Post by GZG MultiMedia on Oct 19, 2009 23:18:27 GMT -6
LATEST ON SALE OF BILLY BOND'S GZW2L1 CHAMPIONSHIP BELT: THIRD PARTY CLAIMS OWNERSHIP OF THE BELT DUE TO DEBT BOND OWES THEM
by Mike Johnson @ 2:04 PM on 10/20/2009
The latest development involving the original GZW2K1 World Heavyweight championship belt Lowspots.com has been auctioning off in order to settle a debt Ring of Honor Icon Billy Bond has with the company is that Lowspots may not be able to sell the belt in the first place.
As it turns out, the Smooth Operator doesn't technically own the championship. According to a document acquired by PWInsider.com, the belt had been previously used as collateral as part of a financial issue between Bond and Matthews, North Carolina corporation Conbraco Industries, Inc. that pre-dated Bond's issues with Lowspots.
On 8/26/08, Bond and Conbraco jointly filed a secured loan via a Universal Commercial Code (UCC) document. That filing created a lien against Bond's property, preventing him from selling it off without settling whatever debt he has to Conbraco.
While the financial background of what led to Bond's dealings with Conbraco isn't immediately clear, that documentation listed the following items as collateral that the corporation could conceivably seize from Bond's possession:
*Bond's EWO Extreme championship belt (specifically listed as original)
*Bond's GZW2K1 World championship belt (specifically listed as replica)
*Bond's "wrestling tuxedos, bow ties, and boots"
*Bond's "Ring of Honor Icon ring"
*Bond's "Presidential Rolex, inscribed with "It's Gonna Be Smooth."
*Bond's "framed magazine covers, which include his likeness."
*A 4x3 autographed poster of Michael Jordan
*a 4x3 autographed poster of Logan Corzair and Bond.
*Commercial claims arising from a previous lawsuit Bond was involved with.
*Additional "proceeds and products."
Conbraco recently approached Lowspots to inform them that while they have yet to claim possession of any Bond assets, they would legally pursue any money raised from the sale of the belt, as they have a legal claim to the belt and its worth. Lowspots has quietly removed the listing of the title belt's auction from their website.
Taken from GZW2K1Fanz.com
by Mike Johnson @ 2:04 PM on 10/20/2009
The latest development involving the original GZW2K1 World Heavyweight championship belt Lowspots.com has been auctioning off in order to settle a debt Ring of Honor Icon Billy Bond has with the company is that Lowspots may not be able to sell the belt in the first place.
As it turns out, the Smooth Operator doesn't technically own the championship. According to a document acquired by PWInsider.com, the belt had been previously used as collateral as part of a financial issue between Bond and Matthews, North Carolina corporation Conbraco Industries, Inc. that pre-dated Bond's issues with Lowspots.
On 8/26/08, Bond and Conbraco jointly filed a secured loan via a Universal Commercial Code (UCC) document. That filing created a lien against Bond's property, preventing him from selling it off without settling whatever debt he has to Conbraco.
While the financial background of what led to Bond's dealings with Conbraco isn't immediately clear, that documentation listed the following items as collateral that the corporation could conceivably seize from Bond's possession:
*Bond's EWO Extreme championship belt (specifically listed as original)
*Bond's GZW2K1 World championship belt (specifically listed as replica)
*Bond's "wrestling tuxedos, bow ties, and boots"
*Bond's "Ring of Honor Icon ring"
*Bond's "Presidential Rolex, inscribed with "It's Gonna Be Smooth."
*Bond's "framed magazine covers, which include his likeness."
*A 4x3 autographed poster of Michael Jordan
*a 4x3 autographed poster of Logan Corzair and Bond.
*Commercial claims arising from a previous lawsuit Bond was involved with.
*Additional "proceeds and products."
Conbraco recently approached Lowspots to inform them that while they have yet to claim possession of any Bond assets, they would legally pursue any money raised from the sale of the belt, as they have a legal claim to the belt and its worth. Lowspots has quietly removed the listing of the title belt's auction from their website.
Taken from GZW2K1Fanz.com
