Out of curiosity, Z, how does this play into things?
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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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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?
10-27-2016, 09:57 AM
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