Want more wrestling news, rumors, and results? Be sure to visit PWInsider.com and PWInsiderXtra.com.
As it turns out, Flair doesn't technically own the championship. According to a document acquired by PWInsider.com, the belt had been previously used as collateral as part of a financial issue between Flair and Matthews, North Carolina corporation Conbraco Industries, Inc. that pre-dated Flair's issues with Highspots.
On 8/26/08, Flair and Conbraco jointly filed a secured loan via a Universal Commercial Code (UCC) document. That filing created a lien against Flair's property, preventing him from selling it off without settling whatever debt he has to Conbraco.
While the financial background of what led to Flair's dealings with Conbraco isn't immediately clear, that documentation listed the following items as collateral that the corporation could conceivably seize from Flair's possession:
*Flair's NWA championship belt (specifically listed as original)
*Flair's WCW championship belt (specifically listed as replica)
*Flair's "wrestling robes, trunks, and boots"
*Flair's "Wrestling Hall of Fame ring"
*Flair's "Presidential Rolex, inscribed with "To Be The Man."
*Flair's "framed magazine covers, which include his likeness."
*A 4x3 autographed poster of Michael Jordan
*a 4x3 autographed poster of Vince McMahon and Flair.
*a framed, personalized Kevin Green jersey.
*Commercial claims arising from a previous lawsuit Flair was involved with.
*Additional "proceeds and products."
Conbraco recently approached Highspots to inform them that while they have yet to claim possession of any Flair assets, they would legally pursue any money raised from the sale of the belt, as they have a legal claim to the belt and its worth. Highspots has quietly removed the listing of the title belt's auction from their website.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section, which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Bang On Casino
