Tag: Billy Corgan

What Monday’s Court Ruling Means For TNA

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

Billy Corgan Claims He’s Seen Proof Of TNA’s Sale Discussions With WWE

proof billy corgan tna lawsuit wwe offer dixie carter email

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

Is Impact Wrestling’s Next Set Of Tapings Postponed Due To Lack Of Funds As Corgan Claims?

Billy Corgan claims the next set of Impact Wrestling tapings scheduled for next month have been postponed … and it’s because TNA can’t come up with the cash, according to new court docs.

More court docs have been unsealed in the TNA President’s fight for control and in one set he claims, “Impact Ventures had been planning a 3-day taping scheduled for November 1-3, 2016. However, on October 25, 2016, Impact Ventures postponed that event due to lack of funds.”

Adding, “Impact Ventures also continues to not pay its talent, except now defendants are blaming me and the temporary restraining order in this case for the lack of payment.”

As we previously reported, Billy also says Dixie lied to him about any sale discussions she may or may not have had with WWE.

Corgan also claims he was never given a new employment agreement once he was made President of the company, and that Jason Brown from Aroluxe Media has been running the day-to-day operations — even though it’s not his duty.

UPDATE: Our sources tell us the postponed taping was for Total Nonstop Deletion at the Hardy compound and not full episodes of Impact Wrestling with an audience.

Source: Pro Wrestling Sheet

Read the FULL UPDATE HERE.

Billy Corgan – I Want Full Control Of TNA, Dixie Lied About WWE! (NEW COURT DOCS)

TNA President Billy Corgan wants full control over the company and claims Dixie Carter lied to him about her sale discussions with WWE … this according to the newly unsealed complaint.

Pro Wrestling Sheet obtained the documents which allege that Billy financially bailed TNA out of shutting down multiple times and during the last instance he made some demands.

The document states, “Impact Ventures and Mrs. Salinas (Dixie) also entered into an equity pledge agreement with plaintiff whereby Mrs. Salinas pledged 100% of her equity interest in Impact Ventures to plaintiff as security for Impact Ventures’ performance of it’s obligations.”

According to Billy’s lawyers, Dixie denied that she had any discussions with WWE — but when push came to shove, she told the entire locker room a different story during a company-wide meeting.

He also claims he was left in the dark about Fight Network’s recent funding … adding, “This recent conduct is consistent with the way that Mrs. Salinas and the other managers have dealt with plaintiff since the inception of his involvement with Impact Ventures. They have failed to keep plaintiff apprised of matters of great significance to the company; they have routinely misled plaintiff with information necessary to discharge his duties as President to manage the day-to-day operations of the business; and they have regularly interfered with, subverted, or ignored plaintiffs authority to manage the affairs of the company.”

Corgan also wants TNA to pay him compensatory damages for not keeping their end of the bargain. The docs explain, “As a direct and proximate result of these breaches of contract, plaintiff has been damaged in an amount to be proven at trial.”

Billy’s lawyer also included a copy of multiple emails which led to Corgan’s filing and they show company officials being unresponsive — including Dixie Carter.  He claims she merely sent him an email saying said she’d get in touch with him the following week to “discuss my role, duties and responsibilities” with the company.

Read the emails below:

Billy Corgan’s TNA Lawsuit To Be Unsealed Today, Dixie Carter Says TNA Is Not Insolvent, More

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

Court documents In Billy Corgan’s Lawsuit Against TNA And Others Were Unsealed

Court documents in Billy Corgan’s lawsuit against TNA and others were unsealed on Friday. One such document, a temporary restraining order against the defendants (TNA, TNA’s parent company Impact Ventures LLC, Dixie Carter, her husband Serg Salinas, and TNA Chief Financial Officer Dean Broadhead), revealed that Corgan claims that Impact Ventures is “insolvent.”

In part, the order provides that Corgan “is likely to prevail on the merits of its claims because Impact Ventures LLC is insolvent, and, as a result, plaintiff is entitled to exercise controlling voting rights in the company.”

Also, the order dictates that TNA and Impact Ventures are prohibited from taking any action without Corgan’s consent. Essentially, this means that TNA cannot enter into any new business deals without Corgan’s approval.

Additionally, neither side of the litigation may sell TNA or its tape library until ordered by the Court. This development may put TNA in a difficult position; however, it also prevents Corgan from selling his claim to TNA to a third party.

