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Highspots sues Ric Flair over lack of repayment of loans

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The wrestling website that I refuse to name because it's loaded with spyware is reporting that Highspots Inc. and owner Mike Bochicchio have filed a lawsuit against Ric Flair over the issues going back to last year regarding a loan that they gave him and the use of the old "domed globe" NWA World Heavyweight Title belt as collateral for said loan.  I have been told that they've been working on the case.  Ring of Honor sued Flair in February over claims that he didn't refund the deposit for appearances that he cancelled.

According to Highspots:

  • They loaned Flair $31,000 and $35,000 in separate transactions.
  • Flair agreed to do appearances (which he had been charging $10,000 a pop for) for free to repay the loans.
  • Flair did two signings and a shoot interview DVD ("Roundtable with Ric Flair and Roddy Piper").
  • They are owed one more appearance to make up the $31,000 loan, reimbursement for the cost of photographs and marketing materials for the appearances, and the entirety of the $35,000 loan plus interest.

According to Flair's via his attorney's response:

  • He made two appearances and each "generated $10,000 per appearance."
  • Highspots cancelled the subsequent appearances "without prior warning" and "denied Flair the ability under the agreement to repay the balance of the loan."
  • Flair never put up the belt as collateral for the loans.  Highspots took "wrongful, unlawful and unauthorized possession" of it after he brought it to his appearances and he never gave them the impression that they had "security interest" in the belt as he had already put it up for collateral towards loans from a friend's plumbing and heating valve company.
  • Flair called the Charlotte, NC police department "asking for advice on how to retrieve [the belt]."  According to the site that won't be named, a story circulated among the local wrestling community that police officers did go to Highspots' office with the purpose of getting the belt, but left after they were shown paperwork about the dispute.
  • Highspots didn't pay Flair in full for his appearance for them at last year's NWA Legends Fanfest in Charlotte.  He had agreed to work for seven hours for $7,500, but worked thirteen hours and was "compensated only $19,000."  If he had been paid for the "full extent of his services" then he would've had "sufficient funds" to repay his debt to them.  This is all very interesting after Fanfest promoter Greg Price's public squabble with Flair over the above dispute.

Flair's filing requests "that Highspots be denied all of their claims, that the court rule that any debt to the company has been satisfied and that the NWA World championship belt be returned to his possession and that Highspots be forced to pay the court costs."