Bankruptcy 11 Sale Of Xyience Inc Energy Drink Maker For $15 Million

Xyience Energy DrinkBankruptcy sale of Xyience, Las Vegas energy drink maker, approved for $15 million this week to Manchester Consolidated. Bad news, unsecured creditors of Xyience will lose all of their investment in the once rockstar energy drink arena.

Last minute bidding within 90 minutes of the Chapter 11 sale, included an offer by a New Zealand company for $15.5 million all cash. This offer would have been considerably financially better for the drink manufacturer because of the cash but they missed the court’s deadline.

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Xyience Energy Drink Past CEO Had Troubled Past With Money Laundering

XyienceXenergy energy drink past CEO, Russell Pike, served five years for money laundering. The troubled past of Pike and Purchasepro.com, an internet auction company, started in 2001. Charles Johnson, chief executive of PurchasePro, was accused of Pike of stealing his internet auction company business plan.

Pike is now involved in another bankruptcy proceeding and Johnson has been charged with securities fraud.

The key sponsor to the Ultimate Fighting Championship is Xenergy energy drink. Pike founded and was the CEO of Xyience. They manufacture and distribute nutritional supplements and are known for their famously popular energy drinks.

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Xyience Inc From Las Vegas Has $15 Million Bid To Buy From Bankruptcy

XyienceXyience Inc., from Las Vegas, Nevada, has a potential bidder for the bankrupt Xenergy energy drink company. Other potential investors are expected to make their offers known.

The debtor’s law firm, Fennemore, will accept competing bids until March 28, 2008. Bankruptcy court will hold an auction on April 1, 2008 if the law firm receives qualified competing bids.

The $15 million investment bid for Xyience is from Manchester Consolidated Corp. The bid information from the legal papers filed last week for the energy drink manufacturer would include secured debt held by Zyen LLC of $14.8 million and $200,000 in cash.

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Xyience Las Vegas Drink Distributor Files For Chapter 11 Bankruptcy

Xyience Energy DrinkXyience Las Vegas energy drink manufacturer and distributor, sponsor of the Ultimate Fighting Championship, filed for bankruptcy protection this week.

Last Friday the voluntary bankruptcy petition followed and involuntary petition that was filed on January 3. The petition was filed by Russell Pike, a former Xyience CEO, and several other individuals. The involuntary petition remains pending.

The UFC sponsored energy drink has its corporate headquarters in Las Vegas real estate. Xyience distributes its beverage through 230 grocery and conveniences stores in the Southwest United States.

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