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Old 10-27-2016, 12:14 AM   #1041
Dark One
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But that Monster music video with Eric Young will be tough for me to top.
If I have time this weekend, I will work magic with this:

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Old 10-27-2016, 12:18 AM   #1042
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aw jeeez
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Old 10-27-2016, 02:40 AM   #1043
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Busy afternoon. Just now catching up on this news.

Several very interesting issues.

So, without seeing the docs themselves, it's pretty much impossible to say one way or another what the likely outcome will be. Without seeing the agreements, I'd say both sides should probably be concerned. Plus, you just really never know for certain what a judge or jury will decide.

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Originally Posted by Noid View Post
Fascinating. I can't wait to hear what Z says about this.

I've glanced through this, but am I right in summing it up as TNA tried to use Corgan for cash, agreed to allow him to have power, but when he tried using that power, people panicked, have tried not to honor the deal, and now there are companies trying to pay out Corgan to leave?
Sort of, Noid.

So, here's the case as I understand it now. Corgan and TNA agreed that Corgan would make 3 loans to TNA, and in exchange, Corgan would be named TNA President and would oversee TNA's daily ops. Corgan could also elect to get up to 36% of company ownership instead of his loan repayment. For the 3rd loan, Corgan and Dixie agreed that if TNA became insolvent and couldn't repay his loans, Corgan would get all of Dixie's 92.5% ownership interest in TNA.

Seems like today, in addition to the temporary injunction, they were arguing pre-trial motion(s) to dismiss the case before it gets to the jury, with TNA alleging the case should be dismissed because Corgan's agreement with Dixie is illegal and even if it is legal, he's not entitled to her shares because TNA is not insolvent.

Corgan is claiming this agreement with Dixie was a pledge, which is important, and you will see why shortly. Corgan is claiming TNA is insolvent and as a result of his alleged pledge agreement with Dixie, he's now entitled to all 92.5% of her ownership shares. Corgan is also claiming that TNA is insolvent, and that if TNA wasn't insolvent they wouldn't be trying to sell, would pay talent, wouldn't need loans, etc.

TNA is claiming the agreement with Dixie is legally something known as a "general assignment". For simplicity's sake, TNA's arguing it's essentially a contract, and NOT a pledge like Corgan is claiming.

Under TN statutory law, if it's a "general assignment", that type of "contract" forcing Dixie (as the "debtor") to give up ALL of her property (i.e., shares) for the benefit of Corgan ("creditor) would be illegal and voidable. IF like Corgan claims, his agreement with Dixie is deemed a pledge though, that's not illegal under TN law and he would still be potentially entitled to all of her ownership interest.

TNA is also claiming they're not insolvent and the need for the recent loans from Corgan and others was just a temporary cash flow problem, the company can't be insolvent and has value because people want to buy it, and that they're willing to pay off what they owe Corgan's for his loans. They also say that TNA must not be bad off enough to be deemed insolvent if Corgan wants to own it so bad.

If the chancellor finds that TNA is NOT insolvent, she could dismiss the case. If the chancellor finds that Corgan and Dixie's agreement is a "general assignment", she would have to void the contract which would also end the case.

Also, the actual temporary injunction issue being decided on Monday is pretty important. IF the temporary injunction is denied, Dixie could sell all or any part of TNA at anytime in the future, even if the case continues.

Again, without seeing the docs, it's basically impossible to say what will likely happen here. Even if we had them, you just never really know.

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Originally Posted by Dark One View Post
Z, is there legitimately like some kind of 'bad faith' clause they're trying to leverage here?
No, but every contract has an implied duty of good faith. That is, by signing the contract, both parties agree that they will perform their contractual obligations in good faith.
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Old 10-27-2016, 07:57 AM   #1044
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Why hasn't a ladder match for total control of TNA been booked yet?
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Old 10-27-2016, 09:57 AM   #1045
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Out of curiosity, Z, how does this play into things?

Quote:
The argument is basically that all of Corgan’s claims to any level of voting or control are through the pledge agreement, but that the agreement terminates upon repayment of his loan and that Corgan knows TNA has a new source of funding (referring to Anthem) “willing and able” to pay Corgan the principal and interest due. They claim the lawsuit is an attempt to use “this illusory default and managerial control” to prevent TNA from being able to repay the loan and prevent Carter from selling the company to anyone but him. This would result in Corgan getting “true control” of the company below the price at which he valued the company, as well as below the company’s true value.
I would assume "someone is willing to pay off the loan but he's refusing" could be pretty damning, unless that doesn't supersede the insolvency trigger in the pledge, although I would also assume someone willing to pay for it/buy them might prevent it too?
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Old 10-27-2016, 10:49 AM   #1046
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Old 10-27-2016, 10:53 AM   #1047
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I miss the TNA apologists (TLP) I wonder what they would say about TNA now.
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Old 10-27-2016, 11:42 AM   #1048
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Quote:
Originally Posted by Dark One View Post
Out of curiosity, Z, how does this play into things?



