LIVE Coverage of Court Case - Dixie Carter vs Billy Corgan for TNA ownership!

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">That deal would have given him 52 percent of TNA. &quot;he's now saying company is worth nothing,&quot;</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791359803784298496">October 26, 2016</a></blockquote>
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[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham: Corgan did nothing to set up necessary financing for Sept. production.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791360123444879361">October 26, 2016</a></blockquote>
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[Dark One]

"He just wants a controlling interest in the company!"

Well, you idiots did name him company president.

[Innovator]

I don't get what TNA's strategy is considering Dixie signed the agreement

[Dark One]

I don't get what TNA's strategy is considering Dixie signed the agreement

"Yeah, but we didn't expect him to use that agreement."

I don't know. Z, is there legitimately like some kind of 'bad faith' clause they're trying to leverage here?

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham vigorously denies financial details were hidden from Corgan.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791361902429540352">October 26, 2016</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said Corgan is attempting to cause TNA to default on his own loan.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791362219791507456">October 26, 2016</a></blockquote>
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[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said injunctive relief should be used sparingly. He says Corgan has not suffered irreparable harm.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791362636185276416">October 26, 2016</a></blockquote>
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[Dark One]

Can we change this thread title to 'Live Updates of TNA Lawsuit - Dark One's Wrestlemania moment'?

[Destor]

There it is. I was wondering where the defense was.
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[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said Corgan wanted to get rid of all managers and appoont himself manager.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791363427616825344">October 26, 2016</a></blockquote>
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[Simple Fan]

Wish Creature of the Night from the front page was here for this. He's basically the Cynick of TNA.

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham says Dixies manager rights cant be transferred under the law.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791364967622729728">October 26, 2016</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said the contract between Corgan and Carter is illegal under TN law. So Carter cant transfer her mgr rights even if TNA is insolvent.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791365775647006722">October 26, 2016</a></blockquote>
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Or the "This company's laywers are so incompetent, they let their clients sign an illegal contract." defense

[Evil Vito]

TNA had already taped at the Impact Zone through the year...so the November 1st-3rd taping was likely the Hardy Compound Total Nonstop Deletion taping :(

If they're scrapping that then just burn it to the ground.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said the contract between Corgan and Carter is illegal under TN law. So Carter cant transfer her mgr rights even if TNA is insolvent.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791365775647006722">October 26, 2016</a></blockquote>
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[Innovator]

GIMMICK STEAMER

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said tax lien is an accounting mistake. A non issue he says.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791368041061814272">October 26, 2016</a></blockquote>
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[#BROKEN Hasney]

TNA's lawyer just said people want to buy TNA because it is valuable.

Lol

[Innovator]

NOT PAYING TAXES IS AN ACCOUNTING MISTAKE

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[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham calls deal predatory lending at its worse. Reiterates TNA is willing to pay off Corgans loan.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791368853314015233">October 26, 2016</a></blockquote>
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[#BROKEN Hasney]

Docs state that Dixie asked Billy why he wasn't involving her in planning or meetings and he said, "You are damaged goods."

Oh he's shooting, brother

[Emperor Smeat]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Ok $1.8M was from Anthem. Thats the company that owns TNA licensing rights to video library.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791350547664236544">October 26, 2016</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Anthem has issued press release saying it is willing to pay off Corgan and Aroluxe's Jason Brown will become new ceo.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791351830475370496">October 26, 2016</a></blockquote>
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After Dixie, Aroluxe would be 2nd worst scenario for TNA as owners based on recent stories about the company towards TNA staff and talent. Maybe even worse since while Dixie is mostly a dumbass as an owner, Aroluxe is a lot more apathetic towards TNA's employees.

[slik]

Aroluxe doesn't really sound like they have a big vision for the company that is different from how it's existed/currently exists.

[Emperor Smeat]

They'd just do everything a lot cheaper but not the good kind of cheap if how they treated TNA's former production staff is any indication. Main reason Dixie hired them besides for money was the rep the Harris Bros had with solving problems by threatening firings or implying making things physical if needed.

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Anthem atty says company is willing to pay off Corgan loan minus transaction premium he says he is due.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791374102514761728">October 26, 2016</a></blockquote>
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[Simple Fan]

So basically everyone involved wants Corgan out?

[Innovator]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Hobbs Lyle says her ruling will come on Monday.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791376969657180161">October 26, 2016</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Court adjourned. Updated story coming soon.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791377022937432064">October 26, 2016</a></blockquote>
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WERE OUTTA TIME HERE COMES STING

[Destor]

So basically everyone involved wants Corgan out?
Now that he's suing, yeah lol


The reality of what happend here is Dixie and Co tried using him as a money mark and it's blown up in their face.

[Frank Drebin]

This is amazing

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Parham said tax lien is an accounting mistake. A non issue he says.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/791368041061814272">October 26, 2016</a></blockquote>
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Once again, TNA's defense is built off of "We're really fucking stupid."

AMAZING

[Dark One]

This is my everything.

[Innovator]

Once again, TNA's defense is built off of "We're really fucking stupid."

AMAZING

"And hell is just a sauna"

[Emperor Smeat]

Once again, TNA's defense is built off of "We're really fucking stupid."

AMAZING

Might as well be their official company motto after all these years being around.

[Mr. Nerfect]

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?

[Dark One]

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?

Here's an interesting summary of TNA's position--or at least the only part that seems like a remotely valid argument other than "We dumb. Sorry."

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.

[Mr. Nerfect]

Interesting. Not as hilarious as your other posts, but still vaguely funny because it contains "TNA" in it.

