Props: GracieFighter.com
Quoteworthy:
“EliteXC representatives have vowed that they will continue operations and will be planning a show in early 2009. Most of the major EliteXC fighters under contract have been notified. Lead counsel for the organization has informed us that contrary to popular beleif, EliteXC has not filed for bankruptcy and has merely scaled down their staff.”
Cesar Gracie shares that feedback he received from ProElite — the parent company of Elite XC — after he filed a breach of contract with the promotion on behalf of Nick Diaz. Last month the promotion shut its doors after being unable to secure additional funding. It was widely believed that the next step would be bankruptcy; however, it appears that there still maybe some fight left in the promotion. This could also just be an attempt an attempt to buy more time before official collapse — the promotion had 30 days to respond to the breach of contract. In the meantime, Diaz is free to compete in Japan as is Eddie Alvavrez, which Gracie alludes to in the write up. Perhaps we will see the two lightweights collide after all … just not this Saturday.
74 Comments »
you see, this is what a few of us smarter manics were talking about last week! They aren’t necessarily out of business, just filed for bankruptcy protection. They could easily find a private backer (ala trump/affliction) and honor the contracts they have! Nick Diaz most likely pushed them to make a move since he led the way (with others sure to follow) of asking to be let out of the contract! I hope they call KJ noons bluff and set him up to face Nick. Trackback guys, the Nick Diaz thread from last week I said they will put on a show in march 09!
But they released most everyone that was working except for Lawyers and a couple accountants. They also have only 30 days to honor the contracts. I doubt a private backer would sink any cash into such a shitty org especially with the state of the econ. This is a pathetic stall tactic.
They wont EVER hold a show again. THis is just a ploy to sell off its top fighters contracts as assets.
EliteXC wont be hosting any more shows!
Thats what I think it is! Just their way to try to get some money before their fighters get released?
Why doesnt Elite XC just come out and say what the f**k theyre trying to do already… id like to see them stay in business only so we get more MMA every weekend but thats probably wishful thinking, i just wish they would quit f***ing around and put their fighters in action one way or the other, in the Elite XC cage or in someone elses
Hopefully it is just a stall tactic. I want to see their best fighters in the UFC. Sucks for the fighters though.
I can’t see how EliteXC is going to keep their fighters. Nick Diaz has already filed a breach of contract and I’m sure he won’t be the only one. Most of these fighter’s livlihoods depend on them staying active and there is too much uncertainty with EliteXC. I would be jumping ship as fast as I could.
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
they should have a TUF for all the fighters that need a ufc contract that the xc just laid off
What the f@#k was all that about?
mikeybear aka big shot bob-if your post doesnt show up the 1rst time, be patient and wait for it. geeeeze.:)
Posting the same thing like 8 times sure is fun.
Not sure is you guys have thought about this but maybe they should have a TUF for all the fighters that need a ufc contract that the xc just laid off? Hmmm…
That’s a great idea Canucklehead! Not sure but it is almost as if I have heard that before….. lmao
Could u repeat that Canuklehead… I didn’t quite grasp what u were saying?
WHY DID MY COMMENTS DISSAPEAR BY MIKEYBEARS DIDNT??
IS THIS USING YOUR BIG BOY VOICE?!!?!?!
Sure grabbed your attention little boy
as long as they schedule a show withing 30 days, there is no breach
It is just them stalling. They are so far in debt. They got fighters like Diaz, and surely many others to follow, planning lawsuits.
They are just saying this to keep from being sued, etc, etc. You really think they would announce they are closing up shop….then a couple weeks later…..say no, we are still planning a show in 2009…
HORSESHIT….and those of you that believe it are naive. They are done. Plain and simple. Those shady fuckers will tell their fighters WHATEVER they want to heat to keep from further possible lawsuits, problems, etc, etc….
by the way, my above comment is me saying their lying and have filed for bankruptcy!
I don’t know much about the law, but I bet that filing for bankruptcy is just the preliminary paper work that floats in the system until it reaches the court on a specific date, reviewed and then either granted bankruptcy or denied. I’m also guessing Elite XC can file a cancelation to that paperwork in the meantime. Maybe filing for bankruptcy and officially being declared bankrupt has caused some confusion.. purely speculation on my part though… ’cause I don’t know squat about this issue’.
Nothing filed as of today in the US Bankruptcy Court (Central District of California) for Pro Elite, Inc.
Thorazine,
I happen to know a bit about this subject. Once a company has filed their bankruptcy petition, it is docketed and given a case number. A company needs to have DIP (Debtor in Possesion) financing in order to proceed. This financing is to carry them through bankruptcy. However, with the recent credit crunch this financing is increasingly hard to come by.
Jeff I was still ignorant about DIP so I looked it up…
“Debtor-in-possession would be filed under Chapter 11 bankruptcy process so it allows them to obtain credit and incur unsecured debt to fund ordinary opertaing expenses.. It gives a troubled company a new start, albeit under strict conditions.”
Thanks for the info I am enlighten a bit today… apparently WW West dug up some info and says nothing has been filed by Elite XC in CA.
Guess we’ll just have to await the next bundle of Elite XC news to find out what’s going on… sounds like they’re roadkill to me.
Happy to provide some info. I do agree with you that they are most likely road kill and thus will most likely liquidate.
Please let Elite die so hdnet can pick up the fighters and let Cuban spend some of his money, and cross promote fights.
At this point.. what’s the point of saving EliteXC.. To qoute TUF9..
They Lived.. They died.. Who cares..
