Elite XC to file for bankruptcy

Even though they are different, it looks like the MMA promotions are running into the same problems the pro wrestling promotions run into.
In wrestling...I'm sorry..."Sports Entertainment"...the WWE rules the scene with upstart companies falling by the wayside.
And in MMA, it looks like UFC is the one to beat.
As far as Elite XC goes, did that 14 second knockout do all this?
What are Kimbo Slice and Gina Carano going to do now?

Mixed martial arts' Elite XC to file for bankruptcy
By Lance Pugmire
It looks like Elite XC, the upstart mixed martial arts organization featuring Kimbo Slice, is down for the count.
ProElite, Inc., Elite XC's Los Angeles-based parent company, plans to file for bankruptcy, said T. Jay Thompson, an Elite XC executive consultant, whose Hawaii-based MMA organization was purchased by ProElite last year.
Elite XC has also informed fighters, office staff and others of immediate layoffs and has canceled fight dates, including a Nov. 8 card in Reno, Thompson said.
http://www.latimes.com/sports/printedition/la-sp-mma22-2008oct22,0,2976847.story