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Tag: SEC

Pro Elite For Sale at Auction, Everything Must Go!


(Name your price, gentleman.)

Maybe now we know why Pro Elite is trying to hold on to existing fighter contracts, and it isn’t because they intend to hold an event in early 2009. It’s because Showtime and CBS are auctioning off all their assets. This, according to an SEC filing this week:

“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 law to 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.”

Awesome, everybody loves an auction!

The way I see it, there’s never been a better time to scoop up some fighter contracts and start an impromptu MMA organization in your backyard. You get all your buddies together, everybody throws in a few bucks, and the next thing you know you have Nick Diaz and Robbie Lawler ready to throw down at your next party. If you move fast you might even get them to throw in some of the EliteXC hip-hop dancers.

That’s it, let’s take up a collection right now. Think of the possibilities…

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Showtime Looking to Purchase ProElite

Kimbo Slice Gina Carano EliteXC MMA
(Scott: “Come on gang, we gotta raise $55 million to save EliteXC! But…how?”
Gina: “Bikini car wash!”
Robbie: “Pirate treasure hunt!”
Kimbo: “Robbin’ ni**as!”
)

Sherdog reports that Showtime Networks filed public notice with the U.S. Securities and Exchange Commission yesterday, announcing their intention to negotiate for the purchase of Pro Elite Inc. Showtime, a subsidiary of CBS Corporation, already has a 20% ownership stake in the L.A.-based MMA organization.

What makes the sale likely is how broke-ass Pro Elite is at this point. It’s already been widely reported that the company racked up $55 million in debt during its two years of operation, and to make matters worse, Pro Elite is struggling to obtain enough capital to operate in the short term. According to a new SEC filing, the company has been hustling for $3.5 million in financing, and their failure to secure it in the immediate future “[would] have a material adverse effect on the Company’s liquidity and capital resources and ability to continue as a going concern.” And guess what:

The Company no longer believes that a successful closing of the $3.5 million secured debt (with a funded amount of $3.0 million) will occur. Although the Company has received $1 million pursuant to the Note [ed. note: this refers to a loan made to Pro Elite by Showtime]…the $1 million funding defers such consequences only for a brief period of time while the Company continues to evaluate its options on how to respond to its severe liquidity problem.

Known most for its EliteXC and ShoXC brands, Pro Elite has also acquired such mid-level outfits as King of the Cage, Icon Sport, Rumble on the Rock, and Cage Rage over the last two years — meaning that it would be a powerful asset in the hands of the right manager. And who’s the Showtime exec who would be qualified to run it all? Well, that’s the $55 million question. More to come…

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