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ProElite to attempt to block public auctionEliteXC

Item ID#:1515599Location:
Unlisted
Seller ID#:204792  Premium advertiser Views:
780
Price:$UnspecifiedExpires:28 days

EliteXC is refusing to go down without a fight.

The MediaPost was the first to report Thursday that ProElite, the parent company of EliteXC, will do everything possible to stop a scheduled auction that would sell off the company's remaining assets.

Showtime, which owns 20% of ProElite, announced earlier this week that a public sale will be held on November 17 in Los Angeles, California where EliteXC's video library, photos and fighter contracts will be up for grabs to the highest bidder.

ProElite said in an SEC filing that it "plans to take all appropriate measures to prevent the sale from occurring. Such measures may include raising additional financing, filing a lawsuit enjoining the sale, filing a bankruptcy petition or negotiating a settlement with Showtime. There can be no assurances that the Company will be successful in any of these actions."

Showtime, claiming that ProElite has violated agreements, says it is exercising its right to sell off ProElite's assets. The network is currently owed $6.3 milllion from loan agreements with ProElite.

The auction could possibly determine the futures of Kimbo Slice, Gina Carano, Jake Shields, Robbie Lawler, Frank Shamrock, Antonio Silva, Brett Rogers, Dave Herman, Scott Smith, Nick Diaz, Cris Cyborg, Eddie Alvarez, Yves Edwards and Wilson Reis.

http://www.ultimatefightingforumz.com/viewtopic.php?f=11&t=164
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4/18/2014 4:16:30 AM UTC