The following is set for tonight’s 11/2 Lucha Underground on El Rey Network:
Loser Leaves The Temple: Rey Mysterio Jr. vs Chavo Guerrero Jr
Son of Havoc vs Dr. Wagner Jr.
Famous B has an update on his business plans.
The Lucha Underground Championship is on the line when Darios Dial of Doom returns.
Former TNA Knockouts Champion Maria Kanellis-Bennett, tweeted that she will be leaving the business soon.
Kanellis, who made her TNA debut this past January, added that she doesn’t know exactly when she’ll leave, but the reason why she went back to school was to prepare for life after wrestling.
Source: WrestlingINC
Challenge TV revealed that they will no longer air TNA in the United Kingdom starting in January 2017. The Challenge TV deal was one of the two biggest revenue streams for the company, with the other being their TV deal with Sony Six in India.
TNA issued the following statement regarding losing the deal, and appear to blame spoilers for the cancellation. It should be noted that spoilers have been leaking for TNA since Impact Wrestling first started airing in 2004. The Challenge TV deal started in 2011, and Challenge renewed TNA for three years in 2014.
Source: WrestlingINC
Below is TNA’s statement:
We are proud to have had such a great relationship with Challenge, and appreciate how the channel brought Impact Wrestling to our avid viewers through the years. In today’s world, spoilers are inevitable. We’ve heard from the amazing fans in the UK and know you do not want to wait 3-5 days to watch the program after it airs in the US.Our goal is to broadcast Impact Wrestling in the UK as close to the US premiere as possible. We look forward to announcing that opportunity soon, so stay tuned. In the meantime, we hope you continue to watch Impact Wrestling on Challenge, Sunday nights at 9pm, as well as Xplosion and pay-per-views and follow us on social media. Thank you.
Source: Pro Wrestling Sheet
Billy Corgan has lost his fight against TNA Wrestling for control of the company, but according to recently filed documents, his lawsuit will continue.
The judge ruled Monday saying Billy was unable to prove the company had become insolvent and the pledge agreement he made with TNA was not enforceable under Tennessee law.
However, the lawsuit will continue on. And if Billy is able to present more evidence moving forward, the outcome of the lawsuit could change in his favor.
The court also ruled saying Dixie keeping Billy out of the loop on discussions with WWE doesn’t necessarily mean she breached their contract — explaining, “The parties have submitted competing and disputed versions of these facts such that the proof is not clear.”
Billy released a statement saying, “For those asking, I’m in no way disappointed in the judges ruling regarding TNA. Rather, I’m grateful the judge considered the case. It’s important to note is these proceedings have brought forth facts which illuminate business practices I have fought against for a reason. And I suggest that a careful reading on the judge’s ruling supports there can be no claim of victory by anyone in a position of authority.”
Read the full ruling below:
As noted, there was a hearing earlier this week between Billy Corgan and TNA at the Chancery Court in Nashville, TN over the temporary injunction that Corgan has requested. The judge announced that a ruling will come this Monday.
PWInsider notes that if the ruling is in Corgan’s favor, that will replace the current restraining order with a temporary injunction. With the injunction, the company will be unable to make major business decisions or sell the company without Corgan being involved in the decision. It was noted that a decision over whether Corgan takes over Dixie Carter’s 92.5% voting rights could happen, although it appears that it won’t because Corgan’s attorney was being asked how they were applying Tennessee law to those claims.
If the judge declines the injunction, then it’s back to business as usual before Corgan filed the lawsuit. TNA management can continue to make business decisions, and proceed to sell shares of the company. Corgan would likely be paid off by Anthem Sports & Entertainment Corporation, which recently offered to pay back Corgan’s loan to TNA. However, Corgan expects a 50% corporate transaction fee, which would be $900,000 of his $1.8 million loan, which Anthem’s attorney said they were unwilling to pay. Anthem would then take 85% control of the company, with Aroluxe having a 10% stake and Dixie Carter retaining 5%. Anthem would fund the company, and there would only be 3-4 television tapings per year.
Either way, Corgan’s loan to TNA still has to be paid by next Tuesday, the day after the ruling. The lawsuit can also move forward regardless of Monday’s ruling.
You can read arguments from Billy Corgan’s counsel at this link, and TNA attorneys here.
