Norris resigned as president of IBC of New York in favor of Truman Gibson and the IBC was bought by the Garden and operated as a wholly owned subsidiary.
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The following year, Gibson Jr. and Carbo, Carbo's partner Frank "Blinky" Palermo (a member of the St. Louis crime family, and Los Angeles mobsters Joe Di Sica and Louis Dragna, were charged with conspiracy and extortion against National Boxing Association Welterweight Champion Don Jordan.
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