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PACQUIAO TO SETTLE $1 MILLION CASE WITH ELORDE
By Salven L. Lagumbay
PhilBoxing.com
Fri, 24 Feb 2006
Rather than face the prospect of paying up to $1 Million (roughly 52 Million pesos) to his former manager and business manager, superstar Manny Pacquiao has softened up on his stance and has indicated that he is willing to cough up an agreed amount than "be hostaged" by what looks like a major hump to his September rematch with Mexican icon Erik Morales.
Earlier, Pacquiao's former manager Martin Elorde and former business manager Sydney Jay Hall had lodged a case against Murad Muhammad, Rod Nazario, Roberto Nazario and Philippine Boxing LLC at the Superior Court of the State of California, County of San Mateo, alleging that the defendants had violated the Muhammad Ali Boxing Reform Act by not observing proper tranparency in the business dealings involving Pacquiao's fights in the United States.
Later, however, the case was amended to include Pacquiao as a nominal defendant to the case.
Rex "Wakee" Salud, an associate of the boxing superstar, had told this writer that Elorde's claim was anchored on the fact that when Pacquiao signed the contract for his first bout with Erik Morales, Elorde was still the legal manager of Pacquiao at that time and Hall was still the business agent, although their contracts had already lapsed by the time they fought in Las Vegas.
"Originally, they wanted One Million Dollars as the amount that Manny should pay, although Shelly Finkel was able to bring down the amount to $425,000. But still, that's a big amount in Philippine money," Salud stressed.
"Manny is really hurt by this latest development. He knows from his heart that it is not him who had done injustice to Marty and Sydney. But then, he can't do anything but to save his career. His upcoming rubbermatch with Morales will surely be put on hold if he doesn't pay up," Salud added.
Pacquiao was in St. Bernard, Southern Leyte yesterday to distribute financial assistance to the victims to the recent landslide that hit the area.
Click here to view a list of other articles written by Salven L. Lagumbay.
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