From Josh Gross at SI.com:
Perhaps the most interesting bit of information from this mess deals with the contracts of ProElite's fighters. One of the managers I talked to said Elite might not be able to free fighters right away as CBS might have a right to the contracts. The network had a promissory note with Elite which didn't get paid. Like a lien on property, their only assets to collect are the fight contracts. This contradicts suggestions on Tuesday that fighters under contract to ProElite before it went belly up would likely be free and clear to negotiate with other promoters.