Boxer Floyd Mayweather takes in the game during the NBA All-Star Game, part of 2010 NBA All-Star Weekend at Cowboys Stadium on February 14, 2010 in Arlington, Texas. (Getty Images)
Business & Finance Examiner
– legal –
Undefeated boxer Floyd Mayweather Jr. (41-0) lost a court decision on Wednesday, June 16 related to his hip hop record label Philthy Rich Records.
A judge awarded Just for You Entertainment $6,000 because Mayweather’s label signed rapper Freck Billionaire to a contract in violation of a 2005 agreement with Just for You, according to the New York Post.
The minimal damage awarded by the judge may be interpreted as a victory by the Mayweather camp, as Just for You Entertainment was seeking over $600,000 in damages.
In recent years, the boxer considered as pound-for-pound the best in the world, according to Yahoo Sports, have been active in both the music and clothing business.
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It was recently disclosed that Mayweather is working on a hip hop album compilation with best-selling artist 50 Cent presumably to be released later this year, around “the biggest fight in the history of the sport.”
Related: Floyd Mayweather hints he will face Manny Pacquiao (Video)
The plaintiff’s claim for damages was brought down to a $6,000 judgment due to a lack of evidence. Additionally, Just For You Entertainment’s owner, Ahmed Fahmy, failed to provide enough written evidence and / or documentation in order to receive additional damages, according to AllHipHop.com.
Likely, as a small enterprise, Just For You lacked records such as receipts and accounts that properly tracked its business expenses. It appears the label’s owner attempted to submit various personal expenses such as expensive restaurant meals as business expenses recoverable from the suit as damages, which the judge declined to award.
Interestingly, neither Mayweather nor his attorneys showed up for the legal proceedings this week.
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The boxer made angry statements against Freck Billionaire for knowingly signing a contract with Philthy Rich Records despite a conflicting binding agreement with the plaintiff.
Mayweather also accused the rapper of stealing a diamond watch, according to AllHipHop.com. Freck’s camp countered that the diamond watch a gift from Mayweather’s camp. The rapper has since been dropped from the label.
Sports fans continue to eagerly await a super showdown with BWAA Fighter of the Decade and Ring Magazine’s pound-for-pound king Manny Pacquiao (51-3-2) sometime later this year.
See: Mayweather parties at Studio 54
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PHOTOS [ 21 – 28 ]: Floyd at Studio 54
[ Copyright Scott Harrison / Retna ]
Copyright © 2010, Marv Dumon
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