[Dark One]

Interesting. Not as hilarious as your other posts, but still vaguely funny because it contains "TNA" in it.

Shit. Right.

Gotta keep up kayfabe.

This was what was happening in the gallery during that argument:

https://uproxx.files.wordpress.com/2014/07/dixie-spud-crying.png?w=650

[Mr. Nerfect]

Rhyno looks like he's just been Robbie'd.

"Fuck, I hope Vince doesn't catch wind of me being here."

[Dark One]

Probably going to have to take Monday off from work so I can queue up all the memorial shit I need to have ready.

[SlickyTrickyDamon]

I think I already have Sunday Monday off. I will assist.

[SlickyTrickyDamon]

But that Monster music video with Eric Young will be tough for me to top.

[Dark One]

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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[SlickyTrickyDamon]

aw jeeez

[BigCrippyZ]

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.

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.

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.

[Theo Dious]

Why hasn't a ladder match for total control of TNA been booked yet?

[Dark One]

Out of curiosity, Z, how does this play into things?

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?

[Innovator]

<blockquote class="twitter-video" data-lang="en"><p lang="en" dir="ltr">Travis Parham, TNA wrestling's lawyer, presents their case during a hearing in the lawsuit involving Billy Corgan <a href="https://t.co/ADf2D0XvTO">https://t.co/ADf2D0XvTO</a> <a href="https://t.co/Q5OPTZ92JL">pic.twitter.com/Q5OPTZ92JL</a></p>&mdash; The Tennessean (@Tennessean) <a href="https://twitter.com/Tennessean/status/791386903480246272">October 26, 2016</a></blockquote>
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<blockquote class="twitter-video" data-lang="en"><p lang="en" dir="ltr">Billy Corgan's lawyer, Scott Sims, presents his client's case in a hearing in the lawsuit involving TNA wrestling <a href="https://t.co/lMXhSlx7DX">https://t.co/lMXhSlx7DX</a> <a href="https://t.co/FWd6mhsSoo">pic.twitter.com/FWd6mhsSoo</a></p>&mdash; The Tennessean (@Tennessean) <a href="https://twitter.com/Tennessean/status/791385384601186304">October 26, 2016</a></blockquote>
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[Big Vic]

I miss the TNA apologists (TLP) I wonder what they would say about TNA now.

[BigCrippyZ]

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.

[Theo Dious]

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.

[Dark One]

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.

[Simple Fan]

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.

[Big Vic]

How much does MVP still own?

[#BROKEN Hasney]

https://pbs.twimg.com/media/CvyL86WWAAAz66d.jpg

Ruh-roh. This could be the thing that destroys Corban's case.

[Big Vic]

TNA will counter sue and be funded until march.

[BigCrippyZ]

https://pbs.twimg.com/media/CvyL86WWAAAz66d.jpg

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.

[Dark One]

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.

[Dark One]

That post was specifically for you, Noid. You're welcome.

[BigCrippyZ]

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.

[Triple A]

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"?

[BigCrippyZ]

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.

[slik]

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!

[Emperor Smeat]

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.

[BigCrippyZ]

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.

[Dark One]

Pretty excited about this potentially proving that Dixie Carter is legally retarded. That's what this is about, right?

[Sixx]

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

[Innovator]

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.

[Emperor Smeat]

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.

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.

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.

https://www.reddit.com/r/SquaredCircle/comments/59vhc4/update_on_tna_per_pwi_article_inside_post_since/

[DAMN iNATOR]

Wow. Never thought "You can't script October" would ever take on this kind of meaning.

[Mr. Nerfect]

Who is willing to put money into TNA at this point?!?

[#BROKEN Hasney]

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.

[mike adamle]

I bet Corgan regrets not fucking her when he had the chance, he wouldn't be in this position

[Dark One]

You all ready for tomorrow?

ALL ABOARD THE HYPE TRAIN (no Mojo allowed).

[Lock Jaw]

Mojo IS the Hype Train, BABY!!!!

[SlickyTrickyDamon]

Seems like they might win Dark. Won't be that much fun.

[SlickyTrickyDamon]

<iframe width="560" height="315" src="https://www.youtube.com/embed/WTWdP5DMdsM" frameborder="0" allowfullscreen></iframe>

It hasn't been as funny as this real life thing broh.

[Dark One]

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:

<iframe width="560" height="315" src="https://www.youtube.com/embed/Vtg-HSJT7b4?rel=0&amp;showinfo=0" frameborder="0" allowfullscreen></iframe>

(Yes, I know, I've already posted this.)

[RP]

If its found that Dixie and Corgan had an illegal agreement, does TNA legally still owe him what he loaned?

[SlickyTrickyDamon]

<iframe width="560" height="315" src="https://www.youtube.com/embed/FKQbjBCOLRY" frameborder="0" allowfullscreen></iframe>

I will repeat too.

[SlickyTrickyDamon]

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.

[BigCrippyZ]

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.

[Simple Fan]

So no news yet?

[BigCrippyZ]

No set docket time for the hearing decision today yet.

[Innovator]

From experience, judge's opinions/orders usually come later in the day

[BigCrippyZ]

From experience, judge's opinions/orders usually come later in the day

Yep.

[Dark One]

Really hoping there's an 'AND WE'RE OUTTA TIME' right before the actual decision.

[Dark One]

Or they bump the actual finish to TNA ReACTION

[SlickyTrickyDamon]

Damn thought we'd know something.