I would assume "someone is willing to pay off the loan but he's refusing" could be pretty damning, unless that doesn't supersede the insolvency trigger in the pledge, although I would also assume someone willing to pay for it/buy them might prevent it too?
It could be very damning. It depends on the specifics in the agreement. If the agreement says TNA must be insolvent, then potentially TNA being able and willing to repay Corgan may be deemed irrelevant under a pledge. It seems both sider were making a big deal out of whether TNA was insolvent as that term is applied legally. I'd be willing to say that the agreement definitely states TNA must be insolvent for Corgan to be able to take Dixie's TNA shares.

Corgan should also be concerned though. If his deal with Dixie simply names her the guarantor of his loans to TNA, the court would most likely find that this makes Corgan and Dixie's agreement a creditor/lender agreement. If the court finds that Corgan and Dixie's relationship was equivalent to creditor/lender, then TNA's insolvency is irrelevant. Corgan would not be entitled to take her shares even if TNA was insolvent, as long as TNA/Dixie were willing and able to repay his loans. Under TN law, failure to pay contractual debts, the only remedy allowed is repayment of the debt plus interest, even if the agreement allows for more than repayment + interest.
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Old 10-27-2016, 11:47 AM   #1049
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I think TNA would have quite a job proving that they can pay him what they owe considering all of the other stuff going on.
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Old 10-27-2016, 12:59 PM   #1050
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Originally Posted by Theo Dious View Post
I think TNA would have quite a job proving that they can pay him what they owe considering all of the other stuff going on.
They can't pay him on their own, but Aroluxe (I think) is willing to buy them and pay Corgan back in the process.

From what I understand, Corgan would rather he has it than them, so he's trying to prove insolvency to take Dixie's company control prior to that happening and preventing them from buying it. If she can get someone to buy it and pay him off, he'd theoretically lose all claim from what I understand. He's trying to prevent that by using a trigger in their agreement. The question is really whether or not the fact that they can't pay him back on their own makes them insolvent and means he can pull that trigger. That's the big reason they're trying so hard to prove they are or aren't.

There's also a chance the agreement itself may not be legal, depending on which type it actually is.

Those are the few questions:
1) Are they actually insolvent?
2) Does someone willing to buy them out and pay back Corgan mean Corgan is refusing to be paid back, or can be legally claim control before that and instead refuse to sell to them?
3) Is the agreement even legal (because it's X and not Y)?

At least that's my understanding.
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Old 10-27-2016, 01:05 PM   #1051
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Thought it was Anthem that was going to pay off Billy. I don't know but to me the simple fact that TNA can't pay him back without going through someone else should classify them as insolvent. Its all kind of crazy and I'd hate to be anyone working on this case.
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Old 10-27-2016, 01:10 PM   #1052
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How much does MVP still own?
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Old 10-27-2016, 03:17 PM   #1053
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Ruh-roh. This could be the thing that destroys Corban's case.
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Old 10-27-2016, 03:29 PM   #1054
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TNA will counter sue and be funded until march.
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Old 10-27-2016, 03:49 PM   #1055
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Ruh-roh. This could be the thing that destroys Corban's case.
Definitely could, if the agreement is even found to be a valid pledge. UNLESS, TNA did not allege this as a defense in their responsive pleadings, then they will have waived this as a defense. However, the chancellor has the discretion to allow them to amend their responsive pleadings.

It was my impression that no mention was made of this issue yesterday at the pre-trial hearing. It was my impression that TNA argued that the contract did not meet the definition of a pledge and because it was not a pledge, it would be illegal under a different TN statute. I could be mistaken though and that doesn't mean it or both arguments weren't alleged in the written responsive pleadings.

Even if TNA waived this as a defense, Dixie could also file a counterclaim to still argue argue this licensing claim. Even if TNA has waived this defense in this trial and Dixie doesn't counterclaim during this trial, and Corgan wins everything, this statute would still permit Dixie to file suit for a new trial after this trial arguing this licensing claim to recover her ownership.
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Old 10-27-2016, 03:52 PM   #1056
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Quote:
Originally Posted by BigCrippyZ View Post
Definitely could, if the agreement is even found to be a valid pledge. UNLESS, TNA did not allege this as a defense in their responsive pleadings, then they will have waived this as a defense. However, the chancellor has the discretion to allow them to amend their responsive pleadings.