Source: PWInsider via WrestlingINC

TNA Wrestling Hearing Scheduled To Unseal Billy Corgan Lawsuit – Recent Financier Revealed

tna lawsuit billy corgan dixie carter unseal documents fight network finance fund company

Billy Corgan‘s lawsuit against TNA and Dixie Carter may soon become public, because a hearing was scheduled for Thursday afternoon to determine whether it should stay sealed.

According to court records, a chancellors hearing will occur tomorrow morning and both sides will be argued — but in most cases, it’s unusual for a civil suit to be kept private.

In other TNA news, The Fight Network just announced that they’ve recently been funding the company … adding, “Fight Network has also offered to provide TNA Impact Wrestling with funding to repay the loans made by Mr. Billy Corgan and is positioned to provide additional transitional assistance to the company.”

One backstage source says the word going around amongst employees is that Fight Network wants to repay Billy with the intent to remove him from his position as President.

Source: Pro Wrestling Sheet

Billy Corgan Suing TNA Wrestling

TNA Wrestling President Billy Corgan has just sued the company, as well as it’s Chairman — and Pro Wrestling Sheet has learned he’s attempting to keep the reason private.

According to court records, Corgan filed a complaint yesterday and asked for a temporary restraining order against the defendants … which includes Dixie Carter, her husband, Dean Broadhead, Impact Ventures and TNA Entertainment.

The order was approved this morning by a judge.

We asked the court clerk what the defendants are being restrained from doing, but were told Billy’s lawyers requested that all documents remain sealed — so they aren’t allowed to say.

The initial filing was first reported by PWInsider.

Source: Pro Wrestling Sheet

Who Paid For Next TNA TV Tapings?, Billy Corgan On BFG, WWE To Resume TNA Sale Talks, Dixie Carter

Source: WrestlingINC

As noted, Bound For Glory will be proceeding as scheduled this Sunday, as are next week’s television tapings in Orlando.

According to the New York Post, an “unidentified third party” paid the advance for the shows. TNA President Billy Corgan also commented on the pay-per-view proceeding this Sunday.

“It’s a go, as far as I’ve been told,” Corgan said.

Nothing has changed regarding the ownership of the company. The Post noted that “WWE and Corgan are expected to resume talks about a change in Impact ownership after the weekend’s broadcast.” It was noted once again that WWE would just purchase the company’s video library and shut it down if they were to reach an agreement.

Meanwhile Dixie Carter, who still owns the majority stake in TNA, hyped Sunday’s pay-per-view and next week’s television tapings, tweeting:

TNA President Billy Corgan Appeared On ESPN Radio’s The Dan Le Batard Show – Talks TNA Situation

Source: WrestlingINC

TNA President Billy Corgan appeared on ESPN Radio’s The Dan Le Batard Show moments ago and discussed the current state of TNA. Things have not changed since yesterday, and a sale has not been finalized.

Corgan was asked about WWE being interested in buying TNA and how you win a bidding war with Vince McMahon. Corgan said that you don’t, and McMahon could buy it if he wanted to and there’s nothing anyone “or God” can do to stop him. As of this moment, it hasn’t happened and he doesn’t think it will, and he hopes that he would know since he’s involved in the process of buying the company and owns a piece.

Corgan noted that there is currently “a gunfight” with who will get control of the company. He wouldn’t say 100% that Bound For Glory will happen this Sunday, but that that he hopes everything will be resolved. He doesn’t think everyone involved would want a situation where everyone is put out of work. He’s spoken to talent that have told him to not take a bad deal.

When asked about the issues he is currently facing regarding the sale, Corgan talked about pro wrestling struggling with revenue and noted that a wrestling show will generate much lower ad revenue than another show with similar (or lower) ratings. He said that there is a money struggle, but also a creative one on what the company will look like. He said that the low ad rates are due to the perception of wrestling, and he wants to change that.

Corgan said that WWE has really been the only company that has had a winning philosophy in the business. He said that while they’ve had a winning philosophy, there are different ways you can do business. He made a comparison of Game of Thrones andBreaking Bad, noting how they’re both completely different but successful. He wants to create a different kind of product with TNA, and one of the struggles has been that there are others who have a completely different vision for how the company should be. He also said that TNA needs consistent capital in order to promote and grow the company, which they haven’t had in a long time.