forward
When they started finding irregularities he was convinced by Arum and Koncz to fire them.
Once VisionQwest got involved, the company quickly realized that Manny Paquiao had no true knowledge of his financial worth, missing a number of key documents, including "bout contracts, bank statements, bout proceed distributions, endorsement contracts, promoter contracts, co-promoter contracts, and property ownership records" to name a few. At that point, the company began their investigation, agreeing not to request any fees upfront due to the fact that Pacquiao and Koncz informed them that there was a lack of funds and they would be unable to pay until they received either tax refunds or advances for future bouts. Moving forward, VisionQwest attempted to gather all the necessary documentation from Top Rank Promotions, however, what they were given was not enough to fully gain a complete understanding of revenue generated from Pacquiao's bouts. In a nutshell, Bob Arum and Top Rank became difficult to work with and "would not respond to requests for documentation and answers to questions".
That being said, from the limited documentation they were able to gather, VisionQwest's staff discovered "various accounting issues" and became concerned with the a number of questions that remained unanswered. Evidently, they became even more concerned when they discovered "ridiculous amounts of money" being paid to Michael Koncz and, according to the press release, discovered that he was working on behalf of Top Rank, as well as Pacquiao. Soon after these discoveries, representatives of Top Rank no longer responded to inquiries from VisionQwest, however, the company was able to gather documentation for the Nevada State Athletic commission that verified the inconsistencies in reporting. Upon presenting these findings, Pacquiao evidently became upset and informed VisionQwest that he would take the issue up with Top Rank and Michael Koncz, however, he did not want to take any legal actions prior to receiving an advance from Top Rank Promotions for his November 12 bout with Juan Manuel Marquez.
That being said, from the limited documentation they were able to gather, VisionQwest's staff discovered "various accounting issues" and became concerned with the a number of questions that remained unanswered. Evidently, they became even more concerned when they discovered "ridiculous amounts of money" being paid to Michael Koncz and, according to the press release, discovered that he was working on behalf of Top Rank, as well as Pacquiao. Soon after these discoveries, representatives of Top Rank no longer responded to inquiries from VisionQwest, however, the company was able to gather documentation for the Nevada State Athletic commission that verified the inconsistencies in reporting. Upon presenting these findings, Pacquiao evidently became upset and informed VisionQwest that he would take the issue up with Top Rank and Michael Koncz, however, he did not want to take any legal actions prior to receiving an advance from Top Rank Promotions for his November 12 bout with Juan Manuel Marquez.
After he fired VisionQuest he hired another company
VisionQwest was replaced in a move that was originally reported last month by ******.com, when Pacquiao hired Los Angeles-based accounting firm Tanner, Mainstain, Blatt and Glynn to review his tax returns regarding refunds due and to audit the records of his promoter, Top Rank Inc., among other things, according to his adviser Michael Koncz.
Koncz and Lodge have both issued statements, below, responding to ******.com’s story regarding the situation, with Koncz saying Pacquiao has retained attorneys Daniel Petrocelli and David Marroso. A senior attorney with the Los Angeles-based O’Melveny and Myers law firm, Petrocelli gained a wrongful death conviction against O.J. Simpson in 1997.
“It’s confirmed that Manny was served last week I believe on Wednesday, and the lawsuit has been turned over to our attorneys at the O’Melveny and Myers law firm, specifically Dan Petrocelli and David Marroso. We will vigorously defend these false allegations contained in the lawsuit, and we have also instructed our attorneys to research counter-claims.
Koncz and Lodge have both issued statements, below, responding to ******.com’s story regarding the situation, with Koncz saying Pacquiao has retained attorneys Daniel Petrocelli and David Marroso. A senior attorney with the Los Angeles-based O’Melveny and Myers law firm, Petrocelli gained a wrongful death conviction against O.J. Simpson in 1997.
“It’s confirmed that Manny was served last week I believe on Wednesday, and the lawsuit has been turned over to our attorneys at the O’Melveny and Myers law firm, specifically Dan Petrocelli and David Marroso. We will vigorously defend these false allegations contained in the lawsuit, and we have also instructed our attorneys to research counter-claims.
DANIEL M. PETROCELLI S.B. #97802 dpetrocelli@omm.com DAVID MARROSO (S.B. #211655) dmarroso@omm.com JAMES M. PEARL (S.B. #198481) jpearl@omm.com STEPHEN J. MCINTYRE (S.B. #274481) smcintyre@omm.com O’MELVENY & MYERS LLP 1999 Avenue of the Stars Los Angeles, California 90067-6035 Telephone: (310) 553-6700 Facsimile: (310) 246-6779 Attorneys for Plaintiff TOP RANK, INC.
So Koncz "advised" Pacquiao to fire VisonQwest and hire Arum's lawyers. Talk about a violation of the Ali Act!
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