It was my impression that no mention was made of this issue yesterday at the pre-trial hearing. It was my impression that TNA argued that the contract did not meet the definition of a pledge and because it was not a pledge, it would be illegal under a different TN statute. I could be mistaken though and that doesn't mean it or both arguments weren't alleged in the written responsive pleadings.

Even if TNA waived this as a defense, Dixie could also file a counterclaim to still argue argue this licensing claim. Even if TNA has waived this defense in this trial and Dixie doesn't counterclaim during this trial, and Corgan wins everything, this statute would still permit Dixie to file suit for a new trial after this trial arguing this licensing claim to recover her ownership.
Fucking Russo booking at its finest.

Can't wait for the judge to be revealed to be Johnny Fairplay from Survivor in drag.
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Old 10-27-2016, 03:53 PM   #1057
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That post was specifically for you, Noid. You're welcome.
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Old 10-27-2016, 03:57 PM   #1058
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Originally Posted by Dark One View Post
1) Are they actually insolvent?
2) Does someone willing to buy them out and pay back Corgan mean Corgan is refusing to be paid back, or can be legally claim control before that and instead refuse to sell to them?
3) Is the agreement even legal (because it's X and not Y)?
Really good summary of the issues.

There's also the issue of whether Corgan was a TN licensed pledge lender when the loans were made. If not, he could most likely lose everything, even his principal investment money. That being said, IF his lawyer didn't know or inform him of the licensing requirements when making this deal, he could sue his attorney for malpractice and would most likely win that malpractice suit.
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Old 10-27-2016, 04:13 PM   #1059
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So is Corgan trying to take Dixie's shares without really paying for them? Just on the contract "technicality" that they didn't repay him his loans on time, so he is automatically entitled to 92% or whatever without having to pay more money to "buy her out"?
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Old 10-27-2016, 04:15 PM   #1060
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Originally Posted by Triple A View Post
So is Corgan trying to take Dixie's shares without really paying for them? Just on the contract "technicality" that they didn't repay him his loans on time, so he is automatically entitled to 92% or whatever without having to pay more money to "buy her out"?
Essentially yes. He structured the deal that way as a consequence to TNA going broke but he (or his attorneys) may not have covered all his bases to make the deal legal.
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Old 10-27-2016, 04:22 PM   #1061
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Quote:
Originally Posted by Triple A View Post
So is Corgan trying to take Dixie's shares without really paying for them? Just on the contract "technicality" that they didn't repay him his loans on time, so he is automatically entitled to 92% or whatever without having to pay more money to "buy her out"?
The Dirtiest Player in the Game is Billy Corgan, love it!
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Old 10-27-2016, 04:30 PM   #1062
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Originally Posted by Triple A View Post
So is Corgan trying to take Dixie's shares without really paying for them? Just on the contract "technicality" that they didn't repay him his loans on time, so he is automatically entitled to 92% or whatever without having to pay more money to "buy her out"?
Pretty much since its going to be the only real way to oust Dixie from power considering every other attempt in the past never worked.

When Spike TV wanted to buy TNA to keep it on the channel, they wanted Dixie gone from power but she got Panda Energy to step in and demand she had to stay as the main owner. When TNA was trying to find new investors, they all wanted her gone or have majority ownership but she stubbornly refused.

With Corgan, she supposedly promised up to 30% in ownership but in reality was never going to give it to him at least in the way he expected. Big reason why he put the poison pill clause with the last funding negotiations.
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Old 10-27-2016, 05:03 PM   #1063
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There are basically 4 issues here that will be decided, at least preliminarily by the chancellor, in order to go to trial for final decision by the jury:

1. Was the agreement between Dixie and Corgan a "pledge" agreement?

2. Was Corgan a licensed "pledge lender" in TN when these agreements were made?

3. If #1 and #2 are true, is TNA legally insolvent?

4. If #1, 2 and 3 are true, is there sufficient evidence to show that TNA is at risk of being sold or put on the market for sale during the trial? If so, the injunction will be issued to prevent Dixie from selling TNA during the trial.
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Old 10-27-2016, 05:11 PM   #1064
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Pretty excited about this potentially proving that Dixie Carter is legally retarded. That's what this is about, right?
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Old 10-27-2016, 05:17 PM   #1065
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Pretty excited about this potentially proving that Dixie Carter is legally retarded. That's what this is about, right?
that and the fact billy corgan looks like an overgrown infant
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Old 10-28-2016, 09:04 AM   #1066
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Quote:
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Pretty excited about this potentially proving that Dixie Carter is legally retarded. That's what this is about, right?
Honestly I see this being the main reason Billy took them and her to court, basically exposing her ineptness to everyone.
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Old 10-28-2016, 09:15 PM   #1067
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According to PWI, there is a very strong chance Billy Corgan will leave TNA if his lawsuit against Dixie fails. Main reason is due to Anthem already stating publicly they are willing to pay the $1.8 million he's asking back from TNA and already have deals in place to become the new majority owner.

