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Who wants to file paperwork anyways?

Once again the IFL and EliteXC filed notice that they wouldn’t have their end of quarter reports ready. And as usual, the IFL’s excuse was that they fired everyone that would normally do it and still haven’t organized replacements. EliteXC’s excuse is a little more upbeat though:

The Company has been meeting with potential financiers regarding significant funding. The Company’s management and accounting department have dedicated significant time toward due diligence and other requirements of those entities investigating the Company as a possible investment. The time dedicated to these due diligence processes left the Company unable to complete the consolidated financial reporting needed to file with the Securities and Exchange Commission by the deadline without unreasonable effort and expense.

This would be all well and good if the MMA Payout article didn’t also state that without this magic investment money, EliteXC will be on the edge of complete ruin. I think we all knew that the May 31st show is an important date for MMA and EliteXC, but not to the point where shitty ratings would result in a possible ‘Closed’ sign on the door the next day.

  • MRC54 says:

    Yeah all those PPV buys are going to save Elite XC…on CBS. Free network television isn’t going to make you the short – term cash needed to keep their heads above water. It’ll take years to cash in on such a project. They don’t seem to have that luxury, investors want results if they’re going to drop serious coinage and the UFC is the only major MMA promotion that makes cash…case closed.

  • smoogleton says:

    Thats not what he said on MMAPayout, but you wouldn’t be the first MMA blog to color in some creative details to a story

  • From the same article:
    There were rumors earlier this month that the company had bet the farm on its CBS debut and would be in need of additional funding to continue past June 1.

    This has been confirmed by quotes from Shaw later on in the week