Manny to settle issues

In a trip that could define his future, two-time world boxing champion Manny Pacquiao leaves for Los Angeles on Tuesday to confer with manager Shelly Finkel on his US tax liabilities, a damage suit against New Jersey promoter Murad Muhammad, a possible arrangement with a celebrity financial adviser and a plan to fight Erik Morales in a rematch late this year.

Pacquiao told The Star yesterday he expects to be away only three days. He will be accompanied by General Santos City townmate and prominent businessman Clem Asencio.

Pacquiao will stay at the Sunset and Vine condominium unit in Los Angeles, a 10-minute walk from the Wild Card Gym where he trains. Finkel moved Pacquiao to the unit–which the New York impressario is renting for $4,500 a month–when he signed as the Filipino’s manager last February. The rent is paid until May.

Pacquiao said he will meet with a criminal lawyer contracted by Finkel to file a case against Muhammad who is being accused of violating the Muhammad Ali Boxing Reform Act stipulating full disclosure to fighters of promotional terms in a bout. Muhammad will be charged with withholding vital financial information and taking monies due to Pacquiao for the Morales fight in Las Vegas last March 19.

According to Pacquiao, he should have taken 40% of the pay-per-view upside receipts or after Home Box Office (HBO) cable expenses. He estimated the share to be about $3 Million and said Muhammad took it all.

The Pacquiao-Morales fight sold 350,000 pay-per-view subscriptions. At a retail price of $44.95, the gross buys amounted to over $15.7 Million. It was Pacquiao’s debut as a prime pay-per-view fighter.

Asencio, who flew to Las Vegas to witness the fight, confirmed that Morales already took his 40% share of the pay-per-view stakes. The 20% balance was for Top Rank which promoted the bout at the MGM Grand Garden Arena.

Pacquiao’s trainer Freddie Roach said Muhammad earned more than the fighter because of the pay-per-view bonanza.

"In my opinion, that’s not the promoter’s money, that’s Manny’s money," said Roach, quoted by writer Joe Rein. "People are paying to see him. The promoter, obviously, deserves to get something but not more than the fighter–who’s the one putting his life on the line."

Pacquiao said he’s willing to pay his criminal lawyer 25% of what he can recover from Muhammad in court. If he wins the case against Muhammad, Pacquiao will not only be awarded his pay-per-view share but also damages in a still to be determined amount.

"Malaki ang chance kong manalo sa kaso," said Pacquiao. "Tagilid si Murad sa Ali Act. Marami siyang ginawa na labag sa batas."

Pacquiao took $525,000 of his purse in the Morales fight to settle his back taxes from what he earned in six US fights since 2001. But the problem is he hasn’t paid taxes on his $1.75 Million purse for the Morales outing. He has until April 15 to figure out a payment schedule for what he still owes the Internal Revenue Service. The schedule will be one of the subjects of his meeting with Finkel next week.

Another subject will be a possible engagement of a financial adviser to look after his taxes and investments.

The financial advisory group Gudvi, Sussman and Oppenheim of Sherman Oaks, California, is a leading candidate to handle Pacquiao’s funds. The group’s wide celebrity client base includes fighter Oscar de la Hoya and the pop group Backstreet Boys.

Pacquiao said he is aware of different investment options where returns may or not be guaranteed depending on where the funds are placed. He said he will insist on fixed-income securities to guarantee his principal and a reasonable yield but will allow flexibility only beyond what is assured.

As for his boxing future, Pacquiao said he will appear in a US tune-up match in July to get his body more accustomed to the superfeatherweight limit. Then he hopes to face Morales in a rematch, possibly in October.

Pacquiao said he will likely train for his next fight at the Big Bear mountains in California where he can work out in seclusion without being hounded by mobs of fans.

Pacquiao confirmed he will continue to employ Roach as trainer and boyhood friend Restituto (Buboy) Fernandez as training assistant.

"Marami pa akong matututunan kay coach Freddie," said Pacquiao. "Hindi kami maghihiwalay."

Muhammad’s camp has launched a media campaign to discredit Roach and blame the trainer for Pacquiao’s loss to Morales.