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ProElite To Auction Assets On November 17th

EliteXC LogoMere moments after publishing our report on EliteXC’s intent to promote events in 2009 comes word that the assets of ProElite Inc., the parent company of EliteXC, will be sold at a public auction on November 17th.

“On October 31, 2008, 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 to be held on November 17, 2008,” reads a Securities and Exchange Comission filing published today. “Showtime reserves its rights under the Security Agreement, as amended, and applicable law to 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 is in line with our prediction that EliteXC was attempting to retain fighters contracts in order to sell them to the highest bidder.


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