[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.