Not sure what happens next, but Showtime won’t be auctioning off EliteXC’s assets after all:

Showtime has halted plans for a public auction of ProElite assets.

The auction was scheduled for Monday, at which time Showtime was to sell ProElite’s remaining assets, including fighter contracts. However, Showtime in a statement today indicated that it has, at least temporarily, decided not to hold the auction.

“Showtime Networks Inc. has adjourned the previously announced public sale of personal property of ProElite, Inc. and certain of its subsidiaries scheduled for November 17, 2008. Showtime reserves all of its rights, including the right to further adjourn or cancel the public sale and thereafter dispose of such property in a public or private sale or in any other manner provided under its agreements with ProElite and by applicable law.”

Showtime has claimed rights to ProElite’s remaining assets after ProElite defaulted on two promissory notes of $4 million that Showtime lent to the company in June and September. The premium cable network notified the public markets earlier this month of its intentions to auction off those assets.

Showtime pulls plan to auction EliteXC assets @ MMA Junkie