Mike Tyson files for bankruptcy

  1. Have you guys heard about this? Mike Tyson filed for Chapter 11 bankruptcy protection in New York last Friday. He's earned somewhere around $300 million over the years, but now he's broke. Here are some quotes from Yahoo:

    The 37-year-old former heavyweight champion, who once commanded 30 million dollars for pay-per-view boxing spectacles, had his debts detailed in court papers by The New York Times, which found he spent 400,000 dollars a month.

    "I have been in financial distress since 1998," Tyson said in an affidavit. "Since that time, although my fight income, various asset sales and litigation recoveries have enabled me to pay a lot of my debt, I am still unable to pay my bills."

    From 1995 to 1997, according to divorce case documents, Tyson spent nine million dollars on legal fees, 410,000 dollars on a birthday bash and 230,000 dollars for cellular telephones and pagers.

    Just 14 months ago, Tyson owed 8,100 dollars to care for his 100,000-dollar tiger.

    Among Tyson's debts are almost 52,000 dollars in child support to a woman who gave birth to his daughter in 1991, 800,000 dollars to former trainer Stacey McKinney and 500,000 dollars to financial manager Barry Hankerson.

    Tyson owes the US Internal Revenue Service 13.4 million dollars and another 4.0 million dollars to British tax officials. Several legal firms are owed more than 600,000 dollars by Tyson and his firm, Mike Tyson Enterprises.

    Tyson owes $308,749.60 to CLS Transportation, a limousine company that charges about $100 an hour for the eight-person stretch limos that Tyson favors.

    Included in the "astounding'' category is Tyson's purchase last year of a 40-inch white gold necklace with 80 carats worth of diamonds from a Las Vegas jewelry emporium. The tab: $173,706.05.
  2. 10 Comments

  3. by   itsme
    Well that man is, well for lack of a better word, he is icky!! Just seems so typical of the overpaid sports folks. That much money for a boxing match, or baseball game or whatever, is just crazy. What do they actually DO to earn the money? I just dont get it.
  4. by   VivaLasViejas
    Mike Tyson is nothing but a waste of oxygen. He deserves every single rotten thing that happens to him. 'Nuff said.
  5. by   MishlB
    I like Mike, and believe he has been taken advantage of by too many people...Don King is one. He does his job, which is to fight, and is hounded by the media for every step he takes. The fact that athletes earn so much is not their fault, but the fault of those who demand to see them....the public. We pay big bucks to see sports events.
  6. by   Marie_LPN, RN
    I need to go and find my big surprise face for this sort of news
  7. by   live4today
    If I were Judge, I would turn him down. Anyone who makes that kind of money should never have to file bankruptcy. Immaturity led him into debt, and hardwork to pay the debt off should serve as a growing lesson for him. This goes for any celebrity who lives so high on the hog they can't keep up with how fast they are spending. Senseless indeed!
  8. by   Marie_LPN, RN
    Anyone who gets tattoos on their face like the one he has, and gnaws on ppl's ears are prime examples of who cannot manage their money.
  9. by   debralynn
    I agree with Mish. I believe Tyson is not the sharpest tool in the shed, and he has had nothing but vultures around him! I believe his so called friends for the most part do nothing but sponge off him. No, I do not believe he is a model citizen, but I would be willing to bet, when he was in public schools, he was in resource rooms. I believe he was a better person when the old white man who raised him was alive. Ever since then, he has gone down hill. I believe sometimes you can only be as good as the people you surround yourself with. Especially in his case.
  10. by   itsme
    " I believe sometimes you can only be as good as the pople you surround yourself with" I have to disagree- YOu can pick who you surround yourself with, the only thing you cant pick is your family. 300 million dollars is ALOT of money, even for someone who isnt the sharpest tool in the shed!! I dont think I could spend that if I tried. Personally, I think he musta got knocked in the head one too many times!! JMO
  11. by   SmilingBluEyes
    And this is news why?

    We all get to absorb yet another irresponsible consumer's debts. HOW WONDERFUL. Am I surprised? Not by a long shot. Disgusted? Yep you bet. His excesses are OUR debts now. What a country.
  12. by   funnygirl_rn
    Originally posted by LPN2Be2004
    I need to go and find my big surprise face for this sort of news

    Me too!!:chuckle :chuckle