David tua and tuaman Inc debate
- This is a preview of the essay.
To view the full text you must login!
The issue that I have found from the New Zealand is based on the story of David Tua, a amateur boxer turned professional in 1992, that included a career where he once fought for the heavy weight title of the world against Lennox Lewis. His illustrious career appears to be on a downward spiral, and this includes the recent sacking of his management team and the closure of Tuaman Inc Ltd. This article examines David Tua who reportedly earned a $20 million fortune over his professional career until now, and is apparently left with "nothing in his name", except for a share in his parents home. The issue is: whether or not David Tua is owed by Tuaman Inc Ltd, and whether or not Martin Pugh (Tua's manager) and Kevin Barry (Tua's promoter) owe Tuaman Inc.
From reviewing all the information in the extended article on this debate, my stance is that Pugh and Barry did not act in Tua's best interests and that they do owe Tuaman Inc Ltd money, and thus do owe David Tua money, my reasons for this stance are as follows. Firstly, there was an agreement (a contract) between Tua and Pugh, and Barry, that stated Tua shall personally receive 70% of his fight earnings and 20% of any endorsement income, with the remaining money going to Tuaman Inc Ltd accounts. With which Barry and Pugh would be paid a 7.5% share each of any monies deposited into Tuaman Inc. However, evidence suggested that this was not the case, and that all income went into the company, meaning Tua had to get the accounts caretaker Grant to sign for any withdrawals. This brings me to my next point, in which I believe the company Tuaman Inc, was set up as a 'sham' limited liability company, having studied company law and experienced may examples such as this one, with Pugh being the sole director of the company...