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Mike Tyson will not only have to fork over the $14 million dollar lawsuit settlement from Don King to pay his debts, he has to fight seven times.
Tyson has to pay $38.4 million Tyson owes to various creditors, the Internal Revenue Service and his ex-wife, Monica. Tyson's attorneys have laid out a plan in federal bankruptcy court in New York under which Tyson will fight seven times over the next three years.
According to the plan filed Thursday in bankruptcy court in New York, Tyson will contribute the $14 million from King, an estimated $4.2 million from the sale of his two houses in Las Vegas, and $19.5 million from future fight purses to a fund to pay creditors.
Tyson's first contribution will be a $2.475 million payment on Aug. 4, followed by a $2.31 million payment next Jan. 5. The biggest payment from the proposed series of seven fights will be in January 2006 when Tyson pays $4.95 million.
The IRS is Tyson's biggest creditor, owed $18 million by the former champion. He also owes taxes in several different states, including $834,000 in Tennessee for his 2002 fight there against Lennox Lewis.