Gentle Fudge
religion, politics, current events, and other fashionable dinner conversation.
Tuesday, April 08, 2008
Xyience to be Sold for $15 Million
The latest in our little saga is that Xyience is to be sold. My many thanks to Mr. Bergeron for his assistance in this unraveling of an energy empire in the great City of Sin. As my cable hasn't been hooked up for over a year, I had to wait for months, catching old fights off Netflix, to see the switch on the MMA center mat from the usual slimline can -- and I did look for a switch. I listened for new sponsors. I watched for sponsor changeovers from fighters. That's pretty much the only reason I checked in from time to time while the other half indulged his guilty pleasure of watching ultimate fighting. Truth be told, it is a fascinating sport. I prefer it over boxing. Human chess wits mixed with the gladiator gore of ancient days.

But enough pithy prose... on to the meat of the matter:

Xyience to be sold for $15 million

Posted: 4/3/2008 10:21:46 AM

A Nevada bankruptcy judge approved the $15 million sale of Xyience Inc. Tuesday after rejecting a last-minute offer for $15.5 million.

The Las Vegas Review-Journal­ reported that Judge Mike Nakagawa rejected the bid from Medici Group Holdings of New Zealand because the company failed to meet the bidding deadline. The Journal reported that the company called 90 minutes before the hearing and failed to send a representative to the court room.

Jim Morgan, the attorney for Xyience’s unsecured creditors, urged the judge to accept the larger offer, the Journal reported, saying that it represented a better deal for the company’s estate.

Manchester Consolidated Corp., whose offer was approved, will pay $200,000 in cash and assume $14.8 million in debt, the Journal reported. Medici reportedly offered $15.5 million in cash.

Morgan also asked the judge to delay the sale of Xyience for two days to give another potential bidder time to respond, but Greg Garman, an attorney for Zyen, opposed the delay. The Medici offer should not be considered because they failed to meet bid requirements and make a deposit, he said.

"All we have is a ghost (bidder)," Garman said.

His client, Zyen, stands to benefit from the sale. The company – controlled by Frank and Lorenzo Fertitta – signed Xyience as a sponsor of the Ultimate Fighting Championship, which the Fertittas also own.

Zyen extended two loans to Xyience totaling $14.7 million ahead of the sale. The Journal reported that the terms of those loans gave Zyen the right to recover debt before other creditors.

Source: Staff

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posted by Sara @ 5:47 PM  
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Name: Sara
Home: gypsy wanderer, United States
About Me: Those who know me find me stubborn, opinionated, open-minded, strong-willed, of some intelligence, and yet they still hang around.
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