“The Company plans to take all appropriate measures to prevent the sale from occurring,” reads a portion of the filing. “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.”
The auction is set to take place on November 17th, leaving ProElite little time to prevent Showtime from auctioning off their assets.
Although the promotion’s greatest asset is without a doubt their fighters, ProElite is unlikely to have success in auctioning off their contracts because, as Zach Arnold points out, they are personal service contracts which, as we learned in the UFC’s purchase of PRIDE last year, are not transferable to another party.