MEXICO CITY - Former champion, Graciano Rocchigiani may have put the World Boxing Council down for the count.
The legendary boxing organization was forced to file for bankruptcy Friday after court proceedings upheld a $31 million award given to Rocchigiani, who claimed he was illegally stripped of the organization's light heavyweight title in March 1998.
The WBC was forced into Chapter 7 bankruptcy liquidation proceedings Friday, 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. He also claimed that the organization has done everything in its power to comply with the procedures and orders of the Federal Court in New York and Bankruptcy Court in Puerto Rico.
The WBC was also 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.
Rochhigiani who resides in Berlin, Germany held a professional record of 41-6-1 (19 KOs).
