(Remember the good times. Photo courtesy of DayLife.com.)
On September 19, 2008, IFLC filed with the Court a motion for orders (a) authorizing IFLC to sell all or substantially all of its assets to HDNet LLC (“HDNet”), subject to higher and better offers, (b) approving bid procedures, (c) scheduling auction and sale hearing and (d) granting related relief (the “Sale Motion”). In connection with the Sale Motion, on September 19, 2008, IFLC and HDNet entered into an asset purchase agreement (the “Asset Purchase Agreement”), which contemplates the sale of substantially all of IFLC’s assets (the “Purchased Asset”) to HDNet for total consideration of $650,000 in cash and the assumption by HDNet of certain liabilities of IFLC. The Asset Purchase Agreement is subject to higher and better offers as set forth in the Sale Motion…
A hearing to consider the Sale Motion is scheduled for October 10, 2008 at 10:00 a.m. (prevailing Eastern time).
$650,000 is a drop in the bucket compared to the IFL’s total losses, but it’ll be enough for Jay Larkin & Co. to pay the lawyers, fly somewhere tropical, and lay low for a while. It’s hard to imagine they’ll get any “higher and better offers,” which means HDNet is about to add another peg to its MMA broadcast kingdom. Sweet — does this mean an “Ultimate Roy Nelson” HDNet special is on the way?
Semi-related: HDNet’s broadcasts of DREAM events have been great for American insomniac MMA fans, but unless DREAM gets its ratings up in its own country, they could be heading for an IFL-style extinction. As MMA Mania reports:
DREAM has underperformed in all three of its contracted four television events, prompting FEG’s Sadaharu Tanikawahas to consider dissolving the company if they eventually lose their television contract. With their inability to hit their target numbers, it almost seems like a foregone conclusion…
FEG had plans to hold its fourth televised event on New Year’s Eve. If you’re a fan, I suggest finding a way to watch it. It could be the last time you see mixed martial arts in Japan.