A bankruptcy court ordered liquidation of the...
A bankruptcy court ordered liquidation of the assets of boxer Leon Spinks after he said all he has left from the $4.5 million he made in the ring is a $500 wardrobe and the $1,600 a month he earns boxing. Potok ordered a court trustee to handle the liquidation of Spinks’ assets.
Spinks, 32, filed in March for protection from creditors under Chapter 7 of the federal bankruptcy code and said he owes about $301,000.
His debts include $85,000 on a loan from Monarch Boxing Inc. of New York City; a $100,000 contingency fund for a lawsuit pending against him by a woman who says she was punched by him at a Detroit bar, and $75,000 in court judgments for money owed on items that included legal services and furs.