King, 77, considered the most successful fight promoter of all time, appeared in Florida district court Monday to press his suit against defunct development company EB Acquisitions. King claims he was not paid the $1 million deposit the firm owed him after he agreed in 2004 to partner with it on a proposed 1,500-unit housing project, the Palm Beach Post reported Tuesday.
EB, meanwhile, has countersued King, and is also seeking the $1 million payout, currently held by a third party, as well as damages including the approximately $500,000 EB claims it spent vetting the deal, lawyers say.
King spent part of the court hearing in a West Palm Beach courtroom yawning and looking sleepy, the Post reported.
Circuit Judge Edward Garrison told attorneys he would issue a ruling after receiving final written arguments later this month.
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