Thread: LIVE Coverage of Court Case - Dixie Carter vs Billy Corgan for TNA ownership!
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Old 10-26-2016, 08:53 PM   #1034
Dark One
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Quote:
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?
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."

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.
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