King shows Tyson the money: Don agrees to pay $14 mln to settle fraud lawsuit


Published: June 24, 2004

Don King has agreed to pay $14 million to settle a lawsuit brought by Mike Tyson, who sued the oily promoter in 1998 for $100 million, claiming that the fright-haired hustler fleeced him of prize purses. Details of the King-Tyson agreement are contained in a proposed reorganization plan filed today in U.S. Bankruptcy Court, where the wreckage of the 37-year-old heavyweight’s finances has been laid out in excruciating detail since Tyson’s Chapter 11 filing last August. The eight-figure King payment is conditioned upon a bankruptcy judge’s approval of the Tyson reorganization plan or the legal agreement itself. For his part, King, 72, does not admit liability for the allegations in Tyson’s federal complaint, according to a description of the settlement contained in the Tyson reorganization plan, excerpts of which you’ll find in the extended section of this post.

More quotes available in the extended section of this post (click ‘Read More‘ below).