MMA I knew this was comming

Discussion in 'OT Bar' started by ITR06, Jan 22, 2008.

  1. ITR06

    ITR06 OT Supporter

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    UFC SPONSOR XYIENCE FILES FOR CHAPTER 11
    [FONT=Verdana, Arial, Helvetica, sans-serif]Tuesday, January 22, 2008 - by Damon Martin - MMAWeekly.com [/FONT]

    [​IMG]
    Xyience Inc., recognized as one of the largest sponsors for the Ultimate Fighting Championship, filed for Chapter 11 bankruptcy according to reports from the Las Vegas Review Journal.

    According to the report, the company reported $42.3 million in liabilities with only $5.3 million in assets, which along with claims of death threats and violence against leadership at Xyience caused the filing.

    The bankruptcy petition filed was voluntary, which followed an involuntary claim made on Jan. 3 by founder and former CEO Russell Pike.

    The filing under Chapter 11 provides Xyience Inc. with protection from creditors while the company reorganizes and while the situation would seem dire, current Xyience president Omer Sattar said he is optimistic about the company’s future.

    "We're excited about the opportunity (to reorganize the company), " said Sattar in an interview with the Las Vegas Review Journal. "Xyience has a great brand name and has a strong affiliation with the UFC."

    Frank and Lorenzo Fertitta, owners of the UFC along with president Dana White, are named in the claim as creditors in the bankruptcy filing, which states that they have $12.5 million in unsecured claims and another $5.3 million in secured claims with Xyience Inc.

    In the statement, Sattar said that the company may have had to file for liquidation under Chapter 7 if not for the continued support of the Fertittas during this time, and while again the current Xyience president stays optimistic, he stated that the current filing became necessary when the company was unable to raise an additional $7.5 million from current shareholders.

    The filing also makes claims that former leaders and founders of Xyience have made threats of violence against current leadership for the company, claiming lost funds and payment.

    Attempts to reach both UFC president Dana White or the Ferttita brothers were unsuccessful according to the report.
     
  2. MyLittleAirport

    MyLittleAirport OT Supporter

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    Fk xyience, I'm glad I never bought any of their products.
     
  3. Optamix

    Optamix New Member

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    Suck.

    Doesn't surprise me though.
     
  4. I think there was a lot of that going around.

    Hence the bankruptcy.
     
  5. Maestro Nobones

    Maestro Nobones Great Job! - GLAD DADS CREW

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    maybe if they hadn't sold overpriced bullshit products they would have done better.

    also they went from nothing to the biggest MMA sponsor, that doesn't seem like a solid business plan.
     
  6. ITR06

    ITR06 OT Supporter

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    i wonder how Mickeys is holding up, fuck their beer is gross.
     
  7. FloppyCock

    FloppyCock New Member

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    I don't know one person who has ever bought that stuff.
     
  8. Mickeys is a subsidiary of Miller. They're fine.
     
  9. Trueno

    Trueno Bаnned bу Ѕuреr Μоdеrаtоrs

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    I bought it after I saw Liddell trained.

    Then I got a big pregnant tummy now :wtc:
     
  10. ITR06

    ITR06 OT Supporter

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    oh i didnt know that
     
  11. yeah, it's interesting.

    apparently they don't want to lower the class of regular miller, but it's the perfect demographic for malt liquor.

    Actually, one reason UFC is so successful is the demographic is a dream for marketing.
     
  12. roose

    roose Guest

    Mickey's has the coolest bottles. It is a shame the beer tastes like it was filtered through a honeycomb made of feces.
     
  13. ZZex

    ZZex New Member

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    In for Xy 75% Clearance
     
  14. Civil Disobedient

    Civil Disobedient "Die Biting The Throat" OT Supporter

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    malt liquor, son
     
  15. Civil Disobedient

    Civil Disobedient "Die Biting The Throat" OT Supporter

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    malt liquor, son
     
  16. KRUSTYTHECLOWN

    KRUSTYTHECLOWN OT Supporter

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    Death Threats? WTF? :ugh:
     
  17. ITR06

    ITR06 OT Supporter

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    i know but who actually likes that crap
     
  18. Bear Fight

    Bear Fight New Member

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    Well when you don't pay people they tend to get angry.
     
  19. JordanClarkson

    JordanClarkson OT Supporter

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    still a ripoff at those prices :mamoru:

    it was cool that they were one of the first companies to support mma, but not paying their fighters while trying to expand like crazy was a stupid business plan.
     
  20. Mejnoon

    Mejnoon Active Member

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    Fuck all you guys, Mickey's is the shit:squint: $.99 40's in the summer was the bomb:bowdown:

    As far as Xyience, I'd like to hear the rest of the story. The fact that the UFC owns nearly half of their debt is interesting. We're gonna see Zuffa walk away with a significant, likely controlling equity position after the reorganization. You can bet on that.
     
  21. Civil Disobedient

    Civil Disobedient "Die Biting The Throat" OT Supporter

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    po' folks and college kids

    if you get some fresh, it really isnt that awful. then again, im local so not as much travel time. and i havent had any in about even years :dunno:
     

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