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OH THIS JUST GOT GOOD
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Pro Wrestling Sheet has learned Billy Corgan has lost his fight against TNA Wrestling for control of the company, but the war isn’t over … this according to recently filed documents.
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 WWEdoesn’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.
Warning.....lots of lawyer talk.
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 WWEdoesn’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.
Warning.....lots of lawyer talk.
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Vince should have this on the network and have Otunga try to dumb it down for people, plus it would get him off commentary
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It would be mad funny if the network had a show where TNA's court proceedings were discussed every week with David otunga as the host.
Seriously though, this is one hell of a predicament. Not sure Jeff Jarrett envisioned this when he created the company 14 years ago lol.
Seriously though, this is one hell of a predicament. Not sure Jeff Jarrett envisioned this when he created the company 14 years ago lol.
Source: PWInsider
As noted, Anthem Sports & Entertainment announced today with TNA that they have established a “credit relationship” that essentially sees Anthem take control of the company. Dixie Carter will remain Chair of the company and Billy Corgan is no longer involved but it was confirmed this afternoon that his previous lawsuit against the company is still open and has not been dismissed. It appears Dixie will be a figurehead for the company with Anthem’s Ed Nordholm running things.
Dixie Carter sent a letter today to the TNA roster and staff, informing them that TNA has “concluded agreements” with Anthem for a “funding plan that will stabilize the company.”
Dixie wrote, “This is excellent news for all our shareholders in that it means, we, as a company, will continue to provide our fans with the best wrestling content on the planet.”
Dixie told staff and talents that there will be changes made to the company as they move forward. The organizational structure will remain the same, indicating Dean Broadhead and Dixie’s husband Serg Salinas will remain on the Board of Managers. She mentioned in the letter that Anthem’s other sports properties will benefit TNA and that Anthem’s sales team will support TNA with TV and digital advertising. Dixie said the Board of Managers is working to develop a “longer-term business plan” for TNA. She wrote, “With financial stability, we can focus on executing our near term objectives while planning a measured and thoughtful approach for the future.”
It was also confirmed in the letter that Aroluxe Media will continue overseeing production in 2017. The letter referred to Aroluxe as “also an equity stakeholder.”
Dixie also told talents today that the next set of TV tapings will take place from January 5th through January 10th in Orlando.
Regarding Corgan, Dixie confirmed that he is no longer with the company but did not elaborate. She made it known that she and Nordholm would be available for talents to ask questions. She thanked everyone for their “patience and support through this process” and ended the letter by writing, “Over the years, we have built TNA and Impact Wrestling to be a very successful, global brand. You should all be excited for its future and be more determined than ever to work dilligently to take the company to the next level.”
This spin is worse than a broken washing machine
As noted, Anthem Sports & Entertainment announced today with TNA that they have established a “credit relationship” that essentially sees Anthem take control of the company. Dixie Carter will remain Chair of the company and Billy Corgan is no longer involved but it was confirmed this afternoon that his previous lawsuit against the company is still open and has not been dismissed. It appears Dixie will be a figurehead for the company with Anthem’s Ed Nordholm running things.
Dixie Carter sent a letter today to the TNA roster and staff, informing them that TNA has “concluded agreements” with Anthem for a “funding plan that will stabilize the company.”
Dixie wrote, “This is excellent news for all our shareholders in that it means, we, as a company, will continue to provide our fans with the best wrestling content on the planet.”
Dixie told staff and talents that there will be changes made to the company as they move forward. The organizational structure will remain the same, indicating Dean Broadhead and Dixie’s husband Serg Salinas will remain on the Board of Managers. She mentioned in the letter that Anthem’s other sports properties will benefit TNA and that Anthem’s sales team will support TNA with TV and digital advertising. Dixie said the Board of Managers is working to develop a “longer-term business plan” for TNA. She wrote, “With financial stability, we can focus on executing our near term objectives while planning a measured and thoughtful approach for the future.”
It was also confirmed in the letter that Aroluxe Media will continue overseeing production in 2017. The letter referred to Aroluxe as “also an equity stakeholder.”
Dixie also told talents today that the next set of TV tapings will take place from January 5th through January 10th in Orlando.
Regarding Corgan, Dixie confirmed that he is no longer with the company but did not elaborate. She made it known that she and Nordholm would be available for talents to ask questions. She thanked everyone for their “patience and support through this process” and ended the letter by writing, “Over the years, we have built TNA and Impact Wrestling to be a very successful, global brand. You should all be excited for its future and be more determined than ever to work dilligently to take the company to the next level.”
This spin is worse than a broken washing machine
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Congragulations to them for prolonging the bullshit. Anthem are either dumb or stupid for thinking this can be saved. Hell if anything Dixie should appoint someone else in charge of daily operations since she doesn't know shit but obviously that's not gonna happen so let's continue to ride this out.
Billy being all kinds of Bret Hart bitter here.
Can't say I blame him though, he tried making a ho a housewife and she steady tried playing him by hopping on some other tricks.
