Boston (May 11, 2006) – Boston-based boxing manager Mark Vaz and his attorney, Michael Moynihan, indirectly saved world middleweight champion Jermain Taylor more than $2-million, resulting from a recent New York arbitrator’s ruling that Vaz’ former employer and Taylor’s former managerial company, World Class Boxing (WCB), failed to properly exercise an option to extend his contract through the end of 2006..
Vaz formerly served as WCB’s Director of Boxing Operations and Taylor’s manager.
Taylor and WCB had been adversarial since the original contract expired in 2004. In November 2003, Atty. Moynihan filed an action in Plymouth Superior Court (Mass.) on behalf his client, Vaz, who managed Taylor for his first 19 professional bouts, against WCB for breach of contract and lost wages.
Taylor later went to arbitration seeking a ruling that he was a “free agent” because he alleged that WCB was not providing managerial services once it stopped paying Vaz, which resulted in his resignation and essentially left Jermain without a manager. Taylor lost the arbitration when the arbitrator ruled that WCB still had an enforceable management contract. The initial term’s of Taylor’s contract was four years, commencing January 3, 2001. WBC was entitled to a two-year extension if during the original four-yea term he was rated among the top three contenders by any two of the four major sanctioning organizations. The extension would be granted with a cash payment prior to the conclusion of the four-year contract.
When Atty. Moynihan filed the case he successfully obtained from the court an injunction freezing WCB’s assets. Prior to the contract’s anniversary date, the family member of one of WCB’s purported investors wrote a check to Taylor for the extension. WCB also attempted to have its attorneys overturn and or modify Vaz’ injunction after it had won its arbitration case against Taylor. Justice David A. McLaughlin, of the Massachusetts Superior Court, in a ruling dated September 23, 2004 denied WCB’s motion to dissolve, modify or clarify the injunction first issued against WCB on November 26, 2003 against WCB.
The recent arbitration involved the issue of whether there was an effective contract extension because WCB’s assets were frozen by the aforementioned injunction filed by Atty. Moynihan and payment for the extension came from someone other than WCB.
The arbitrator, former New York State appellate Judge E. Leo Milonas, ruled that WCB failed to properly exercise the option to extend Taylor’s contract because the injunction had prevented WCB from dissipating or transferring assets of WCB, or transfer its rights to someone else. Taylor had returned the check and WCB failed to provide proof that the check didn’t violate the injunction.
Under the terms of the management contract, WCB was entitled to 16 percent of Taylor’s fight purses and 15 percent of his endorsements. Taylor is expected to make approximately $4.7-million for his title fight with Winky Wright on June 17. According to the Arkansas Democrat Gazette, even a conservative estimate would have Taylor making $3-million for one or two more fights in 2006, which would have put WCB’s take of the 2005-2006 purses at $2.2-million.
Vaz, who testified on behalf of Taylor during the June 2004 arbitration hearing, has not seen or heard from Jermain since then hearing. After several earlier attempts at reaching an agreement with the WCB, Vaz finally settled his case with WCB in March of 2005. He continues to manage various professional boxers from his Massachusetts base.
Atty. Moynihan is a partner in the law firm of Connolly & Moynihan. He is a legal advisor for numerous professional fighters including Irish heavyweight champion Kevin McBride, who knocked out Mike Tyson last June, as well as James and Mark Clancy.