MEXICO CITY, June 11 (UPI) -- The World Boxing Council was forced to file for bankruptcy Friday after court proceedings upheld a $31 million judgment against the organization.
The money was awarded to Graciano Rocchigiani, who claimed he was illegally stripped of the WBC's light-heavyweight title in March 1998.
The WBC was forced into Chapter 7 bankruptcy liquidation proceedings, a year after it filed for Chapter 11. The WBC had hoped to persuade the court and jury that it was not liable or responsible for "the harm Rocchigiani alleged."
"Sadly, and despite a vigorous defense, the WBC did not prevail," WBC president Jose Sulaiman said.
Sulaiman called it "impossible" for the not-for-profit WBC to pay the $31 million verdict awarded in April 2003.
The WBC also was ordered to recognize Rocchigiani as champion from 1988-2000.
Rocchigiani beat Michael Nunn for what was supposed to be a title that Roy Jones Jr. relinquished. But in June, when Jones decided he wanted to keep the belt, the WBC opted to retain him as champion.
