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ProElite to attempt to block public auctionEliteXC

Item ID#:1515599Location:
Seller ID#:204792 Views:

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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.
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3/18/2018 7:56:11 AM UTC