[BigCrippyZ]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Judge strikes down Corgan's request for a temporary restraining order; Big win for Dixie and TNA.</p>&mdash; Nate Rau (@tnnaterau) <a href="https://twitter.com/tnnaterau/status/793172377165303812">October 31, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Dark One]

Dixie and Goons right now:

https://whatistheexcel.com/wooobooru/_images/8b692962708d5ddc255f2ae6a2a75241/472%20-%20don_west%20gif%20high_five%20mike_tenay%20tna.gif

[Dark One]

William Patrick Corgan right now:

http://static.gigwise.com/artists/corgan325.jpg

[Dark One]

Me right now:

http://i.imgur.com/zd1fwLZ.gif

[Dark One]

TNA's finances right now:

https://media2.giphy.com/media/eV3B6VcUIrBFm/100.gif

[Dark One]

TNA as a whole right now:

https://s-media-cache-ak0.pinimg.com/originals/0a/1b/91/0a1b91e7e75250b33ead55e5fd9632d2.gif

[BigCrippyZ]

This doesn't necessarily kill his claims or case BUT it does mean TNA can be sold at any point during this trial and that all Corgan will likely get is his investment money plus interest for late repayment. Plus, it will probably settle now anyway with Corgan getting his money back and getting out. No sense in either side spending the money on attorney's fees to go through a trial that will most likely end up with Corgan getting most of his money back anyway.

[#1-norm-fan]

I just want Corgan to start a wrestling company. After hearing him talk on a couple podcasts I'm convinced he "gets it". Right down to the fact that he understands that no matter how awful WWE is, it's impossible to be a more successful version of them at this point.

[Dark One]

I just want Corgan to start a wrestling company. After hearing him talk on a couple podcasts I'm convinced he "gets it". Right down to the fact that he understands that no matter how awful WWE is, it's impossible to be a more successful version of them at this point.

I mean, he had Resistance Pro wrestling for a while, but if he starts a new promotion, he's going to end up with the same problem GFW had (BUY OUR GOLD)... He's going to have a hell of a time getting a TV deal, unless he's managed to foster a strong relationship with Pop or somebody to the extent that they want to eject TNA at the first contractual opportunity and pick up the Corgan Wrestling Federation.

[Emperor Smeat]

Probably guarantees Fight Network is going to be the new owners of TNA since that was teased as a likely outcome if Corgan lost.

Also probably now are going to be the ones dealing with the other lawsuits unless Dixie is dumb enough to not sell the company now.

[#BROKEN Hasney]

https://s13.postimg.org/k4jyj0szb/salty1.jpg

[Dark One]

Looking forward to the mass talent revolt in TNA as a result of this.

Thanks to #BROKEN Hasney for getting it started. Can't wait for Bram's reaction.

[#1-norm-fan]

I mean, he had Resistance Pro wrestling for a while, but if he starts a new promotion, he's going to end up with the same problem GFW had (BUY OUR GOLD)... He's going to have a hell of a time getting a TV deal, unless he's managed to foster a strong relationship with Pop or somebody to the extent that they want to eject TNA at the first contractual opportunity and pick up the Corgan Wrestling Federation.

And even then... You're on Pop. Like I said, I think he's got all the right ideas. But how do you pass that on to people who just think "wrestling = bad"?

[SlickyTrickyDamon]

TNA wins. Time to show clips of TNA's triumphs.

<img style="-webkit-user-select: none" src="https://blueberry32.files.wordpress.com/2013/06/footage-not-found.png">

[Innovator]

Looking forward to the mass talent revolt in TNA as a result of this.

Thanks to #BROKEN Hasney for getting it started. Can't wait for Bram's reaction.

https://pbs.twimg.com/media/CGH2lqrU0AACT5F.jpg

[#BROKEN Hasney]

Y'all realise now that TNA will outlast each and every one of us, right?

[Simple Fan]

I don't know but if they are not going to do their UK tour that's a big loss for them. One of the only places they actually get paying crowds. They havent done the India tour they are required to in two years and could lose their tv deal with Sony Six in India. Talent really seem to like Corgan so a lot of guys could walk just for him being gone. Their just going to be in the same situation next year about this time maybe even words off.

[SlickyTrickyDamon]

Dixie seems done anyways unless the whoever takes over likes shitty figureheads.

[Dark One]

Shame they've taped out for the next sixteen years. Would be a real swell backstage meeting next week otherwise.

[Simple Fan]

Next taping will be the Total Nonstop Deletion episodes later in November but I think Hardy has been doing the booking for that and will have some outside teams in it. Probably not the Young Bucks or New Day like he wanted but I imagine they have a few people that are not with TNA.

[KIRA]

Corgan needs to get the Pumpkins together and Serenade the Judge with Melancholy and the infinite Sadness (Soften him up)

[#BROKEN Hasney]

https://pbs.twimg.com/media/CwK8NxmXEAAWNn-.jpg:large

[Mr. Nerfect]

Hahahaha!

[Evil Vito]

Wait, TNA re-signed Bram? That's a game changer.

[#BROKEN Hasney]

For all the jokes about Bram, I wish he was still in the Ascension. He was the good one.

Probably shouldn't drive drunk, mind you...

[Evil Vito]

Yeah, he was good as Kenneth Cameron. Rick Victor is actually a solid hand in the ring too, Conor O'Brian just flat out sucks though. He's also 36 years old and hasn't really improved at all despite being employed for nearly a decade.

Kameron and Viktor > Konnor and Viktor

[Dark One]

For all the jokes about Bram, I wish he was still in the Ascension. He was the good one.

Probably shouldn't drive drunk, mind you...

