To the shock of wrestling fans, ECW dirty laundry is finally being
aired through documents released by the Southern District of New York
Bankruptcy Court. ECW President, Paul Heyman, voluntarily filed for
Chapter 11 protection under the U.S. bankruptcy laws on April 4th
through the parent company of Extreme Championship Wrestling -- HHG
Corporation -- thereby dissolving the notoriously hardcore wrestling
promotion.
Heyman was represented in court by Joseph Capobianco of the Reisman,
Peirez and Reisman law firm from Garden City, New York. Judge Adlai
S. Hardin Jr. is presiding over the case. Lawyers representing the
World Wrestling Federation, a creditor in the case, were also on
hand. Tommy Dreamer, who helped run ECW and The Ford Credit Company
are listed as "co-debtors".
The documents obtained by SLAM! Wrestling detail an expansive list of
people, companies and government bodies ECW (Heyman and HHG) owes
millions upon millions of dollars to. In total, Heyman through HHG
Corp. has $8,881,435.17 in unpaid bills (all figures U.S. dollars).
Heyman claims to only have $1,385,500 in assets. Heyman's assets
include $2,000 in a personal bank account, ECW's video tape library
(valued at $500,000), unsold ECW merchandise totaling $4,000, a 1998
Ford F 800 Truck worth $19,500 (Heyman still owes $14.455.14 on it)
and forthcoming payments from In Demand, Acclaim and The Original San
Francisco Toymakers that total $860,000.
Some of the creditors holding the largest unsecured claims are
Annodeus Incorporated -- a subsidiary of Acclaim Entertainment ($1
million), The World Wrestling Federation ($587,500), Farm Club Online
Inc. ($300,000), The Original San Francisco Toymakers ($250,000), MSG
Network Inc. -- America's largest regional sports network ($244,000),
American Cable Productions Inc. ($243,000), In Demand L.L.C. -- an
American pay-per-view network ($150,000), wrestler Rob Van Dam
($150,000), wrestler Tommy Dreamer ($100,000), Stonecutter
Productions (owned by former ECW lawyer Steve Karel - $75,000) and
Karel himself, $50,000.
The filing reveals that the I.R.S. claims that Heyman hasn't paid his
taxes either. Also, $30,000 is still owed to the New York State
Department Of Taxation and Finance for taxes on ECW wrestling events
and The State Of Connecticut is making the same "withholding taxes"
charge stating that Heyman should pay them $4,000. Heyman and his
lawyer are disputing these claims.
Noted in the enormous list of creditors comprised of cable companies,
travel agencies, media corporations (including TNN), advertising
agencies, hospitals, insurance companies, financial institutions,
courier companies, universities and plaintiffs with personal injury
suits against ECW are these former ECW wrestlers, managers and
announcers:
Bill Alphonso: $5,000, C.W. Anderson: $500, Angel (Baldies): $500,
Scotty Anton: Unknown amount, Steve Corino: None, Justin Credible:
$7,990, Lou E. Dangerously: $7,000, Juilo Deniro: $300, Devito
(Baldies): $500, Simon Diamond: $9,000, Danny Doring: $2,100, Shane
Douglas: $48,000, Spike Dudley: Unknown amount, Francine: $47,275,
Chris Hamrick: $300, Don Callis: $12,000, Little Guido: $25,000,
Jazz: $1000, Jerry Lynn: Unknown amount, Balls Mahoney: $4,000, Tony
Mamaluke: $600, Dawn Marie: $9,000, Thomas Marquez: $500, James
Mitchell (Sinister Minister): Unknown, EZ Money: $300, New Jack:
Unknown amount, Nova: $4,000, Roadkill: $21,250, Rh(i)yno: $50,000,
Sabu: None, The Sandman: Unknown amount, Johnny Swinger: Unknown
amount, Joey Styles: $50,480, Super Crazy: $5,000, Tajiri: $5,000,
Rob Van Dam: $150,000, Jack Victory: $3,000, Mikey Whipwreck:
$12,000, Chilly Willy: $500.
Other names and companies known to wrestling fans:
Victor Quinones (Puerto Rico promoter): $12,000.00, World Wrestling
Federation Entertainment: $587,500.00, Erich Kulas (the wrestler
bloodied by New Jack that went to court, listed as 'Alleged pesonal
injuries': unknown, J-Mar Championship Belts: unknown
Serving as its President, Secretary and Director, Paul Heyman owned
85 per cent of ECW while Annodeus Incorporated (a subsidiary of
Acclaim Entertainment) held 15 per cent. Last year, ECW was forced
off television by the World Wrestling Federation when they moved to
The National Network (TNN). Overwhelmed by debt, ECW cancelled its
house shows and its final pay-per-view. Some ECW talent have since
joined Heyman in the World Wrestling Federation while others have
signed on with the WWF-owned World Championship Wrestling.
