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After their stock went into freefall, the IFL spin machine is now doing serious damage control.  Notable quote:

A league spokesman said the sudden dive in stock value on Wednesday was expected, however, and maintained there were no worries about the future of the mixed martial arts organization that functions in the shadow of the more popular Ultimate Fighting Championship.

The IFL's original investors had their first opportunity to sell stock options in the company Wednesday, the spokesman said.

"According to SEC [Securities and Exchange Commission] filings, there was always going to be a day our original investors could exercise their stock options," IFL spokesman Joe Favorito said. "Today was the day."

Original investors bought shares for $1.25, Favorito said. IFL shares opened at $2.90 on Wednesday. The company averages just more than 37,000 traded shares each day. On Wednesday, more than 1.9 million shares were traded.

"This doesn't affect us at all," Favorito said. "We have many, many long-term investors."

To the IFL's credit, the Battleground show will be back on television in the fall.  That is, if the IFL is around in the fall.