By CHAKA FERGUSON, Associated Press Writer

NEW YORK - Mike Tyson has filed for Chapter 11 protection in U.S. Bankruptcy Court, claiming his finances are in disarray.



The former heavyweight champion has squandered nearly $300 million in ring earnings through lavish spending and bad advice. Tyson's handlers said in a news release on Friday that Tyson has taken control of himself and wants to resolve his financial problems.


They blamed his out-of-control spending habits and subsequent mounting debt on mismanagement by others.


"As a professional fighter, who relied on others to manage his affairs, he discovered that his debts far exceeded his assets," Tyson's attorney Debra Grassgreen said. "Now, he has taken the lead in bringing order to his financial affairs."


The fighter frittered away millions on mansions, Bentleys, jewelry, and even Bengal tigers while buying extravagant gifts for his entourage. Don King also took a huge chunk.


Tyson has a $100 million lawsuit pending against King that goes to trial in September. The suit claims King cheated Tyson out of millions after he got out of prison in 1995 and went back to fighting for the promoter.


Earlier this year, as part of a divorce settlement, Tyson agreed to pay his ex-wife, Monica, $6.5 million from future earnings.


Besides his financial problems, Tyson is also facing possible jail time again.


He pleaded innocent last month to misdemeanor assault, harassment and disorderly conduct charges for pummeling two men during a brawl at a Brooklyn hotel on June 21. Tyson's lawyers claimed his actions were justified because the two men allegedly menaced the boxer first by telling him they were armed. Prosecutors say the assault went too far.


Tyson, who served three years in prison for rape in the 1990s, faces up to a year if convicted of the latest charges.

fuck him...hes a loser

i hear he's now Don King's bitch, ready to do his master's bidding

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this thread aint really going nowhere
it is a good thing that tyson is taking control of
his finances, at last.
that boy has much in the way of property and assets
plus he is still one of the most dangerous heavyweights
out there, and can still make more money from one fight
than most boxers do their whole careers

tyson's name makes money

it would be ludicrous to ever believe that he could be broke

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youngsoulrebel said:

shame he can such a dumbass...just generally.

Ardeo said:

Careful, he may go 4 Ur ear Ardeo!

Ardeo said:

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you heard wrong .. tyson is suing king for 100million dollars

that dont sound like no master / servant relationship to me

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youngsoulrebel said:

I'm sure King will counter sue

Ardeo said:

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since when was being refined and shit a requirement to being a boxer

the brotha has achieved much
he cant really be blamed for not understanding how money works
its more a sign of the ppl around him, what the fuck are his accountants doing

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Ardeo said:

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man i dont really understand the logistics behind the case
tyson has accused king of misappropriating a 100 million dollars of his money
if the judge agrees, on what footing can king counter sue ?

but again this is a mute point

tyson can make much money, just by being tyson

he doesn't even need to step into a ring

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youngsoulrebel said:

same shit they pulled on Rocky in Rocky VI

Ardeo said:

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i aint seen that movie

but yeah some shit like dat i am sure



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It's pathetic to see such a talent just waste away over the years, Tyson has been on a path of self destruction for so many years it's no wonder he's not dead or locked away in a prison. I still think there's a fire that burns in him but if he returns to prison it'll be extinguished forever. This man toughest opponent is himself, he always doing something that further cripples his career. I seen the video of the fight that he's being charged on and in no way was he threatened, at least it didn't appear to be that way, especially when he's chasing the supposedly attacker and beat the shit out of them. I see him being found guitly, he better try and bring the dream team together again, if he doesn't get off on these charges and does over 2 years in prison it will be a fatal blow to his career.

Tyson, Tyson, Tyson... Despite repeated run-ins with himself, every few months you hear about claims he wants desperately to change his life. I, for one, believe him, but he clearly doesn't know how.

He's had professional mentors all his life, but this is a prime example of how not having a life mentor can just totally screw up even the most gifted person.

Screw his career -- he's already made history. I just hope it's not too late for him to find some personal peace.