Nick Diaz has officially and formally filed a breach of contract suit against his former employer, EliteXC, following the company going belly up:
Attn: Jeremy Lappen
Re: Notice of Breach – Unarmed Combatant Promotional Agreement between Nick Diaz and EliteXC Live, Inc.
Pursuant to Article 43 of the Unarmed Combatant Promotional Agreement between Nick Diaz and EliteXC Live, Inc. (“Agreement”), Nick Diaz hereby provides written notice of material breach of the Agreement. It has come to the attention of Mr. Diaz that EliteXC Live Inc. has declared the intent to file for bankruptcy and is no longer able to fulfill its obligations under the contract and has breached its representations and warranties pursuant to Article 47 of the Agreement.
Pursuant to Article 43 of the Agreement, EliteXC Live Inc. has thirty (30) days to cure such material breach by posting a bond or other form of escrow in such an amount as set forth in the Agreement that must be payable to Mr. Diaz upon completion of each contemplated Bout set forth in the Agreement and any extensions thereof, and, specifically to evidence EliteXC Live Inc.’s ability to fulfill its obligations under Article 47. If EliteXC Live Inc. fails to cure such material breach in the manner set forth above within thirty (30) days of receipt this written notice, then in Accordance with Article 43, the Agreement and any extensions thereof will be terminated.