This Day in History: November 2nd By: RingInsider.com on 11/02/04
November 2nd
On this day in history in ....
1992 - Jerry Lawler defeats Todd Champion in Memphis, Tennessee for the USWA Unified Heavyweight Title, starting Lawler's 13th reign with the belt.
1998 - In Houston, Texas, Vince McMahon creates the WWF "Hardcore Championship" and awards it to Mankind (Mick Foley). Ironically, Mankind would hold the title for less than a month, and never win it back.
1999 - Mankind & Al Snow defeat Hardcore & Crash Holly for the WWF World Tag Team Title in Philadelphia, Pennsylvania.
2000 - The WWF released the following regarding the Owen Hart lawsuit:
World Wrestling Federation Entertainment, Inc. Announces Settlement in Owen Hart Case
STAMFORD, Conn.--Nov. 2, 2000--World Wrestling Federation Entertainment, Inc. (NYSE: WWF) announced today that it has agreed to a settlement in a previously disclosed lawsuit filed by the members of the family of Owen Hart, a professional wrestler, whose accidental death occurred while performing under contract with the Company. Under the terms of the agreement, the WWFE will receive a full release from any further liability in the case.
`It has always been our intention to settle this case and we tried to do what we felt was in the best interest for all those involved, particularly for the family of Owen Hart,'' said Linda McMahon, CEO.
As a result of the settlement, the WWFE will take a charge of $7 million which is net of its insurance recoveries and will retain the right to pursue contribution and indemnity from the companies that manufactured and sold the equipment involved in the accident. The charge will be recorded in selling, general and administrative expenses for the quarter ended October 27, 2000.
That was the ending to one of the most tragic stories in the history of wrestling. Kansas City Circuit Judge Douglas Long. Jr. approved the settlement, and the family of Owen Hart received $18 million dollars for the loss of Owen Hart on May 23, 1999 when his harness at the Kemper Arena malfunctioned and he fell to his death during the Over The Edge pay-per-view. The WWF told stockholders that they would pay $7million of the payment, and they wanted the rigging and harness companies to pay the other half. One of the companies, Amspec, Inc., filed for bankruptcy right before the judgment, possibly in anticipation of the payment.
Owen's wife, Martha, received $10 million. Their children, Oje, 8, and Athena, 5, received $3 million each. Stu and Helen Hart, Owen's parents, each received $1 million. After the hearing, Martha took her children to the Kemper Arena to see where Owen died. Martha announced that she was using $2 million of the money to start the Owen Hart Foundation to help the less fortunate.
Perhaps the saddest part of the story is how the Hart family, once thought to be very tight knit, was now in shambles. Bret and Keith Hart sided with Martha, Stu and Helen, while sisters Diana and Ellie did not. Of course, their respective husbands, Davey Boy Smith and Jim Neidhart signed contracts with the WWF after the incident. Martha had some stinging comments about the situation after the settlement in the Calgary Sun.
"This is not a close-knit family and I'm not part of it anymore -- we carry the same last name but that's as far as it goes. They betrayed Owen by working against me and his children and I will never consider myself, or my children, a part of that family anymore. I will respect Owen's parents and I will stay in touch with a select few of them but people need to know that Owen was a white sheep in a black family."