Yeah, he was good as Kenneth Cameron. Rick Victor is actually a solid hand in the ring too, Conor O'Brian just flat out sucks though. He's also 36 years old and hasn't really improved at all despite being employed for nearly a decade.

Kameron and Viktor > Konnor and Viktor

I think the hand lights and weird twitch thing also helped them have an identity.

[#BROKEN Hasney]

FCW Ascension is still the best Ascension

<iframe width="560" height="315" src="https://www.youtube.com/embed/chZmBARelCM" frameborder="0" allowfullscreen></iframe>
<iframe width="560" height="315" src="https://www.youtube.com/embed/2OpXZSwc1DY" frameborder="0" allowfullscreen></iframe>

[#BROKEN Hasney]

Ascension V 3 jobbers (lol @ Big Cass' & Jason Jordans hair)

<iframe width="560" height="315" src="https://www.youtube.com/embed/cxKOMTZXm-c" frameborder="0" allowfullscreen></iframe>

[Dark One]

FCW Ascension is still the best Ascension


FCW Ascension could probably save TNA.

Although to be fair, they'd probably turn them into Black Reign 2, Agua Negra, Sir Boffington of Deathshire, and EDDIE GUERRERO'S DAUGHTER (tm)

[Evil Vito]

Epico in an occult gimmick seems weird as hell in retrospect

[Dark One]

Epico in an occult gimmick seems weird as hell in retrospect

Does it help to pretend he was trying to sell you a timeshare in hell?

[Dark One]

https://pbs.twimg.com/media/CwK8NxmXEAAWNn-.jpg:large

TNA right now:

http://www.welovetheiraqiinformationminister.com/images/07-minister.jpg

[Funky Fly is back]

Is the court case over yet? Give Bobby Lashley control of the company.

[Innovator]

TNA right now:

http://www.welovetheiraqiinformationminister.com/images/07-minister.jpg

https://media.giphy.com/media/poZnXsKLvTVGo/giphy.gif

[slik]

I keep reading on twitter something about TNA now only having 4 tv tapings a year

someone fill me in please!

[Destor]

I keep reading on twitter something about TNA now only having 4 tv tapings a year

someone fill me in please!
Well they only tape TV 4 times a year

[slik]

I get that but does anyone have a link to the tweet or news report for that...

[#BROKEN Hasney]

https://media.giphy.com/media/poZnXsKLvTVGo/giphy.gif

http://i.imgur.com/BLvkHbg.gif
https://u.pomf.is/yjfkmo.gif

[Emperor Smeat]

I keep reading on twitter something about TNA now only having 4 tv tapings a year

someone fill me in please!

Supposedly Fight Network's parent company is rumored to becoming the new owner soon and one of their plans is to cut back a lot on traveling as a way to help balance the books.

[#BROKEN Hasney]

I keep reading on twitter something about TNA now only having 4 tv tapings a year

someone fill me in please!

So they'll film a quarter of a years TV within a week.

[Emperor Smeat]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">A chart of TNA's UK TV ratings, where viewership data is available. The trend is pretty plain to see. <a href="https://t.co/lQA0c3jPur">pic.twitter.com/lQA0c3jPur</a></p>&mdash; Garrett Kidney (@garrettkidney) <a href="https://twitter.com/garrettkidney/status/793448709740716033">November 1, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

Apparently they are ending with roughly the same amount of viewers as they started off with for the channel. Them being under what should have been their weekly average for far too long recently was what killed them on the channel.

[#BROKEN Hasney]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">A chart of TNA's UK TV ratings, where viewership data is available. The trend is pretty plain to see. <a href="https://t.co/lQA0c3jPur">pic.twitter.com/lQA0c3jPur</a></p>&mdash; Garrett Kidney (@garrettkidney) <a href="https://twitter.com/garrettkidney/status/793448709740716033">November 1, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

Apparently they are ending with roughly the same amount of viewers as they started off with for the channel. Them being under what should have been their weekly average for far too long recently was what killed them on the channel.

Nah, for context, Challenge TV is all re-runs of old UK gameshows from the 90's and early 00's. Even if it slipped like that for another year, it would be by far the biggest thing on the channel. The second biggest was some wrestling talk show they had on afterwards.

Speculation is around Challenge possibly having a clause in the contract about a UK tour a year that they can promote and that Fight Network would axe that.

[Emperor Smeat]

Nah, for context, Challenge TV is all re-runs of old UK gameshows from the 90's and early 00's. Even if it slipped like that for another year, it would be by far the biggest thing on the channel. The second biggest was some wrestling talk show they had on afterwards.

Speculation is around Challenge possibly having a clause in the contract about a UK tour a year that they can promote and that Fight Network would axe that.
That's pretty interesting. If it was due to a touring clause probably a safe bet the India tv deal is going to be over soon since TNA is behind on the required tours needed.

[Emperor Smeat]

Recent report by the Observer stated Aroluxe Media's CEO and not Dixie is the current boss of TNA.

Corgan is due to be paid back on Tuesday, November 1st. The musician had sued the company, Dixie Carter, and more in an effort to get voting rights and control.

Our Dave Meltzer tweeted:

Corgan lost his bid to get an injunction. TNA back in business with Aroluxe CEO in charge.

— Dave Meltzer (@davemeltzerWON) October 31, 2016

Aroluxe is the company that originally invested in TNA earlier this year to help keep the tapings alive and to buy into the company.

[#BROKEN Hasney]

IT'S NOT OVER YET!

