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

[Frank Drebin]

I love how convoluted the whole thing is. Everything that can be in dispute seems like it is. Why would anyone want to be involved in this to any degree?

[BigCrippyZ]

Originally Posted by Frank Drebin I love how convoluted the whole thing is. Everything that can be in dispute seems like it is. Why would anyone want to be involved in this to any degree?

These are all breach of contract suits for unpaid debts owed to TNA.

Really all any interested buyer would have to be willing and able to do is pay off the company's various debts (talent, AO1, Aroluxe, Anthem/Fight Network, looks like Corgan is personally a lender too, etc.) and any applicable interest earned (either at a contractual rate or the statutory 10% or less APR) on the money owed and everything would be fine legally.

In reality, most of these case will most likely settle before trial (either by new owners or the current ownership) or TNA will go bankrupt under the current ownership.

I'd be willing to bet that Corgan agreed to lend TNA money and had Dixie personally guarantee TNA's debt to him in exchange for Corgan having a minorty interest and the right of first refusal to match (or better) any offer to purchase TNA.

Not only that, but Dixie as majority shareholder owes a fiduciary duty to the other shareholders (including Corgan) and TNA's other lenders to sell the company to whoever offers the most to TNA that would allow TNA to pay off the most of their debts.

Dixie and Gaburick's tactics during the earlier rumored sales negotiations potentially breached both Corgan's contract with TNA/Dixie and Dixie's fiduciary duty to everyone who owns or is indebted to TNA.