It’s been over three years now since the doors shut on the worst-run MMA promotion in history (and that’s saying a lot). Just as we were getting ready to banish former EliteXC head Gary Shaw to the bowels of our memory, right next to the images of that fat girl we shagged when we were really drunk, it seems that his f*ckups have started haunting the ProElite name again. The SEC has just filed a temporary hold and begun administrative hearings against ProElite for not filing any paperwork since 2008. Oops!
“ProElite, Inc. (“PELE”) (CIK No. 1015789) is a New Jersey corporation located in Los Angeles, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). PELE is delinquent in its periodic filings with the Commission, having filed some but not all of the required periodic reports. The most recent filings were a Form 10-Q for the period ended September 30, 2008 and a Form 10-K for the period ended December 30, 2008, both filed November 21, 2011. The Form 10-K reported a net loss of $55,567,437 for the prior twelve months. The last report previously filed was for the period ended June 30, 2008, which was filed on August 19, 2008. As of March 16, 2012, the common stock of PELE was quoted on OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. (“OTC Link”), had ten market makers, and was eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3)”
In terms of ProElite and the SEC filing, Stratus Media Group (parent group of ProElite) CEO Paul Feller told MMAPayout that this “does not impact the daily operations of ProElite”, as it is a “total separate matter carried over from the old Pro Elite group.” He went on to state that “We’re doing all the necessary paperwork required to comply with the SEC and to lift the temporary hold placed on ProElite.” Feller expects a resolution to the matter in a “very short time frame”.
In terms of running the operation on a day-to-day basis, it is “business as usual” according ProElite Head of Fight Operations T.Jay Thompson. “We are thrilled to be where we are. We have a wonderful TV partner in HDNet and expect to continue that partnership and to grow with them under the new AXS TV brand, as they will further expand their reach into millions of homes.” ProElite is currently “re-fueling” and targeting a Summer date for their next event rumored to be held in California around June.
Evidently, after things started going south for the old EliteXC, they just stopped filing paperwork with the government. I can see why Gary Shaw didn’t think his $250,000/year salary was enough to keep up with SEC filings: with my salary at Fightlinker, I make $250,000 taking a dump (that usually takes me about 17 hours, but still.) So it’s totally understandable that this fell through the cracks in favor of sitting around the office watching Jared “$kala” Shaw’s groovy rap stylings. But it’s hard to get around the hilarity of the fact that an organization that’s at least TRYING to be responsible has to clean up this mess just because they bought a name.