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Old 11-14-2008, 10:39 PM   #1 (permalink)
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EliteXC Auction Called Off.......

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Showtime has halted plans for a public auction of ProElite assets.

The auction was scheduled for Monday, at which time Showtime was to sell ProElite's remaining assets, including fighter contracts. However, Showtime in a statement today indicated that it has, at least temporarily, decided not to hold the auction.

"Showtime Networks Inc. has adjourned the previously announced public sale of personal property of ProElite, Inc. and certain of its subsidiaries scheduled for November 17, 2008. Showtime reserves all of its rights, including the right to further adjourn or cancel the public sale and thereafter dispose of such property in a public or private sale or in any other manner provided under its agreements with ProElite and by applicable law."

Showtime has claimed rights to ProElite's remaining assets after ProElite defaulted on two promissory notes of $4 million that Showtime lent to the company in June and September. The premium cable network notified the public markets earlier this month of its intentions to auction off those assets.

The cancellation of the auction is a victory for a group of agents who banned together this week together to fight Showtime’s plans. A statement from the agents – Ken Pavia, Monte Cox, Ed Soares, Matt Stansell, Bob Cook, Chas Bowling and Cesar Gracie – warned would-be buyers that they planned to challenge the legality of any sale.
Link......http://mmajunkie.com/news/13246/show...-contracts.mma

There are a few reasons that this could have happend. I'm thinking Showtime sees a bigger money pot elsewhere with this organization.

Interesting.
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Old 11-14-2008, 11:04 PM   #2 (permalink)
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Originally Posted by J.P. View Post
Link......http://mmajunkie.com/news/13246/show...-contracts.mma

There are a few reasons that this could have happend. I'm thinking Showtime sees a bigger money pot elsewhere with this organization.

Interesting.
Hopefully Affliction and Showtime/CBS team up. That would be frikkin' amazing if Affliction could absorb Elite XC.

A man can hope...
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Old 11-14-2008, 11:46 PM   #3 (permalink)
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I wonder if instead of selling Showtime could just assume control of the assets and put on shows themselves.

I think the cancellation has to do with the agents saying they would challenge the sale which would've likely scared off many potential bidders.
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Old 11-15-2008, 12:02 AM   #4 (permalink)
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Quote:
Originally Posted by stitch1z View Post
Hopefully Affliction and Showtime/CBS team up. That would be frikkin' amazing if Affliction could absorb Elite XC.

A man can hope...
Could that actually happen? *salivates at the thought of Affliction graphics with Gina's name on a T-shirt*
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Old 11-15-2008, 10:59 AM   #5 (permalink)
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I think that Showtime can make money with EliteXC.

Not only that but they seem to be holding Proelite itself.

They stand to make some money with the star power they have. Id like to see them take the best talent from CR, KOTC, ICON, and SpiritMC. They can strip the talent out of there and sell those orgs back off. Than consolidate that talent into EliteXCs current roster.

That would make for some awsome shows and a solid lineup. Who knows what they're up to in the mean time.
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Old 11-15-2008, 11:05 AM   #6 (permalink)
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I think they knew that with the agents banning together had they proceeded with this it would have turned into a legal nightmare for them.
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