Source: WrestlingINC
Scheduled for tonight’s 10/27 TNA Impact Wrestling episode on Pop TV:
Cody & Brandi Rhodes vs Mike Bennett & Maria Kanellis-Bennett
Hardy Halloween segments
Team X Gold updates
EC3 & Jessie Godderz vs Aron Rex & Eli Drake
Allie vs Laurel Van Ness
TNA President Billy Corgan claims he’s seen PROOF that the company was in discussions with WWE about a possible sale … even though execs lied to him about it the whole time.
In newly unsealed documents, Billy claims he reached out to Dean Broadhead to ask about the sale rumors and on September 26th the TNA exec assured him that they were false.
However, Corgan says that the defendant’s production documents show that Dean sent a WWE rep “certain due diligence materials that WWE had requested” just one day before.
He also claims to have seen an email from Dixie that minimized his role … explaining “When WWE raised issues relating to Corgan’s note in the course of their negotiations, Mrs. Salinas (Dixie) wrote: ‘I intend to pay the loan back in full plus interest prior to selling the company.’”
As we previously reported, Billy also says a set of Impact Wrestling tapings scheduled for next month were postponed due to company’s lack of funds.
UPDATE: TNA’s legal team also filed a response to Billy’s accusations. They claim that Corgan used his loan as a way of strong-arming himself into the role of President.
The lawyer’s add, “He then purported to use Ms. Salinas’s own voting power to terminate the individual defendants, including Ms. Salinas, from the company’s Board of Managers and install himself as Impact’s sole manager.”
TNA also claims that Corgan is attempting to “prevent the business from repaying his loan and to prevent Ms. Salinas from selling her controlling interest in the company to anyone else.” Explaining, “If plaintiff succeeds, he will next try to seize Ms. Salinas’s 92.5% interest in Impact and obtain true control of the company at a cost to him far below the amount at which he has recently valued the company and far below the company’s true value.”
Source: Pro Wrestling Sheet
The following is set for tonight’s 10/26 Lucha Underground:
Gift of the Gods Championionship: (C) Sexy Star vs. Johnny Mundo
The Best of 5 Series between Cage and Texano continues
Marty The Moth vs Ivelisse
Diamond Dallas Page‘s daughter says she and bunch of other famous famous female offspring are starting their own wrestling league … and they claim to be eyeing TNA as the competition.
Brittany Page explained the new venture to TMZ … saying, “Were basically starting a women’s league and it’s gonna kinda go against Impact Wrestling, TNA, and so we’re really excited about it.”
Partnering with Page are Brooke Hogan, Lacey Von Erich, Roddy Piper‘s daughter Ariel Toombs, and Jean-Claude Van Damme’s daughter Bianca Van Damme.
Former TNA creative team member Christy Hemme is apparently involved as well and Brittany sorta-kinda says her dad may also show up.
Check out the video of her full interview below:
It will be interesting to see what happens later today with the Billy Corgan – TNA situation as Corgan’s attorneys will be allowed to file a redacted version of their lawsuit to protect certain materials from being brought to the public light as Corgan has claimed “sensitive” information could fall into the hands of their competitors. That redacted version will be available to the public sometime around 4pm EST today. It’s possible that if there is going to be a settlement between the sides, it will be made before the documents are unsealed by the Chancery Court of Nashville.
As noted, Corgan filed a motion last week to compel Dixie Carter-Salinas and Impact Ventures, LLC to “provide full and fair responses” after not being satisfied with previous responses. Dixie responded by saying Impact Ventures was not insolvent and has not been insolvent since August 11th, 2016, stating that they do not fit the state of Tennessee’s definition of insolvent, meaning, Impact Ventures’ assets are of greater value than its debt.
If TNA and the related defendants in the lawsuit do not admit to claims by Corgan and his lawyers, then they have to hand over all documents related to Impact Ventures being insolvent or unable to pay all of its debts in full as it came due from January 1st, 2016 to the present, all documents sent to or received from WWE or any of its representatives from January 1st, 2016 to present and all documents sent to or received from “any third party” regarding that third party’s potential acquisition of Impact Ventures LLC, TNA Entertainment LLC or any of the assets owned by either entity.
Corgan asked that the ownership of the TNA library be stated as well as identify the nature and extent of “each member’s” ownership interest, that the company identify all of the current officers, directors and managers, identify all of it’s assets, and for the LLC to produce financial statements.
17,000 pages of documents were being “reviewed and assessed” by Corgan’s attorneys which they received from TNA and other defendants.
Source: WrestlingINC
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