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Boxer Floyd Mayweather files $61 million claim in local bankruptcy case

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Center Stage raid will affect bankruptcy case

By: Lance Griffin | Dothan Eagle
July 31, 2012


Professional boxer Floyd Mayweather, Jr. has filed a claim of more than $61 million in the bankruptcy case of the company associated with Country Crossing and Center Stage.

Mayweather’s claim was filed July 2 in U.S. Bankruptcy Court in the Middle District of Alabama. The debtor is Resorts Development Group II LLC, which owns the bingo pavilion, bed and breakfast and amphitheater on the Center Stage Alabama property.

Mayweather’s claim has not been accepted since it was filed more than two months after the deadline to submit a claim. A motion to accept the late claim has been filed by attorneys for Mayweather.

Mayweather’s claim includes a promissory note executed May 14, 2010, reflecting a $4 million loan from Mayweather to Resorts Development Group II and Ronnie Gilley Properties. Gilley signed on behalf of both companies. The note promises Mayweather would be paid his initial investment along with $1 million in interest on or before June 21, 2010.

The note also includes a default clause which states that interest in the amount of $100,000 per day begins accruing the day after the payment is due if payment is not made, which accounts for the $61 million claim.

The following was also assigned as collateral in the promissory note:

» The collateral assignment of the company’s purchase agreement for the BamaJam Music Festival Fairgrounds

» Pledge of all revenues from the BamaJam Music and Arts Festival held annually

» Collateral assignment of a $23 million bond anticipation note for Resorts Development Group II, LLC

» Agreement to authorize Mayweather to file UCC-1 financing statements in reference to the above collateral

The agreement also conveys a “first priority lien” to Mayweather for all of the collateral assigned.

Mayweather is considered by many analysts the best pound-for-pound fighter in professional boxing. He is currently serving a 90-day jail term in Nevada for domestic violence.

A bankruptcy judge is expected to rule on Mayweather’s motion to allow his claim Aug. 7. Mayweather is one of numerous creditors to file a claim in connection with the Resorts Development II bankruptcy filing. Resorts Development Group filed for Chapter 11 bankruptcy protection in January.

A call and e-mail to Mayweather’s Alabama attorney were not returned.

$61 Mil ?

their only hope is that he's filing late.


can you say , "bitch betta have my money?"

 bomani-d, on 31 July 2012 - 09:20 PM, said:

Most people.would take the time right now to bash floyd, but the way I see it. Floyds broke ass is gonna be getting in the ring real soon. This article is good news

 Hemorrhoid Katrina, on 01 August 2012 - 07:19 AM, said:

Damn. Talk about a CONTRADICTION.

I thought Floyd was loaded. Tyson was too at one time.

 Hemorrhoid Katrina, on 01 August 2012 - 07:19 AM, said:

did you READ the article?
Floyd is SUING for 61million based on the promissory note. Losses, and a subjugation of other debts with him as primary lienholder.
If he receives nothing from this, he gets to file it against his taxes as a 65million dollar loss. It's quite the set-up

 Hemorrhoid Katrina, on 01 August 2012 - 07:19 AM, said:

Don't let this article fool you, Floyd may not always pay his debts but he's far from broke. I believe he will be broke in the future but right now he still has millions.

People, read the article.

I guess Im reading a totally different article than the one posted lol

wow...he is OWED 61 mill from someone else...HE WANTS HIS MONEY$$$  explained in the simplest terms!!

Reading isn't so fundamental after all.

Glax I know it's boxing "news" and all but these threads only encourage shitty discussions.  Just sayin.

lmao at some of the responses