This is good for MMA..If it can stay afloat this time, UFC will have to keep putting past PPVs for free on Spike to compete with them.
so it’s good for mma so you can see old ppv’s free on spike??? that doesn’t make much sense to me at all. what makes sense, is taking the handful of good fighters that elite has, and let them fight the best, in the UFC. The rest of their C and D level fighters can hit the unemployment line or train harder to get good enough to be in the UFC. In no way I can think of is this good!
How is it good for mma? I’d much rather see the handful of good elite fighter go to fight good competition in the UFC. To say it’s good so you can see old ppv’s doesn’t make much sense to me!
VM, good comparison, I’d rather watch the cat suffer, but would also like elite to be put down!
I agree. These fight-fixing douchebags should go back to promoting boxing and honky-rap or whatever they did before deciding they were the biggest MMA fans EVER.
PW. honky rap. lol!
More MMA – me more happy
me happy if MMA free
EliteXC = free MMA (no PPV)
UFC = Dana White
DW = Dick
Dick = crappy PPV cards & bad mouth non-ufc fighters
Dick also equals talking crap about your own tuf fighters – Vinny Magalhaes stand-up when clearly the other guys body looked like xmas candy cane (Vinny is Vinny but his stand up did not deserve the dw comment [i have seen worst stand ups in ppv])
So to sum up, Dana White is a dick (your opinion, shared only by a few ignorant trolls on this site) and since Dana White is a dick we should have crappy cards, WWE-style theatrics and announcing and fixed fights just because it’s free and makes you happy.
Here’s another analogy — would you rather pay $50 for an evening in the VIP room at an upscale gentleman’s club or have me put my foot in your ass for $10?
PW is my new hero! I couldnt have said it better myself… Elite XC = terrible for MMA as a sport
how big is your foot?
Big enough I could charge more than $10, but I was just making a point.
You don’t get it – DW is a dick bcz his 50$ PPVs feel more like a 10$ blows in a dark alley
Even for the Couture fight – I need to be prepared to face the fact that there is 50-50 chance that I am simply throwing 44.95 to the wind.
So yes – I would much rather watch 10 free eliteXC fights (and get pleasant surprises a few times) than watch 1 UFC PPV and be disappointed
This is the funny strings of comment I have read on here is some time.
Yes – give me anything, anything free & I’m happy; EliteXC, IFL, Strikeforce – I don’t care (I have DVR to divo trhough the crappy fights)
More more more – anything but lackluster PPVs plz, anything where to guys go out there to knock each other’s brains out, anything with rivers of blood & broken bones, mucha mas por favor
UFC has the right idea with TUF – so if you cut out the soap opera & put on more fights you will have a winning formula
Gary & Jared Shaw are probably lobbying in Washington in an attempt to secure some of the government bail-out plan. Haha. This organization is Busch League and it would be a miracle if they get some kind of funding from a sponsor or an investor.
Daley already went to Sengoku and I think more fighters are leaving as well. Is their tactic to let all of their fighters leave?
This could have been forced by Nick Diaz’ move… if one Elite fighter gets out of his/her contract, many would follow. It is just delaying the obvious…
This reminds me of a cat that gets ran over my a SUV going 50 miles an hour. The cat isn’t dead immediately, but it twitches in the road bleeding with a broken spine. There is ZERO chance at survival, and the best thing to do is put the animal out of its misery and kill it. This is the exact same way I feel about Elite – they are the cat that just got ran over badly…
Good comparison, but I’d rather see the cat suffer, but agree elite should be put down!
Your analogy is a little disturbing.
..but true.
now i know why you call yourself violent mike
Did the cat get run over by a truck with Rampage’s face on the side? or was it Seth Petruzelli’s face?
Just die already they are screwing their fighters out of money that could be earned after the 30 days of a breeched contract!. Just take your losses and go home! Gov’t will bail you out like they do other companies!
Looks like the CBS deal isn’t dead after all. To me looks like a potential deal could be done real soon. I hope they do survive. I for one believed they put on some great cards. Granted I dont believe Kimbo is a headliner. They have made grave mistakes in the past, huge mistakes to be in $55 million in debt in 18 months, but they still put on great fights. Well I hope for the fighters sake anyhow that an announcement will be made real soon so they can decide whether to stay put or move on. At the end of the day they are still in limbo whether they have a job or not which aint nice.
Elite has until November 16th to come up with the $6.5 million they need to pay Showtime. I don’t see this happening.
I think it is just a stall tactic. It’s just a bullshit move by EXC so that “their” fighters can’t fight anywhere else for as long as possible.
This is great news. UFC needs more competition, period.
Yeah KAS, Damn I thought Halloween was over but now we have ZOMBIE XC to worry about.
People who think that any competition is good competition need to take a high school business class.
No doubt! If that were true, we’d all be screaming for a “good for the sport” match featuring Gabe Rudiger VS GSP.
how is a going out of business organization, basically just putting on a show so fighters don’t go to the UFC, good for anyone? if anything, they are going to schedule a show (to satisfy contracts, secure 20% of fighter pay and cancel the show last minute, basically forcing these poor fighters to waste time because they are bound by their contract. ANYONE who is ignorant or naive enough to truly think this is good for us, mma or the fighters needs to go take a remedial business course!
Elite XC is NOT competition for the UFC… just like Go Kart racing is NOT competition for NASCAR
Perfect topic for the Day of the Dead. Hope it isn’t true I would prefer to see the good fighters in other orginizations that don’t have such a taint on them.
Everyone has a taint.
Not me. I have to push my balls out of the way to wipe.
I’ve seen “Weekend at Bernies”. Sure, this makes for some good times (for a couple more days) but make no mistake, they’re dead nonetheless. By the way, the sequel was even worse.