Will Margarito walk away from $1,205,000 purse for Williams fight?

Moments ago a purse-bid was held at the WBO's offices in Puerto Rico for the Antonio Margarito-Paul Williams fight. As advertised on Boxingtalk, Williams promoter Dan Goossen won the purse-offer with a bid of $1,506,250. Golden Boy Promotions came in second with a bid of $1,444,444. Top Rank did not bid. Yesterday Top Rank issued a press release stating Margarito has already agreed to face Miguel Cotto on June 9, however, according to WBO President Paco Valcarcel, a representative from the Margarito camp has informed the WBO that the Tijuana Tornado intends to keep his title and honor the mandatory. Under the terms of the purse-bid Margarito would receive a career high $1,205,000 to fight Williams on HBO. Margarito now has 72 hours to sign the bout agreement and the fight will take place no sooner than 45 days after he's medically cleared. (10:52 AM EST)