Judge orders Fanmio to pay Jorge Masvidal fight purse for Nate Diaz match

[Only Here for Attachments]

Do they typically garnish wages and/or assets for civil judgments? Just curious.

 

[jeff7b9]

Do they typically garnish wages and/or assets for civil judgments? Just curious.

They can TRY but there is a.whole industry of legal magic tricks that can be used to hide money.

Spoiler

Which are not necessarily nefarious, they can be used for good or evil.

Good: prevent the government from fucking you over and digging their greedy hands in your families pockets when an elderly person with assets passes away.

Evil: Hide money to avoid paying legitìmately owed debts; wages, etc

Estates, trusts, s-corp, LLC, non-profits, etc.


My buddy does estate law and he can make millionaires qualify for medicaid and protect all of their assets in the process.

Example:.

"That guy" doesn't have any money...

The trust he is the chairman of has millions of dollars
And he has a corporate spending account.
And the trust is legally set up to be transferred to next of kin



All of that type of stuff is fully legal if done correctly.
There are certain rules in place, mostly time related restrictions that require things being done months or years in advance

Point being it can be very very difficult to hold someone accountable if they Play their cards right

And the type of dude to be a scumbag fight promoter who rips off headliners for millions is the same type of sheisty bastard to hide behind LLCs and fake businesses to shield their own money.

As someone above pointed out, Masvidal likely "won" a piece of paper worth approximately the same as an IOU.

 

[Only Here for Attachments]

They can TRY but there is a.whole industry of legal magic tricks that can be used to hide money.


Estates, trusts, s-corp, LLC, non-profits, etc.


My buddy does estate law and he can make millionaires qualify for medicaid and protect all of their assets in the process.

Example:.

"That guy" doesn't have any money...

The trust he is the chairman of has millions of dollars
And he has a corporate spending account.
And the trust is legally set up to be transferred to next of kin



All of that type of stuff is fully legal if done correctly.
There are certain rules in place, mostly time related restrictions that require things being done months or years in advance

Point being it can be very very difficult to hold someone accountable if they Play their cards right

And the type of dude to be a scumbag fight promoter who rips off headliners for millions is the same type of sheisty bastard to hide behind LLCs and fake businesses to shield their own money.

As someone above pointed out, Masvidal likely "won" a piece of paper worth approximately the same as an IOU.

That's what I thought. Basically, "Well we seized his Pokémon card collection and 1992 Honda Civic, so here's $600."

Maybe Jorge can use the judgment as collateral for a fat personal loan.

 

[jeff7b9]

That's what I thought. Basically, "Well we seized his Pokémon card collection and 1992 Honda Civic, so here's $600."

Maybe Jorge can use the judgment as collateral for a fat personal loan.

If he even gets that much.


The lawsuit is against a.company.

They will probably just declare bankruptcy and move on under a different name.

I don't know much about Fanmio - hopefully they have assets or funds that can be seized and a big enough amount of capital that it is worth it to them to try to keep it going rather than just file chapter 11 and bounce.

 

[DrTrouble]

What I dont understand is if they had a signed contract and the company didn't pay Jorge and Nate, how would a court judgement force the company to pay them? Especially if it were a fly by night LLC type with 5 different shells.

 

[Doughie99]

​

Fanmio would have gotten away with it too, if it weren’t for those meddling fighters.

After departing the confines of the UFC Octagon following a 10-year tenure with the promotion, Jorge Masvidal turned his attention to boxing. While his retirement from competition—issued after a decision loss to Gilbert Burns at UFC 287—was short-lived, he had some unfinished business with fellow UFC castout Nate Diaz.



The two have previous met atop UFC 244 for the inaugural symbolic “BMF” title, with Masvidal busting up Diaz over the course of 15 minutes to elicit a doctor stoppage intervention. The company Fanmio gave them the opportunity to run back their match, albeit in a boxing ring and not an MMA cage. The two toed the line on July 6, 2024, and Diaz secured the majority decision nod. According to both men, Fanmio never paid them their proper fight purses.