TNA's being sued for $48k by Fraley International, the company handling design, import, and export of their merch for ShopTNA

http://www.sescoops.com/exclusive-tna-owes-yet-another-debt-this-time-to-merchandise-designerimporter/

[Mr. Nerfect]

But the Matt Hardy stuff is so good. I cannot understand why viewers would be down in the UK.

[Lock Jaw]

I think I will also sue TNA.

Because why not.

I'll think of a reason later.

[#BROKEN Hasney]

https://pbs.twimg.com/media/CwWovGNVEAAF0Ng.jpg:large

It's official.

[#BROKEN Hasney]

Dixie fucking Carter is staying on.

[#BROKEN Hasney]

PWInsider is saying Dixie is staying on in name only and will have no power.

As for Billy Corgan: FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge. Yesterday they asked for a day to 'get $ together'

[Emperor Smeat]

Power or no power, Dixie staying is the dumbest thing to happen from this mess.

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">FACT: I have still not been paid, and I'm exploring all remedies including new filings with court and converting to 36 pct. equity</p>&mdash; WPC (@Billy) <a href="https://twitter.com/Billy/status/794233412034891776">November 3, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

[Emperor Smeat]

Recent details from the Observer regarding TNA losing their UK deal and why Dixie's past with Spike and Destination America came back to haunt the company.

TNA knew that their deal with Challenge was in jeopardy months ago so they began shopping around Impact Wrestling to various networks in the U.K. with little interest from anyone. One group they met with was Premier Sports, a pay sports channel in the U.K. formerly known as Setanta Sports. The station ended up being completely discouraged by what they learnt of TNA's past dealings with networks in the U.S. when they did their research on how TNA's deals with both Spike and Destination America saw them canceled due to a mixture of poor ratings and mishandled business relationships, along with declining viewership on Challenge in the U.K. Despite this TNA told Premier Sports that they would be off Challenge and available in the U.K. in January.

[Emperor Smeat]

Based on recent tweets, Corgan and Fight Network are currently feuding against each other with Corgan now likely to reject the loan repayment in favor of an ownership share of TNA.

Whole thing is all because Fight Network went public too early about the case result and TNA failing to pay Corgan on time which meant the lawsuit is still active.

The Fight Network/Anthem tweeted the following:

We reject Mr. Corgan's social media comments today re:@IMPACTWRESTLING. The matter is before courts/public discourse is inappropriate. (1/2)
— Fight Network (@fightnet) November 3, 2016

There is a solid financial plan for @IMPACTWRESTLING & Mr. Corgan's loan will be dealt with appropriately. (2/2)
— Fight Network (@fightnet) November 3, 2016

UPDATE 4:45 PM: Billy Corgan responded to the comments from Anthem:



@fightnet Terrible way to start our future relationship! What w/ the lying through counsel + propensity for press releases claiming victory
— WPC (@Billy) November 3, 2016



@fightnet So when you sent out the press release today and one during lawsuit (which is still pending FYI) that's not public discourse? Tsk!
— WPC (@Billy) November 3, 2016



@fightnet And the use of 'reject' in your tweet! Such strong language from network of fights
— WPC (@Billy) November 3, 2016

[Evil Vito]

What a shitshow.

[Evil Vito]

Just get the Hardy Compound episode filmed and aired and be done with it.

[Innovator]

Just have Matt DELETE TNA

[Emperor Smeat]

Aparently TNA pulled a fast one on Corgan in regards to the $1.8 million he's owed as a base payment. By selling the company almost the moment Corgan lost the injuction, they didn't have to honor the full amount and Fight Network could reneg on the promise made to Corgan.

Supposedly Corgan got pissed when he was only offered around half of what he expected back. Might be why TNA wanted the repayment date pushed back so the lower amount could be made official by the courts.

[screech]

So he bails them out and wants more stake in the company. They thank him by saying "fuck off, take what we give you." And somehow that loan doesn't have to be repaid to him.

Do I have it right?

[RP]

My understanding of all of this ( please correct me if i'm wrong ) is that Billy and TNA's agreement was ruled illegal. TNA sells and I assume the buyer buys all debt that comes with the sale, but does not have to honor an illegal agreement. So Billy gets fucked in the butt.

[Dark One]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Today, I'm FORMALLY requesting repayment of my 'so-called' loan by TNA, which I'm told stalled because they didn't know where to FIND ME</p>&mdash; WPC (@Billy) <a href="https://twitter.com/Billy/status/794569232289853440">November 4, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Remember it was Anthem and not I who stood in open court and told judge they were prepared to PAY and in turn FUND good 'ol, solvent TNA</p>&mdash; WPC (@Billy) <a href="https://twitter.com/Billy/status/794570457466990593">November 4, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">And that 'option' if you will to convert my boo-hoo-hoo loan to 36pct stock or auction it off to a PW titan doesn't require a court order</p>&mdash; WPC (@Billy) <a href="https://twitter.com/Billy/status/794573291029692416">November 4, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>

https://whatistheexcel.com/wooobooru/_images/4a896456531f0425f89df8f578ae08cd/6562%20-%20autoplay_gif%20brock_lesnar%20gif%20pyro%20smackdown%20wwe.gif

[Dark One]

Cannot wait for William Patrick Corgan to sell 36% of TNA to WWE for $5.

[Big Vic]

Take the 1.8 mil, Bill

[XL]

Just me or is Billy Corgan not coming off well in this. Keep it off twitter, man.

[Destor]

Just me or is Billy Corgan not coming off well in this. Keep it off twitter, man.

Court cases are public affairs

[XL]

Maybe. But this is like watching a celebrity divorce play out.

