(Behold: The most fabulous bounced-check in combat sports history.)

The writing was on the wall when they couldn’t pay their fighters anymore, but it looks like Japanese kickboxing and MMA promoter FEG might be one step closer to officially closing up shop. Sherdog is reporting that the combat sports promoter best known for K-1, DREAM, and the now-defunct Hero’s brand has declared bankruptcy after eight-and-a-half years of operation:

“Long-beleaguered combat sports giant Fighting and Entertainment Group (FEG) has officially declared bankruptcy, according to a report by private credit research firm Teikoku Databank. First published Wednesday by Yahoo.co.jp, the Databank report claims that FEG began the process of declaring bankruptcy on May 7 in Tokyo District Court. No figures indicating the extent of FEG’s debts were revealed,” Sherdog‘s Tony Loiseleur writes.

“Though K-1’s brand rights were transferred to Japanese real estate firm Barbizon, Inc. in January 2006, FEG continued to promote the event under their banner. After the purchase and closure of Pride Fighting Championships by Lorenzo and Frank Fertitta in 2007, FEG partnered with former Pride production staff in the form of Real Entertainment to produce the Dream series.”

Besides his astounding fighting ability, Gesias “JZ” Calvancante has another advantage going into DREAM‘s all-star lightweight tournament that kicks off Saturday night in Saitama, Japan — he’s already faced three of the guys in the bracket. JZ scored a first-round TKO of Hidetaka Monma at K-1 Hero’s 5 in May 2006, knocked off Andre “Dida” Amade last September to win the K-1 Hero’s 2007 middleweight tournament, and ate his only loss via a decision to Joachim Hansen at a Shooto match in 2004. Here’s his meeting with Dida, which went from wild slugfest to JZ’s usual assault-from above, ending with a brutal armbar. Below that is Calvancante’s opening-round match against Vitor Ribeiro from the same night, in which Shaolin was utterly dominated in 35 seconds.