The latest turn in the Xyience Bankruptcy saga comes as David Herzog, the Liquidating Trustee for the estate of Xyience Incorporated, has filed yet another complaint in US Bankruptcy Court, this time against Zuffa Marketing, LLC (a company wholly-owned by Zuffa LLC).
The complaint alleges that in 2007 and 2008 Zuffa Marketing entered into a conspiracy with a number of Xyience officials to defraud creditors and stockholders out of the corporation. The complaint further alleges that Zuffa Marketing committed fraud on the court in order to avoid $4.5 million in repayment. Herzog alleges that these actions damaged the equity value of Xyience by nearly $100 million.
HerzogĀ last filed a complaint on December 29, 2009 alleging Fertitta Enterprises, through affliate Zyen, pursued a lend-to-own strategy designed to take control of the company rather than purchase it from creditors and shareholders.
More to follow on the Xyience situation as it unfolds.
interesting…
i noticed Xyience signage all over the Octagon at UFC 109 so i thought all the legal stuff was settled.