TNA PRESIDENT BILLY CORGAN FILES LAWSUIT AGAINST TNA, DIXIE CARTER AND MORE

Smarkslayer · Oct 13, 2016

TNA PRESIDENT BILLY CORGAN FILES LAWSUIT AGAINST TNA, DIXIE CARTER AND MORE
By Mike Johnson on 2016-10-13 14:30:00
After months of speculation as to what was going to happen with the company, its ownership and its finances, TNA President Billy Cogan filed a lawsuit against TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salias on 10/12 in the Chancery Court of Nashville, TN.

PWInsider.com is currently working on acquiring details of the lawsuit.

Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this writing.

Corgan, the frontman for Smashing Pumpkins and a long-time fan of professional wrestling, began investing in TNA this past June, helping to finance the TNA Slammiversary PPV and subsequent TV tapings as part of a deal that saw him purchase a minority share in the company. Additional investments in the company led to Corgan acquiring a larger share in the company and on 8/12, TNA issued a press release announcing that Corgan had replaced Dixie Carter as the President of the company and would be handling the day to day operations of the company while Carter would "focus on long-term planning, strategic partnerships and global growth."

In the press release touting Corgan being named President of the company, Carter stated, "Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling. In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment."

Shortly after being named President, Corgan announced his intentions to purchase the company and potentially change its name from TNA. During promotional appearances to push the Bound for Glory PPV, Corgan admitted that he had financed the three previous rounds of TNA Impact Wrestling tapings, describing those deals as last minute agreements where the "ink was drying" as talents were heading to the ring.

Corgan had been in negotiations to purchase the company, but had been unable to close a complicated deal that would see Corgan not only buy the company from Dixie Carter, but other minority owners including Aroluxe Productions and The Fight Network.

Corgan made it clear he would not be financing the Bound for Glory PPV tapings and subsequent TV tapings, noting on a SiriusXM interview that he had done everything in his power to make sure that Bound for Glory took place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end.

In that interview with "Busted Open", Corgan said that funding the PPV and tapings were part of the negotiations and the question was what are the people funding the show getting for their money? Corgan said that where it got complicated was that it was one thing to fund the company, but it's another to set the company up to be solvent and successful. At the time Corgan said he didn't want to be having the same conversation three months after the PPV because what would be the point. At that time, Cogan also stated that in conversations with TNA talents he had spoken with, they were all on board with him taking over the company and that they were hopeful he would "win" and steer the ship from that point on.

"Enough air has gone out of the balloon," Corgan said last month. "It's time to put air back in the balloon and let this thing be what it can be."

In the end, Bound for Glory and the October TV tapings indeed took place, but questions that were left (which we had been raised here on PWInsider.com) included who funded the tapings and what deal did Dixie Carter make in order for the tapings to take place.

In a locker room meeting with TNA talents on 10/4 in Orlando, Carter told her roster that the PPV was never in danger of not taking place but did admit the company had to do some "scrambling" in order for everything to fall into place. What that "scrambling" was has never been explained or revealed publicly. During PWInsider.com's reporting of the locker room meeting, we noted that Corgan declined to be in the meeting despite being invited to do so.

A number of TNA personalities noted over the course of the BFG PPV and October TV tapings that there was obvious tension between Corgan and Carter and wondered how it might be resolved, especially if Corgan is supposed to be overseeing the day to day business of the company.

What the resolution will be remains to be seen, it appears that it will get uglier before it gets better and that that resolution may very well take place inside a Nashville courtroom.
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All I can say is this fucking company.

Sabretooth · Oct 13, 2016

Oi vey what a fucking mess. Why anyone would want to work there now is beyond me. This is what happens when you don't have fucking basic proper management.

Smarkslayer · Oct 13, 2016

Sabretooth said: ↑

Oi vey what a fucking mess. Why anyone would want to work there now is beyond me. This is what happens when you don't have fucking basic proper management.
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There's no future left for TNA. It's time to sell to WWE.

I don't know if Corgan can even build a new company out of this.

Keith · Oct 13, 2016

I can understand why Corgan would want full control of the company, but I can't help but wondering if he is causing uneeded problems. I mean Dixie is a business woman so I don't see anything wrong with her dealing with selling TNA over seas as long as she's not involved in the wrestling side anymore.

Deezy · Oct 13, 2016

Dixie has been fucking up this company from jump street, her business acumen is bush league.

She queered up by my count four deals that couldve saved this company, but her insistence on being on board kiboshed that.

Money mark needs to go, Corgan should sue the fuck out of her for being misled and the TNA roster from the wrestlers and production crew should as well.

KeepItFresh · Oct 14, 2016

The upper-midcard competition in TNA since Corgan took over has been incredible both between the matches and promos. Just let him have full fuckin' control already, Jesus Christ.

I am lookin' for a returnin' Davey Richards as jealous heel against Eddie Edwards for the past couple months and now with Eddie as champion it could be awesome.

Sabretooth · Oct 14, 2016

Just for the fuck of it lets add to TNA's problems.

According to Wrestling Observer Radio, last night’s episode of TNA Impact was almost pulled due to a music rights problem. The company was able to edit DJZ and Mike Bennett’s entrance themes from the show prior to air, and the program was allowed to continue. It should be noted that this was not related to the lawsuit filed by Billy Corgan earlier this week.

