We reported earlier this week about the intentions of Showtime Networks Inc. to host a public auction on November 17 with whatever remains of Pro Elite Inc., including the video library, fighter contracts and other items.
Pro Elite Inc. was indebted to the premium cable network to the tune of 6.3 million dollars, which was accumulated through various loans. Showtime is apparently under the impression that because Pro Elite defaulted on the loans that the company has the right to take possession of its most valuable assets moving forward.
Pro Elite, however, sees it differently. In fact, according to the Media Daily News the organization plans to take legal action to try and stop the auction from happening.LINK