When ProElite first let slip that they were shutting down, I kept waiting and waiting and waiting for them to file for bankruptcy protection or something. Not doing that left them open to all their creditors calling in their debts and stripping the company of all it’s assets. And surprise surprise that’s exactly what happened: Showtime said “Default!” and now they have ads up on various MMA sites (sadly, we have been overlooked!) declaring a big ol’ ProElite garage sale on November 17th.
I kinda had a bit of a suspicion that ProElite LET this happen, since they had ample time to see this coming and didn’t do anything to stop it. From a tinfoil hat perspective, it made a certain amount of sense: Showtime claims ProElite’s useful assets and just carries on with the business of throwing MMA events without all the hassle and debt from ProElite. Sure, that’d be gross negligence on the part of execs towards their shareholders, but it’s not like that hasn’t happened before.
But nope, that doesn’t seem to be the case – or if it is, ProElite is doing a decent job of pretending it’s not. Because today there’s the news that they’re trying to stop Showtime from selling all their assets. Here’s ProElite’s latest filing:
“The Company plans to take all appropriate measures to prevent the sale from occurring. Such measures may include raising additional financing, filing a lawsuit enjoining the sale, filing a bankruptcy petition or negotiating a settlement with Showtime. There can be no assurances that the Company will be successful in any of these actions.”
At this point, I can only guess at what the fuck ProElite is up to. Obviously, it would be in their best interest to hold onto and sell their own assets in order to recoup whatever money they can for themselves. There’s also that retarded idea that they think they can still limp into 2009 with another event, a concept so ludicrous it could only come from the brainiacs currently left in charge. Whatever the fuck they’re up to, it looks like things won’t be as open and shut as everyone was hoping it would be. While ProElite did a shite job of running an MMA company, I’ve got a bad feeling they’re gonna be somewhat more effective at dragging all this out as long as possible.