Showtime Networks and parent company CBS Corporation filed paperwork with the Securities and Exchange Commission on Tuesday to announce that ProElite, Inc.’s assets would be made available to high bidders through public auction on Nov. 17.
“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,” states the filing. “Showtime reserves its rights under the Security Agreement, as amended, and applicable lawto 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.”
This latest development comes in light of recent news that ProElite responded to several managers and fighters that had cited material breaches in their contracts by signaling their intent to promote shows in 2009. Those claims were met with great skepticism by FiveOuncesOfPain.com founder and publisher Sam Caplan in an opinion-editorial column published yesterday titled “Even in death, ProElite and EliteXC finding ways to hurt the sport.”
Several industry insiders contacted Five Ounces of Pain to dispute the accuracy of the column, expressing that ProElite was indeed looking at ways to continue promoting shows as a restructured operation. However, in the end, it doesn’t appear that the final decision to continue was in ProElite’s hands after CBS and Showtime filed a notice of default last week pertaining to millions of dollars of that had been loaned to ProElite.