Mike Tyson, despite having earned aprox $300 Million, files for bankruptcy

[Wonk]

NEW YORK -- Mike Tyson has filed for Chapter 11 protection in U.S. Bankruptcy Court, claiming his finances are in disarray.

The former heavyweight champion has squandered nearly $300 million in ring earnings through lavish spending and bad advice. Tyson's handlers said in a news release on Friday that Tyson has taken control of himself and wants to resolve his financial problems.

They blamed his out-of-control spending habits and subsequent mounting debt on mismanagement by others.

"As a professional fighter, who relied on others to manage his affairs, he discovered that his debts far exceeded his assets," Tyson's attorney Debra Grassgreen said. "Now, he has taken the lead in bringing order to his financial affairs."

more...

[aquart]

1. Okay. Who's surprised?

[leftyandproud]

2. ...

is it un-PC to call him an idiot?
really...how can you spend $300 MILLION dollars??

[Rocinante]

3. Beats me

Save and scrimp and all that and then see a damn idiot blow 300 million? Kind of reminds me of Bill Bennett for some reason.

[Maccagirl]

4. Color me shocked!!!

:evilgrin:

[BiggJawn]

5. The face tattoo is a nice touch, too....

Did he get that in Prison?

I've said it before, if it hadn't been for Don King (who screwed him, but so what? Don screwed EVERY fighter he's handled)"Iron Mike" would have bled to death in the gutter years ago.

Sociopathic animal....

[matcom]

6. isn't this asshole's 15 minutes up??

i am so sick of this bastard making news with his rapes, fights, tattoos, etc...

send him to the Fletcher Memorial Home or something already!

[Robb]

7. Two words (and some onomatopoeias)

Dum dum dum dum,

Dum dum, dum dum --

Hammer Time!

:silly:

[amazona]

8. knew it was coming...

...it seemed inevitable, with his inability to control himself and his tendency to get himself embroiled in lawsuits ($$$). It is a shame to see this once-promising young fighter turn out like this. So much talent wasted in prison and pointless disputes. And now he's really too old and today's fighters are much bigger...I saw him against Lennox Lewis...Tyson has a fighting spirit but he is just not a big enough man physically. I believe future champions will always be much bigger than Tyson.

I honestly think there is something wrong with his brain. No impulse control. He should have been on top of the world and set for life after his early start.

Yes, his 15 minutes are over. He'll never be the champion again. I suppose he'll end up in prison again after he is forgotten by time. A damn shame. I hope he can turn it around and find something useful to do with himself, but I have lost faith in Tyson and don't believe he will. I believe he will resort to making outrageous statements and actions in a pitiful attempt to generate interest in his fights. But, in the end, a fight is only interesting if he is a worthy opponent, and he is older and just not big enough for today's champions.

Maybe he can get a job on Worldwide Wrestling.

Sad. Truly sad.

[Wonk]

9. Yep.

http://www.southcoasttoday.com/daily/10-98/10-14-98/d01sp101.htm

(snip)

"While we take note of the impulsivity, emotional problems and cognitive problems outlined above, it is our opinion that none of these, alone or in combination, render Mr. Tyson mentally unfit in this regard," the report said.

The evaluation, a requirement for Tyson in his attempt to regain his boxing license, contains highly personal details about the former heavyweight champion's life, from his sleeping habits to feelings of betrayal by his handlers.

Tyson told the six doctors from Massachusetts General Hospital in Boston he was not suicidal but has had feelings of sadness, hopelessness and helplessness "all my life."

The report recommends psychotherapy for Tyson and says he has a "constellation of neurobehavioral deficits" that include problems with attention span, memory, reading, spelling and impulse control.

[thermodynamic]

10. Even I can't spend that much!

I'm in debt myself more than I should be, but he's got no excuse with the amount of money he makes by biting off other peoples' ears and so on...

[JackDragna]

11. You'd be surprised.

Pro athletes find many ways to blow money that the rest of us would consider incalculable wealth. If you buy a big house, several expensive house and go out on the town every night, treating your friends to drinks, dinner, cocaine and hookers, you can go from a millionaire to a pauper in no time flat.

[leftist_rebel1569]

12. ugh...

Is he finally gonna go away and leave our lives in peace?