[BigCrippyZ]

Court cases are public affairs

Doesn't matter. There's really no benefit to these rants for him legally. Very unprofessional.

Either his lawyer's an idiot for not telling him to keep his mouth shut or he's an idiot for not listening to his lawyer and running his mouth anyway.

When you're involved in litigation or potential litigation, if you're smart, you let your attorney do the talking for you.

[Mr. Nerfect]

Me watching TNA go down the gurgler like:

http://stream1.gifsoup.com/view4/4070231/david-mitchell-cuddle-jumper-o.gif

[Mr. Nerfect]

According to Brian Last on Jim Cornette's podcast, most people in the music industry find Corgan hard to deal with. That being said, this is a fucking shitstorm, and I cannot believe that Anthem is letting Dixie Carter stay on. She is largely responsible for TNA losing 90% of its fucking audience and almost all its viable talent. TNA has ZERO good will towards it right now.

[Mr. Nerfect]

Also, Dave Lagana has quit TNA.

[#BROKEN Hasney]

Also, Dave Lagana has quit TNA.

Five years ago I made the decision to join the TNA Impact Wrestling family. Over this time, I’ve experienced a lot in my life personally and professionally. Being a fan of professional wrestling for thirty years, I look back amazed at moments I’ve been a part of. Over my fifteen years of writing, producing and directing, I’ve been very lucky to work with every major talent in the history of the sport and learn from its brightest minds; Vince McMahon, Paul Heyman, Dusty Rhodes, Pat Patterson, Gerry Brisco, Shawn Michaels, Paul Levesque, Michael Hayes, Brian Gewirtz, Adam Pearce, Hunter Johnson, Matt Conway, Billy Corgan, Vince Russo, Eric Bischoff, Bruce Prichard, Jeff Jarrett, and Dutch Mantel. This group of professionals taught me many lessons and and helped shape my career. Lessons like passion can carry us through pain, disappointment and regret. Hard work, dedication and commitment to a craft can define a person’s journey and decisions.

“Today I made the decision to leave TNA Impact Wrestling. A decision I do not make lightly but one I made to create a future that I control. In 2017, you need to look forward to 2020 and beyond. My focus now is on personal branding, technology and the wild west of storytelling available to all content creators today.

“I want to thank everyone at TNA Impact Wrestling for giving me the opportunity to be the Senior Director of Creative Writing. Also I’d like to thank the talented and underappreciated television production crew and locker room. Getting to be collaborative with this group of men and women at every taping was an honor and a privilege. This is a creative business where stars are made one decision at a time. Believe and trust the process; success will follow.

“I look forward to the future that we all create and that all starts right now.

“See you down the road…

“David Lagana”

Notice who's not listed in his thanks section and Billy Corgan is?

lol

[Mr. Nerfect]

Very telling.

[Mr. Nerfect]

I heard this weird suggestion somewhere about The Rock starting up his own wrestling promotion. I never for the life of me suspected that The Rock would ever go against Vince, because why would he turn down those truck loads of money per appearance? But then I realized that if he decides to give back to wrestling -- because what it truly needs is competition -- he could very easily set up something with Brian Gewirtz, Dave Lagana and Billy Corgan, or something. If they could just find a way to make it profitable, it could be a little source of constant rejuvenation for The Rock, who just dips his toe in and comes out golden.

[Mr. Nerfect]

I feel silly even suggesting that, but it would be fucking amazing.

[Emperor Smeat]

Some details from the Observer regarding TNA and Fight Network being late paying Corgan.

The situation with TNA and Billy Corgan had a few twists and turns this morning stemming from a New York Post article by Richard Morgan.

The key to the story at this point is that even though TNA is being controlled and funded by Anthem Sports & Entertainment, for reasons of saving money based on the Corgan contract, they are claiming they haven't been sold, even though for all real purposes they have.

The point to this is that Corgan's deal with TNA when fronting them $1.8 million (a figure Corgan has now confirmed) is that if the company was sold, he was entitled to a 50% transfer fee, meaning the company would owe him $2.7 million. Anthem Sports has been willing to pay Corgan $1.8 million, or at times $1.9 million (claiming they were willing to pay six percent interest), but not $2.7 million, and also insist on him dropping his lawsuit against them before they would pay him.

Corgan is asking for the money, but refuses to drop the lawsuit, and claims that if they don't pay him he has the right to convert the payment into 36 percent of TNA stock. It would be a minority interest. Anthem is clearly avoiding the term purchase of TNA and going through with an actual purchase, in order to avoid the transfer fee.

In court they had said they would pay the amount of $1.9 million (they said the number owed plus six percent interest) on November 1st. As of today, it had not been paid. TNA is demanding that if they paid the money, that Corgan sign a release, breaking all ties between the company which would mean that he would have to drop the ongoing lawsuit and could not sue the company going forward.

[Heisenberg]

We should all tweet Billy and Dixie and let them know who the fuck re-signed with TN fuckin' A this week

[SlickyTrickyDamon]

Bram regrets re-signing but he's a cop beater and WWE wouldn't want Charlotte's ex to be in WWE.

[Emperor Smeat]

Baring something crazy happening outta nowhere, Corgan and TNA/Fight Network agreed to a settlement deal.

In a surprising move Friday, Billy Corgan announced on Twitter that he signed a settlement with TNA & Anthem Sports & Entertainment.

The leader singer of the Smashing Pumpkins didn't say much but did mention he'll be doing some media next week to "fill in the blanks" and "spell out what is/isn't in" the settlement.

Anthem property The Fight Network tweeted that they are "happy with arrangements made w/Mr. Corgan, allowing Impact Wrestling to put this behind them and focus on producing great shows."

