PWSpyware is reporting that it looks like Ric Flair didn't actually have the right to offer his old NWA belt as collateral to get a loan from Highspots because he had already used it as collateral to get a loan from Conbraco Industries, Inc. of Matthews, NC. In addition to the belt, collateral used to get the loan from Conbraco includes a replica WCW belt, Flair's wrestling gear (robes, trunks, and boots), his WWE Hall of Fame ring, the Rolex watch inscribed with "To Be The Man" that Shawn Michaels gave him, framed magazine covers featuring Flair, an autographed Michael Jordan poster, an autographed posted of Flair and Vince McMahon, "a framed, personalized Kevin Green jersey," "commercial claims arising from a previous lawsuit Flair was involved with," and other "proceeds and products." Conbraco alerted Highspots to let them know the facts of the situation and asserted that while they haven't claimed possession of the assets yet, they would go after them for the money that came from the sale of the belt, which they have a legal claim to. Highspots has, of course, quietly pulled the belt auction from their website.
It shouldn't really surprise anyone that Flair would stoop this low, but it's still messed up.