Quote:
Originally Posted by PWI
If Corgan does not get his injunction, it appears what will happen, based on Corgan's discovery, is this: Anthem pays off Corgan and he exits the picture. Anthem takes 85% of the control of the company, as Corgan's attorneys learned through their discovery. Aroluxe takes a secondary ownership stake of 10%, setting up their own CEO Jason Brown as the CEO of Impact Ventures for at least three years. Dixie Carter retains a small ownership stake at 5%. Anthem would then fund the company going forward and for the short-term, the company would tape TV 3-4 times a year and that would be it.
Dixie also would be facing a very pissed off locker room if TNA manages to drive Corgan away and the strong possibility some talent walk out on the company.

Quote:
Originally Posted by PWI
What will be interesting to follow is this: if Corgan ends up out, that's the exit of someone who was extremely well liked within the locker room while Carter would remain in some capacity. Corgan had a lot of communication with the talents in comparison to the other parties involved in current ownership, including Dixie Carter, and was seen as a babyface in the scenario by a lot of (but not all) of the wrestlers. If Carter retains her power, going forward, she then has to deal with the fact that she told the locker room she would not let WWE buy the company, when court documents revealed that not only was she willing to let that happen, but there were talks of a sale all the way back to June of this year. Just a few days before her locker room talk, WWE submitted a non-binding offer to purchase the company's library and assets - which means that unless WWE was going to take all the talents (we are told by a WWE source that they believe that was not the case), everyone involved would have been out of a job. Carter told talents on 10/3 she wasn't letting a sale happen. On 9/25, Dean Broadhead was sending WWE documentation that was requested to help WWE follow through with due dilligence. That is quite the bridge Carter is going to have to mend with the locker room.
Also pretty much would mean the end of their UK tours due to Anthem unwilling to cover touring costs. Could impact their India contract as well if they still have it by then due to TNA being way behind on current commitments.

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Old 10-28-2016, 09:56 PM   #1068
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Wow. Never thought "You can't script October" would ever take on this kind of meaning.
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Old 10-29-2016, 02:08 PM   #1069
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Who is willing to put money into TNA at this point?!?
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Old 10-29-2016, 02:27 PM   #1070
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Who is willing to put money into TNA at this point?!?
Fight Network as I assume TNA is one of their biggest draws. By the sounds of it, they'd have to cut costs considerably like tours and shit.
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Old 10-29-2016, 02:32 PM   #1071
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I bet Corgan regrets not fucking her when he had the chance, he wouldn't be in this position
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Old 10-31-2016, 12:31 AM   #1072
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You all ready for tomorrow?

ALL ABOARD THE HYPE TRAIN (no Mojo allowed).
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Old 10-31-2016, 01:02 AM   #1073
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Mojo IS the Hype Train, BABY!!!!
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Old 10-31-2016, 01:08 AM   #1074
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Seems like they might win Dark. Won't be that much fun.
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Old 10-31-2016, 01:30 AM   #1075
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It hasn't been as funny as this real life thing broh.
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Old 10-31-2016, 01:36 AM   #1076
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Quote:
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Seems like they might win Dark. Won't be that much fun.
I mean, that's still a win for me.

That's at least six more weeks of quality posts like this:



(Yes, I know, I've already posted this.)
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Old 10-31-2016, 01:43 AM   #1077
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If its found that Dixie and Corgan had an illegal agreement, does TNA legally still owe him what he loaned?
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Old 10-31-2016, 01:44 AM   #1078
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I will repeat too.
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Old 10-31-2016, 01:45 AM   #1079
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Quote:
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If its found that Dixie and Corgan had an illegal agreement, does TNA legally still owe him what he loaned?
I would say yes because both sides seemed to follow the terms of the agreement as if it was legal.
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Old 10-31-2016, 01:12 PM   #1080
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Quote:
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I would say yes because both sides seemed to follow the terms of the agreement as if it was legal.
If it is deemed to be a "pledge" agreement and Corgan was licensed in TN as a pledge lender, then yes. If he was not licensed then, no, he's not entitled to any of his money back, nor Dixie's 92.5% interest in TNA.

If it is deemed a "general assignment" agreement, then he is entitled to his investment money back plus interest or he has the option of taking up to 36% interest in TNA instead of his money back.
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