In a Securities and Exchange Commission filing dated Nov. 4, executives from Showtime Networks and parent company CBS Corporation announced that the assets of Pro Elite, Inc. would be sold to the highest bidder in a public auction scheduled for 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,” the filing states. “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.”
The filing comes only days after Pro Elite sent a letter to fighter managers stating the company was in the process of downsizing and planned to put on another card in early 2009.
Kelly Kahl, Senior Executive Vice President for CBS Primetime Television, had no comment on the sale.
