The Las Vegas Review-Journal reports that the Judge handling Xyience's bankruptcy proceeding approved two contentious motions regarding an increased loan from Zyen and a licensing agreement with Zuffa (SEE: Xyience Bankruptcy Continues for details).
Attorneys for three unsecured creditors and some Xyience stockholders objected to the financing and marketing agreements, which they said unfairly benefited the Fertittas and companies controlled by the Fertittas. The Fertittas control Zyen, the company making the loan, and Zuffa Marketing, the company which signed Xyience as a sponsor for the UFC fights. [Judge] Nakagawa acknowledged that the Fertitta companies drove "hard bargains," but the judge saw no alternative, other than to shut down the energy-drink maker.The article also notes that the attorney for Xyience represented that a potential buyer of the company was present in the court room, however, Xyience's President declined to identify the potential buyer when asked by the Review-Journal.
