Fronted by Kid Nate.

From Graciefighter.com:

EliteXC representatives have vowed that they will continue operations and will be planning a show in early 2009. Most of the major EliteXC fighters under contract have been notified.

Lead counsel for the organization has informed us that contrary to popular beleif, EliteXC has not filed for bankruptcy and has merely scaled down their staff.

This will be a setback for all EliteXC fighters currently under contract as they will be unable to fight in other organizations without the express written permission of EliteXC. Barring a judicial ruling, EliteXC fighters could be hampered from signing with another organization.

However, Nick Diaz will be able to fight in Japan if terms are agreed upon with a Japanese organization due to a previous agreement with EliteXC. It is assumed that Eddie Alvarez will also be able to fight in the Far East without any EliteXC restrictions due to his previous contract with Dream.

Did they win the lottery, or are they childishly using the fighters as pawns against the existing MMA organizations? Strange news, any way.

Photo via www.the-newsroom.com