Hot on the heels of ProElite’s claim that fighters can’t break their contracts because ProElite is planning more shows in 2009 comes the news that the company has been chop shopped and will be going up for auction on November 17th:
“Showtime gave the Issuer a notice pursuant to the Security Agreement, as amended, that it intends to sell all of the Issuer’s personal property, whether tangible or intangible, to the highest bidder at a public sale,” the filing states. “Showtime reserves its rights under the Security Agreement, as amended, and applicable lawto adjourn or cancel the sale and thereafter dispose of such property in a public or private sale or in any other manner provided by applicable law.”
Still a mystery is how things will be laid out. Individual contracts? Batches? And who the fuck is gonna buy the overpriced contracts of dudes like Kimbo Slice and Bigfoot Silva? If I’m interesting in buying all the flatscreen televisions from the offices, do I get a deal? Otherwise I might just go for a solid gold toilet or two. This is all shit I need to know before I show up!
Not only do we not know how the assets will be divvied up, but it’s also gonna be interesting to see what happens to the contracts of fighters who are currently of … ah … questionable status with the company. Nick Diaz, Robbie Lawler, and of course KJ ‘Champion Fights Only’ Noons. How much is it to buy a lawsuit? I think we’ll find out soon.
The good news in all of this is the fact that one way or another, shit will be dealt with come November 17th. While that’s probably no solace to those poor destitute fighters who can’t even afford Christmas presents this year, at least it will free them up faster than bankruptcy court would. Unless the UFC buys everyone’s contracts and benches them like they did with several Pride fighters. Hmmm.
**UPDATE** MMA Mania has the skinny on the exact details of the auction, including the time and date.
The term “Collateral” means all of ProElite, Inc.’s (“ProElite”), Real Sport, Inc.’s (“Real Sport”), ProElite.com’s (“ProElite.com”), EliteXC Live’s (“EliteXC”) and King of the Cage, Inc.’s (“KOTC”; each of ProElite, Real Sport, ProElite.com, EliteXC and KOTC, a “Debtor” and collectively, the “Debtors”) right, title and interest in, to and under, whether now owned or hereafter acquired by such Debtor, all present and after acquired personal property of such Debtor, whether tangible or intangible, wherever located and of whatever nature. The Collateral includes all contracts between any Debtor and mixed martial arts fighters (including, but not limited to, Kevin Ferguson a.k.a. “Kimbo Slice”, Gina Carano, Jake Shields, Robbie Lawler, Frank Shamrock, Antonio Silva, Brett Rogers, Dave Herman, Scott Smith, Nick Diaz, Cristiane Venancio Justino a.k.a. “Chris Cyborg”, Eddie Alvarez, Yves Edwards and Wilson Reis) and all of each Debtor’s video library, still photographs and home videos (e.g., DVDs and VHS tapes).