(Xyience’s public flameout continues.)
UnlimitedFightNews is without a doubt the ugliest website on the Internet, and we don’t actually recommend clicking on that link, as it will likely cause your computer to crash under the weight of the dozens of clashing ads and pimped-out-MySpace-page-esque design. Nevertheless, the man behind it, Rich Bergeron, is a sharp journalist who has been uncovering the FightOpinion reports that there will be a hearing in Las Vegas tomorrow to determine the validity of the suit. If that hearing doesn’t go Xyience’s way, there will be a hearing next week on Bergeron’s motion to dismiss the lawsuit altogether; like a fool, Bergeron is representing himself.
So, that’s the backstory. What we wanted to share with you is the video that Bergeron posted to YouTube yesterday, which adds a new element to the Xyience bankruptcy scandal. Like Bergeron’s website, the video is a batshit-crazy eyesore, and you might have a seizure before you get halfway through it, so we’ll summarize: In order to secure a $325 million loan, the UFC needed to prove a certain amount of annual revenue from sponsors. So, they passed Xyience a bunch of money through questionable means, and Xyience passed it back to show that the UFC was taking in sponsorship revenue; without this arrangement, the UFC wouldn’t have gotten the loan. And now the video…
So, that theory may explain why Zuffa has continued to support Xyience even though it wouldn’t seem to be in their best interest financially. We previously suggested that personal loyalty could have been the explanation, which sounds pretty stupid in retrospect. If you have a few hours to kill, you can read all of Bergeron’s Xyience reports here.
Though Zuffa could eventually be defendants in a fraud case, they’ll first be plaintiffs in one. According to Sherdog, Pride FC Worldwide Holdings — a company created after the sale of Pride to Frank and Lorenzo Fertitta — has filed a lawsuit against Dream Stage Entertainment and its president Nobuyuki Sakakibara, claiming the defrauding of millions of dollars from the sale of Pride FC and Pride Bushido. It’s possible that Pride’s former association with gangsters made full disclosure of their finances tricky at best. Sakakibara is reportedly preparing his own suit against the Fertittas for breach of contract due to Zuffa’s decision to shut Pride down after the sale was complete. We’ll continue to update you on these ongoing legal clusterfucks as they develop…
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Comments
Tue, 02/05/08 - 03:58
That really is the ugliest website I have ever seen. Impossible to navigate.
Tue, 02/05/08 - 06:02
Your talking shit about Xyiece again, i'll tell you this.........Im a bald money grabbing fucker and you fight fans can all pay up or shut up...bitch!
Tue, 02/05/08 - 06:13
Ugly, ugly site.. Horrific video.. I can barely see straight now and it's as if my brain has turned inside out. Either way, I personally don't find this as important as Mr Hambergeron does, but I'll tell you what is important, that BROCK LESNAR LOST WAHOOOOO!!! You've heard of the Achilles Heel, well now we've got the Lesnar Foot. That big dummy with his stupid foot causing him to lose! Guffaw guffaw guffaw hee-yaw hee-yaw!! /kicks like a jackass
Wed, 02/06/08 - 01:53
Sorry I'm not the best web-designer or video producer. Obviously writing is my better talent. I run and design the site by myself, so it's the best I could do. When Xyience loses the case, I will have enough money to get a professional redesign done. As for defending myself, I had no choice. I didn't have the $50,000 retainer most lawyers asked me for. Considering that I've so far managed to get the damage claim reduced from $25,000,000 to $84,000, I think I've done a fairly decent job. We'll see for sure tomorrow and on the 14th, but either way I'm not worried.
Thu, 02/07/08 - 01:48
FYI, about the Xyience stuff . . . The summary you give is of a youtube video that excerpts the Fight Opinion Radio show I host. (How's that for six degrees of separation?) Anyway, we do not know for a fact that the UFC passed money to Xyience to help secure it's loan. What we discussed on the show was that the accusation had been made. We then talked about what impact that would have if it were true. Bottom line - we do not have enough facts yet to know whether it is really a problem or not.
Sun, 02/10/08 - 03:34
my head hurts.
Mon, 02/11/08 - 12:21
Rich Bergeron hits this story dead on. Not only was the $12 million Zyen loan to Xyience a pass through for the Fertittas and Bill Bullard to cover up the fact that they were defrauding institutions, funds and fixed income investors out of $350 million, but also, the loan was the instrument used by the Fertittas and the Xyience Co-CEOs Kirk Sanford and Adam Frank to defraud the creditors and 380 shareholders of Xyience out of their investment. The Fertittas, through their Zyen financing, paid themselves, the UFC and Sanford and Frank, put themselves in first lien, and now together have bankrupted Xyience so they can pick up Xyience for a song, wiping out all the creditors and shareholders. The Zyen loan was funded on Oct. 4, 2007, foreclosed on by Bill Bullard on Dec. 4, 2007 and now Xyience management, Kirk Sanford and Adam Frank, who received $500,000.00 from the Zyen loan, declared bankruptcy on Jan. 18, 2008. Sanford and Frank weren't able to make one payment on the Zyen loan after they had just received $12 million from their strategic partner? Yeah, strategic for themselves, alright. Eight months ago when these two Co-CEOs took over management of Xyience the company was valued at over $200 million, now Xyience is bankrupt.
Mon, 02/11/08 - 10:26
Gale, email me at rich.bergeron@gmail.com if you get a chance. I would definitely like to chat with you more. Sounds like you have the inside track.
Sun, 05/04/08 - 04:21
i'm pretty bummed about this. i have $ invested with xyience. i guess i'm getting f'd by the fertittas brothers and dana white. i wish someone would help me and my invester friends get our $ back.
Fri, 03/27/09 - 03:42
Reading this article, and the way it was written, I can definitely see how these Cage Potato whores suck ZUFFA dick in order to get some of their dirty Fertitta money. Man I really wish I could meet the writer of this website. I would beat the absolute shit outta him, pick him up, dust him off, and beat the shit outta him again. Journalists are prostitutes, and Cage Potato demonstrates the lowest of the low standards synonymous with Propaganda style news coverage. Fuck you Cage Potato. I will still view this site, but only to see how motherfuckers like the writers of this site still try to maintain an air of integrity when Fertitta cock is firmly shoved up their ass. Fucking amoral pieces of garbage. I hope the children of the writers here grow disgusted with the dishonourable actions of their parents.
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