Billy Corgan sues TNA

[britishheel]

That makes no sense.

And neither does life.

 

[Stopspot]

American Express is getting in on this.

 

[C.M. Shaddix]

American Express is getting in on this.

WOW

So my take is... the reason why all this debt came up is because Carter thought that she had a working system that where they will make enough and pay people back.... obviously her idealogy didn't work and she is realizing it

By the way it's past the weekend.... we should hear some news if the talents were paid.

 

[Black Iron PJ]

Somehow, I repeat, SOMEHOW! TNA manages to secure fundings off of Anthem.

Toronto – Anthem Sports & Entertainment Corp. (“Anthem”), the parent company of Fight Network, today confirmed that it recently made a working capital loan to fund the operations of TNA Impact Wrestling. Fight Network is a licensee of TNA programming for broadcast in the U.S., Canada and other international markets, and is also the exclusive licensee of TNA for streaming Internet-delivered TV.

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.

“TNA is a strong property for Fight Network and as a licensee and global distribution partner we have a keen interest in seeing the company not only survive but continue to grow and thrive, alongside our own growth,” said Leonard Asper, CEO of Anthem. “We are hopeful that the company can soon get back to doing what it does best, which is to produce great wrestling content.”

 

[RedDwarfTechy]

lol you gotta give TNA props for the perseverance! Has there been a company that should be shut down this bad but manages to go on?

 

[Stopspot]

I'm starting believe TNA will outlast us all

 

[¡Tranquilo!]

Yay happy endings!

 

[C.M. Shaddix]

Wow. I guess the folk tales are true, TNA can never die. Astounding.

 

[Snowman1]

It's a shame Dixie doesn't have more than three facial expressions, otherwise TNA LIVES LOL would be a Hell of a meme

 

[Jacob Fox]

TNA is like the Road Runner, they won't go down no matter how good the traps and pitfalls are.

 

[Stopspot]

TNA is like the Road Runner, they won't go down no matter how good the traps and pitfalls are.

Godzilla, Twinkies, cockroaches and TNA. All the things that will survive nuclear war

 

[Black Iron PJ]

IT CONTINUES BOIS, apparently Corgan has the legal right to remove Dixie from the company (TNA operates under the company name Impact Ventures) and is asking for the court to rush a ruling on whether or not he has that right.

As noted earlier today, a number of documents related to the lawsuit Billy Corgan filed on 10/12 against TNA, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter, her husband Serg Salinas and TNA Chief Financial Officer Dean Broadhead were unsealed by the Chancery Court for Davidson County, TN.

While the lawsuit itself will remain sealed until next week, insight can be gained from Corgan's motion for expedited discovery. In the United States court system, discovery enables the parties to know before the trial begins what evidence may be presented so they can properly prepare for court.

The expedited discovery request notes that Corgan, Dixie Carter and Impact Ventures LLC entered into a Pledge and Security Agreement" on 8/11/16 and also makes reference to an "Operating Agreement for Impact Ventures" that was executed on 8/7/15. The filing does not make reference to whom may have signed that Operating Agreement).

In the request for expedited discovery, Corgan requested that TNA Entertainment LLC, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter:

*Admit that Impact Ventures is insolvent "as that term is used in Section 7 (e) (i) of the Pledge Agreement.

*Admit that Corgan notified you of the occurence of an Event of Default under Section 7 of the Pledge Agreement on 9/29/16.

*Admit that Corgan currently has the right under the Pledge Agreement to exercise the voting rights associated with your equity interest in Impact Ventures LLC.

*Admit that Corgan has the right under the Pledge Agreement and the Operating Agreement to remove the managers of Impact Ventures and replace them with designees of Corgan's choosing.

If the defendants do not admit the above, they are then being asked 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 1, 2016 to the present.

*All documents sent to or received from World Wrestling Entertainment or any of its respresentatives from January 1, 2016 to present.

*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.

All of this helps to add context into why Corgan filed the lawsuit on 10/12, but we won't get the full picture until the lawsuit is unsealed on 10/25.
CORGAN REQUEST FOR EXPEDITED DISCOVERY IN TNA SUIT SHINES LIGHT ON WHY SUIT MAY HAVE BEEN FILED, CORGAN CLAIMING HE HAS RIGHT TO 'REMOVE' MANAGEMENT OF IMPACT VENTURES | PWInsider.com

 

[Jacob Fox]

IT CONTINUES BOIS, apparently Corgan has the legal right to remove Dixie from the company (TNA operates under the company name Impact Ventures) and is asking for the court to rush a ruling on whether or not he has that right.

Based on the information here, it seems that Corgan is claiming that the company is insolvent. The entire agreement and lawsuit is based on that. If Anthem is providing the money to pay off the debt, as you reported, than Corgan has absolutely zero chance of proving that TNA is insolvent. If they offer him the money that is owed to him and he doesn't accept it because he wants to claim the company is insolvent, he will pretty much be shooting himself in the foot.

So, Corgan's ONLY chance is that the information about Anthem coming in to help pay off the debts is false. If it is true, then his entire lawsuit and takeover attempt will fail

Furthermore, even if Corgan could get the courts to declare TNA insolvent, then all Dixie would have to do is file Chapter 11, which would protect her majority stake in the company.

So no, Corgan cannot force her out of the company. He may think he can and he may want to, but legally, he doesn't have and likely will never have that ability.

EDIT: I meant you reported the information about Anthem... I corrected that.

 

[Jacob Fox]

You know the funny thing about this all is that I would have thought the company would be better off under Corgan. But as I actually read through his request, I find the entire thing silly. I find it very interesting that the filing makes no mention of who signed this operating agreement. That is a HUGE negative factor for him in the lawsuit. Because it only holds legal weight if Dixie's signature is on it. If she had signed it, I am sorry, it would have been mentioned as that would be the crux of the lawsuit.

I find it unlikely that Dixie will agree to admit to any of the things that Corgan is requesting. And if Anthem pays off some of the debts, thus proving themselves solvent, then Corgan will come out of this looking like a fool.

Now, I can't say for sure I am right. We are only being given a small amount of information here. But if my assumption is right based on that information, Billy Corgan is just going to embarrass himself.

Oh and before this makes me seem like I am defending TNA and Dixie Carter... I HATE Dixie Carter. I may hate her more than I would hate it if Hulk Hogan became lifetime ruler of WWE and declared himself the holder of every championship in the company. I really despise that woman and having her forced out of the wrestling business would be one of the greatest things ever. And I have no doubt Corgan would be so much better if he was in complete control of TNA. However, from the information we have, it appears that he is just going to come out of this looking like a complete fool.

I hope I am wrong. If I am wrong and he can wrest control from Dixie, I will pop open a box of Chardonnay and party all night. But I don't see it happening given the information and wording in his requests.

 

[Snowman1]

Hope PopTV picks up Lucha Underground. Fuck this lol