Another real problem on the horizon for Impact Ventures, LLC is related to the ongoing pay issues. We’ve reported for years now that TNA has had trouble paying their talents, and apparently this weekend is a big pay period for the company. The story is that they were given money to pay for the recent Impact Wrestling tapings but there is no confirmation that they were given enough to pay talents. This would cause a breach of contracts, which would then make everyone a free agent. Dave Meltzer adds that some talents are prepared to declare themselves free agents and begin negotiating with other companies next week if they are not paid.
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What's there to say at this point other than smh

Smarkslayer · Oct 14, 2016

WWE may no longer be buying the company, but they about host a raiding party up in this bitch.

Sabretooth · Oct 14, 2016

Link said: ↑

WWE may no longer be buying the company, but they about host a raiding party up in this bitch.
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All I want is my fucking Hardy Boyz. I miss them in wwe so much.

Cwalker · Oct 14, 2016

Don't think the Hardyz would go back tbh.

Matt wouldn't have the creative freedom he has now and Heff wouldn't appreciate the travel. Pretty sure they'll stick with the TNA ship until it goes down

Deezy · Oct 14, 2016

All I want is Mike Bennett and Maria's ass.....mostly Maria's ass.

Cwalker · Oct 14, 2016

Deezy said: ↑

All I want is Mike Bennett and Maria's ass.....mostly Maria's ass.
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This!

I'll take DJZ but outside of Mike Bennett I don't think anyone of relevance would go back to WWE since they all left for a particular reason

KeepItFresh · Oct 15, 2016

Triple H was reportedly really high on bringin' back Matt for the his broken persona. Probably sees how much they missed out on Bully Ray.

Sabretooth · Oct 15, 2016

Now reports come out saying TNA is being sued by multiple companies.

We’ve reported recently that TNA seems to be enduring it’s toughest financial difficulties to date. As previously noted, TNA secured funding for Bound for Glory and the subsequent television tapings with mere hours to spare, and it’s unclear how the company will proceed going forward. We mentioned yesterday that TNA’s recent cash infusion was specifically designated to handle production costs, so the question remains regarding how talent is going to get paid.

In addition to the ongoing financial woes, TNA is also dealing with a lawsuit filed by the company’s own president, Billy Corgan. We’re now learning that things appear to be getting much worse and far more serious as additional lawsuits begin to mount. PWInsider reports TNA’s former production company Audience of One Productions LLC, located in Virginia, is suing TNA, their parent company Impact Ventures LLC, TNA minority-owner Aroluxe LLC, as well as TNA CFO Dean Broadhead and Ronald “Ron” Harris. The suit was filed on September 27th in the U.S District Court, Eastern District of Virginia, and seeks $223,000 plus interest for “breach of contract, fraudulent inducement on the behalf of Harris and Broadhead, torturous interference on behalf of Aroluxe, and for TNA violating Virginia code.”

According to the suit, AO1 was contacted in 2015 about “a possible long-term, multi-event, production services agreement, pursuant to which AOl would provide a variety of production services for live TNA professional wrestling events, including audio/visual and broadcasting work, lighting, set construction and breakdown, as well as retention and payment of audience “wranglers” (personnel who would patrol the crowd and try to engage audience members with the event), among other things.” AO1 was eventually hired to produce Bound for Glory 2015, and billed TNA $223,000. After failing to pay for over a month, Dean Broadhead finally contacted AO1, assuring them that TNA was on the verge of a landmark deal that would put them in more than 80 million homes. He promised that the company would emerge better than it was before, and if AO1 could “hang on,” it could be the beginning of a prosperous relationship.

According to the lawsuit, AO1 sent a second invoice with a 1.5% late penalty added to the original figure, leading Ron Harris to request an itemized invoice. TNA continued to stall on payment. AO1 then deducted $29,001.57 from the original total, because TNA paid several independent contractors so AO1 wouldn’t have to. The lawsuit claims this was done by TNA to ensure those contractors would continue on with the company after they inevitably cut ties with AO1. TNA then scheduled a monthly payment plan that would begin in March 2016 and conclude in August, but never fulfilled the first payment due to another onslaught of financial duress. This is about the time Aroluxe began financing the product. AO1 alleges this “gave Aroluxe and, by extension, the Harris Brothers, two of Aroluxe’s principals, considerable incentive to oversee and coordinate TNA’s financial affairs going forward.” At this point, all communication between the two primary parties ceased. The lawsuit alleges that both Dean Broadhead and Ron Harris were at fault in failing to pay AO1, due to a conflict of interest regarding the financial stability of the company.

On a related note, the Tennessee Department of Revenue filed a tax lien with the Davidson County Register of Deeds on September 8th for unpaid business taxes. Just a few weeks prior to the lien, Toronto’s Anthem Sports and Entertainment filed a statement with the Tennessee Secretary of State, listing TNA as a debtor. As noted before, Anthem is one of several companies to whom TNA owes money, along with Aroluxe and MCC Acquisitions. The total debt owed by TNA to those aforementioned parties is $3.4 million.

Source: PWInsider
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Number 2 wrestling company in the world... pffffft. Vince needs to put them out of their misery.

KeepItFresh · Oct 15, 2016

I love how people still insult TNA without carin' if the product is good or bad at this point. If you're a wrestlin' fan you shouldn't care about their business acumen. Billy Corgan has breathed a lot of fresh air into the company as it is. If their upper midcard list ended up in WWE that'd be a waste of their current development and folks like Mike Bennett to even Eli Drake would get lost in the current NXT climate.

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TNA PRESIDENT BILLY CORGAN FILES LAWSUIT AGAINST TNA, DIXIE CARTER AND MORE

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TNA PRESIDENT BILLY CORGAN FILES LAWSUIT AGAINST TNA, DIXIE CARTER AND MORE

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