sentences:  On 11 June 2004, the WBC announced it would enter Chapter 7 bankruptcy liquidation (i.e., business closing and total asset sell-off) proceedings, effectively threatening its existence.This action prompted some in the boxing community to plead with Rocchigiani to settle the dispute, which he did in mid-July 2004.Many in the boxing community have accused the WBC of bending its rules to suit the powerful boxing promoter Don King.