The arrangement ends a contentious fall season for Corgan, Anthem, and TNA which saw Corgan file a lawsuit against TNA over gaining control over the company due to unpaid loans. The judge denied that claim, but as of the November 1st deadline to be paid back, Corgan still hadn't been made whole which led to a formal request for payment, hampered by a complicated contract arrangement.

[SlickyTrickyDamon]

<iframe width="560" height="315" src="https://www.youtube.com/embed/ogaV_9cUbQo" frameborder="0" allowfullscreen></iframe>

[SlickyTrickyDamon]

OR IS IT?

[Dewidi]

Does this mean no more pumpkinhead on TNA?

[KIRA]

How does this company just not die?

[BigCrippyZ]

Shocked, shocked I tell ya!

:roll: :lol:

Knew it would likely settle.

[Emperor Smeat]

Baring something crazy happening outta nowhere, Corgan and TNA/Fight Network agreed to a settlement deal.

Turns out something crazy did end up happening since the settlement deal might have been rejected.

Despite publicly announcing that he and TNA had come to an agreement on their legal issues regarding the lawsuit he filed against TNA, Dixie Carter and others, the lawsuit Billy Corgan filed in the Nashville Chancery Court continues on.

On 11/14, the court issued an order extending the defendants' time to answer the lawsuit or otherwise plead in regard to the case until today, 11/22. The order noted that it was at the request of counsel for both Corgan and the Defendants and that the extension "further the interests of judicial economy and efficiency."

So, either the two sides have settled and it will be officially filed with the court today or the defendants will be filing some sort of official response to the case, such as a motion to dismiss.

[Evil Vito]

Shane Helms on TNA:

I think the best analogy I can come up with for TNA is that we’re a restaurant that has new cooks, we got a new kitchen, we got a new menu. But people can’t forget the e-coli breakout that we had a couple years ago that killed about eight people.

[Emperor Smeat]

Corgan ended up settling with Anthem Sports & Entertainment and is pretty much out of TNA now.

Meanwhile TNA is expected to lose one of their other on-going lawsuits since they are almost guaranteed to be hit with a default judgement for pretty much ignoring the court case.

Remember how when American Express sued TNA for not paying their bill to the tune of $269,049.50, the summons was served to a receptionist at TNA’s old office that they were evicted from months earlier? Well, that’s about to become an issue for TNA: This coming Wednesday, American Express will be in court arguing that they are entitled to a default judgment because TNA has not acknowledged the complaint. A default judgment is exactly what it sounds like, TNA losing by default. TNA has not filed anything in the case since it was fire filed back in July, and thus are currently listed on the court docket as having no legal representation recorded by the court.
http://www.sescoops.com/american-express-moves-for-judge-to-rule-against-tna-by-default-in-debt-case/

[BigCrippyZ]

Corgan ended up settling with Anthem Sports & Entertainment and is pretty much out of TNA now.

Meanwhile TNA is expected to lose one of their other on-going lawsuits since they are almost guaranteed to be hit with a default judgement for pretty much ignoring the court case.


http://www.sescoops.com/american-express-moves-for-judge-to-rule-against-tna-by-default-in-debt-case/

Not surprised re: Corgan.

Also, it's really rare for a court to grant default judgement at this early stage regardless. Not impossible for an order of default judgement to be issued, but it's just not likely to occur on Wednesday. Especially if anyone representing TNA (attorney or not) shows up. That being said, if TNA fails to respond further after this, the court would easily issue an order of default against TNA in the future.

[Evil Vito]

Corgan got a settlement? I wonder how much the gift card to Sunglass Hut was for.

[Emperor Smeat]

:lol: at the basis for Corgan thinking he had actual power on TNA being a simple chart TNA management and/or Dixie showed him listing him as president.

Turns out Dixie named him president just for the sake of it and never had plans to actually give him any power in the company. Only wanted his money because of how desperate they were at the time.

Corgan got fooled/conned big time.

[Emperor Smeat]

Apparently the lawsuit Corgan has with Dixie Carter is still technically active despite him settling with Anthem and TNA. Has to do with how he withdrew the lawsuit since it had some stips attached in case it ever needed to be reactivated in the future.

In a matter of full disclosure, no one from TNA management, thus far, has wanted to respond to Billy Corgan's interview with PWInsider.com on record.

There may be good reason for that. On 11/29, Corgan's attorneys filed a notice in the Nashville Chancery Court that they were voluntarily dismissing his lawsuit against the company without prejudice, meaning that the lawsuit could always be re-filed down the line. In his interview with PWInsider.com yesterday, Corgan said that he has released all claims against TNA Impact Wrestling, Impact Ventures and Anthem Sports & Entertainment. So, that would mean he is still considering pursuing Dixie Carter and others legally. The lawsuit has yet to be officially dismissed by the presiding Judge.

[The MAC]

The brand is unsalvageable. Re-brand with a new name, logo, colours etc. The whole presentation needs to move.

I would have Matt Hardy destroy the set with drones. Then launch a new wrestling company. Fuck TNA's legacy.

[Emperor Smeat]

Apparently TNA tried to fool their way out of another lawsuit as a way to get it dropped due to a technicality. Unlike the successful Corbin attempt, this time it didn't work and the judge ordered the lawsuit to continue.

Wasn't as sneaky or elaborate as the stunt they pulled against Corbin fooling him into thinking he had any real power and/or ownership of the company.

