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Details from the Shamrock / Strikeforce / EliteXC love triangle

ProElite released it’s SEC filing yesterday, and there’s a good amount of information in there for anyone proactive enough to dig through it. If you’re looking for a quick breakdown of the numbers (but no perspective, for shame), then you can check out Bloody Elbow. Me, I’m less interested in the numbers … I went digging for dirt, and found some pertaining to the whole Frank Shamrock / Strikeforce / EliteXC situation:

On January 23, 2007, West Coast filed a civil action against Frank “Shamrock” Juarez (“Shamrock”), and sought and obtained a temporary restraining order which prohibited Shamrock from fighting in the Company’s February 10, 2007 event. The Company subsequently entered into a settlement agreement on February 5, 2007, pursuant to which West Coast dismissed its civil action and agreed to permit Shamrock to fight in the February 10, 2007 event.

The Company agreed to pay an aggregate of $250,000 to West Coast, out of future compensation due to Shamrock from the Company under the personal services agreement. The Company also entered into a co-promotion agreement with West Coast, pursuant to which it agreed to co-promote up to three live MMA events that feature Shamrock. To date the Company has paid West Coast $100,000 of the $250,000 owed. The remaining portion totaling $150,000 will be paid to West Coast from future co-produced events. A liability has been accrued for the $150,000 at December 31, 2007.

  • Swedish guy

    I don’t get it. What is this stuff?

  • I signed up for Fightliner

    Basically it means that Elite is holding debt on there books, nothing too big that elite cant pay, had it been a smaller venue there could of been a possibility that the company could not pay the liability and then be put into bankruptcy but nothing too big here.

  • Atom

    Juarez is his real name, and Shamrock is a nickname?

  • clint notestine

    “Juarez is his real name, and Shamrock is a nickname?”
    His foster/adoptive fathers name was Shamrock.

  • I signed up for Fightliner

    Now that I have had time to look at some of the financials for the company Elite might have problems in the future, if they cannot get favorable rates on inevitable loans they will have to slow down expanision a great deal, this can mean numerous things such as cutting fighters contracts, less shows, and a multitude of other things. Anyone have a link to the actual auditors statements?