A new 8-K form has been filed for ProElite with some interesting notes:
Previously, CBS ordered an additional event under the Agreement from the Company scheduled to be presented on October 4, 2008, at The BankAtlantic Center in Sunrise, Florida (the “Sunrise Event”). The Company advised CBS that it was unable to deliver the Sunrise Event ordered by CBS for October 2008 under the current terms of the Agreement.
Accordingly, the Company and CBS agreed to amend the Agreement whereby CBS would assume all expenses for the event and receive all revenue from the event. CBS advanced the estimated event costs according to an agreed upon budget in order for the Company to pay expenses related to the event. Additionally, the Company and CBS waived mutual exclusivity under the Agreement for the Sunrise Event.
If you don’t speak legalese, here’s what it means:
ProElite: We is too brokes to do our October 4th show.
CBS: Kay we will pay for it all.
CBS: But we’re taking all the revenue from it.
ProElite: Aaaaw poop!
CBS: And we’re now also allowed to slut around with other MMA companies.
ProElite: What? Wait, that’s not good…
CBS: Take it, bitch. We do what we want now.
Thanks to jackal Mad_As_Hell for the heads up on this!