Last year, I gave a summary of the Xyience scandal – well, not so much as a scandal as it was a sketchy business dealing that pretty much everyone ignored. Here were the accusations:
CEOs with connections to the Fertittas are put in place at Xyience. The CEOs make retarded deals with the Fertittas where they accept a loan which immediately gets paid to the UFC. Since the money was used to pay the UFC instead of paying for uuuh, operational costs, Xyience had no way to earn money to pay back the loan. Xyience defaults on the loan, and the Fertittas take over the company.
Up until this point, crazy shit disturber Rich Bergeron and some pissed off stockbrokers were the only ones banging the drum about this. Now they’ve been backed up by an official complaint filed by Xyience’s liquidating trustee that lays out the above story in detail.