ESPN announced news of the progress of both arbitration cases the fighters had against Fanmio on Thursday. Florida judge Beatrice Butchko Sanchez awarded Masvidal a default judgment for over $5 million in his suit against Fanmio. The total dollar amount reached $5,316,268.24 specifically, plus any interest that will accrue following this judgment.

I am Altering the Deal…Pray I Don’t Alter It Any Further​

READ HERE

Judge Orders Fanmio to Pay Jorge Masvidal Fight Purse for Nate Diaz Match

Fanmio would have gotten away with it too, if it weren’t for those meddling fighters.

www.sherdog.com

Spoiler

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I have an importabt question ......

Why would someone give their daughter Beatrice the middle name "Butchko"???

There must be a story there.

Ps. Glad Masvidal will, allegedly, be receiving his 5.3m.

 

[WoozyFailGuy]

That's what I thought. Basically, "Well we seized his Pokémon card collection and 1992 Honda Civic, so here's $600."

Maybe Jorge can use the judgment as collateral for a fat personal loan.

Only if the people giving the loan believe the guy will payout, which he will not, hence they will not.
Jorge and Nate probably boxed for the drinks they had backstage, they won't see a dime as @jeff7b9 detailed.

 

[honzo]

Imagine owing Masvidal and Diaz millions of dollars.
I wouldn't be leaving the house.

 

[Söze Aldo]

Imagine owing Masvidal and Diaz millions of dollars.
I wouldn't be leaving the house.

They actually seem like the two easiest marks to outsmart and evade.

 

[TaxCutz]

Aside from this being internet bullshit, I applaud anyone who's made the most of whatever education they have.

I brought up DeVry on this "CEO" CV because as you may know, DeVry has a terrible reputation. The FTC sued DeVry over their blatantly false employment claims for previous graduates, and they settled for $100 million. There were also other terms to curtail their bad practices, you can look this up if interested.

DeVry also paid out tens of millions in other lawsuits, including a class action by alumni.

If you are the type of poser the Fanmio guy who ripped off Jorge and Nate is (who brokered a deal that made no sense on its face) it does make it hilarious he's highlighting that he's from the school famous for scamming.

Devry would pass and graduate people that were not ever going to be an asset to anyone's business. The students put in minimal effort and were able to pass.

Myself and several others put everything into our studies(engineering and cybersecurity) to be the best we could be and had careers lined up upon graduation. After 5 years I started my own company and do business internationally.

 

[rjmbrd]

Devry would pass and graduate people that were not ever going to be an asset to anyone's business. The students put in minimal effort and were able to pass.

Myself and several others put everything into our studies(engineering and cybersecurity) to be the best we could be and had careers lined up upon graduation. After 5 years I started my own company and do business internationally.

That is a great anecdote, good for you.

DeVry is one of the lowest value private colleges in the country and formally sanctioned for lying about their student outcomes.

 

[rjmbrd]

the type of dude to be a scumbag fight promoter who rips off headliners for millions is the same type of sheisty bastard to hide behind LLCs and fake businesses to shield their own money.

Absolutely no one would produce an event without incorporating, and it may not even be legal or possible. Companies exist to do business.

No doubt the Fanmio promoter is a moron because he structured a deal that was financially impossible on its face. However having an LLC is just the standard for everyone, everywhere doing virtually any business like this.

Jorge and Nate each got a million upfront. They should have had terms that required escrow or a bond for the remainder. Thinking some made up company was going to give them $11,000,000 more dollars for the two of them to box was hilarious.

 

[MMA History]

It’s unfortunate that they will never collect on this

 

[TaxCutz]

That is a great anecdote, good for you.

DeVry is one of the lowest value private colleges in the country and formally sanctioned for lying about their student outcomes.

And I understand that. A lot of colleges nowadays are simply diploma mills.