SE Scoops reported an interesting twist in TNA’s attempt to get the lawsuit filed by Audience of One Productions (which did the production at several sets of taping in 2015 and is still owed for it) thrown out. The judge turned down that motion and ordered the two sides to go into settlement talks. What’s notable is that Ron Harris, who was sued along with TNA and Aroluxe, wrote that he was never employed by Aroluxe or TNA during that time period and that “my last employment with TNA was almost ten years ago.” Jason Brown of Aroluxe also stated that they do not employ Ron Harris and he was never authorized to speak in their behalf. Of course, the Aroluxe web site had for a long time listed Ron & Don Harris both as key members of the team. In October, both Harris Brothers names were removed from the Aroluxe site, which would coincide with Anthem Entertainment and The Fight Network funding TNA’s last set of taping. Interestingly, Jason Brown himself is also no longer listed on the Aroluxe site anymore.

[Vastardikai]

Don Harris, however, is employed by Aroluxe, and they did the old switcheroo on them all the time.

[SlickyTrickyDamon]

Don Harris, however, is employed by Aroluxe, and they did the old switcheroo on them all the time.

Breaking News! The Killer Bees to sue the Harris Brothers for gimmick infringement.

[#BROKEN Hasney]

It's fully done.

TNA bought by Anthem, Dixie gone

Also they're doing house shows in 2017

Jan 5 through 12, they'll do 12 episodes of Impact, a live One Night Only PPV, and additional material.

[Simple Fan]

At least they are doing house shows again. Doing 3 months of shows in a week isn't good though. Thank god Dixie is gone though hopefully Anthem can do something with TNA.

[Big Vic]

Remember when TNA had a shot of competing with the WWE?

[Simple Fan]

Remember when TNA had a shot of competing with the WWE?

Kind of ruined what was good about them though. Before they were a nice alternative to WWE. Once they started competing with WWE their product changed to match more of a WWE show and when that didn't work they just caved into Russo and lost their TV network and it's been down hill ever since. They have good moments every once in a while but a lot of it is swing and miss.

[#BROKEN Hasney]

Yeah, that period of having Christian, Rhyno/Raven feud and AJ/Joe/Daniels putting out those matches was the only time I kept watching. Then after the Hogan/Bischoff thing, it started getting shit.

If Joe did go to Smackdown, I hope WWE hire The Addiction. Great tag team and could have Daniels work a couple of those matches again, but on the big stage.

[Simple Fan]

I want the Addiction in WWE so bad. WWE Universe love to let wrestlers know they deserve it. Daniels and Kaz are two of the most deserving talents not in WWE that deserve a spot. I'd be happy with a spot in a tournament like the CWC though were they would have a little bit more freedom than what they would on the main roster.

[Evil Vito]

I watched TNA pretty regularly for the first 6-7 years of its existence. Then my interest started to wane after the Main Event Mafia stuff ended and Hogan/Bischoff basically killed it dead after that.

I loved that one night of flipping back and forth between the two live shows, but TNA looked so second rate trotting out people like the Nasty Boys in 2010.

[Innovator]

I watched TNA pretty regularly for the first 6-7 years of its existence. Then my interest started to wane after the Main Event Mafia stuff ended and Hogan/Bischoff basically killed it dead after that.

I loved that one night of flipping back and forth between the two live shows, but TNA looked so second rate trotting out people like the Nasty Boys in 2010.

I used to buy the PPVs and watched regularly and it ended when Sting beat Joe with Nash's help to form the MEM.

[Evil Vito]

The early stages of MEM were worth it for Chet Lemon/Black Snow on commentary and Scott Steiner being Scott Steiner.

Then they merged with World Elite and it became dumb as fuck.

[Evil Vito]

The Broken Hardys need to enact the Freebird Rule so that King Maxel, Senor Benjamin, and Vanguard 1 can all be the tag team champions.

[#BROKEN Hasney]

Someone pointed out to me that Anthem is "meh TNA" backwards.

[Heisenberg]

It's fully done.

TNA bought by Anthem, Dixie gone

Also they're doing house shows in 2017

Jan 5 through 12, they'll do 12 episodes of Impact, a live One Night Only PPV, and additional material.



The One Night Only shows boggle my mind unless there is a niche audience I know nothing of.


TNA house shows are second to none in terms of the entertainment to dollar value. At least it was around the AJ Styles/Angle/Joe/Beer Money era

[#BROKEN Hasney]

I guess that if they already have the building and cameras there with everything setup, it will probably get enough buys to cover the extra couple of hours they have the rent the bulding for.

[erickman]

The One Night Only shows boggle my mind unless there is a niche audience I know nothing of.


TNA house shows are second to none in terms of the entertainment to dollar value. At least it was around the AJ Styles/Angle/Joe/Beer Money era

Yeah the house shows kicked ass better then wwe house shows.

[Emperor Smeat]

TNA ended up losing the lawsuit against American Express recently. Puts their current record at 1-1 with a couple more lawsuits still active.

According to court reports, TNA lost by default due to refusing to be involved with the case and ignoring the extension the court provided to them.

When we last left the matter of American Express’s lawsuit against TNA a month ago, the hearing in the case to determine if the credit card company would win by default was delayed a few weeks. With TNA never having officially recognized the lawsuit in any way, it was only natural that American Express would move for a default judgment which is standard when the defendant never acknowledges the case. It turns out that the judge issued a decision on December 22nd, but it wasn’t filed with the online court system until Tuesday. As expected, TNA lost the default judgment, and is now officially on the hook for $269,049.50 through the court system.
http://www.sescoops.com/tna-loses-269000-nonpayment-lawsuit-to-american-express/