Everyone is suing TNA

[Muur]

"After months of speculation as to what was going to happen with the company, its ownership and its finances, TNA President Billy Cogan filed a lawsuit against TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salias on 10/12 in the Chancery Court of Nashville, TN.

PWInsider.com is currently working on acquiring details of the lawsuit.

Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this writing.

Corgan, the frontman for Smashing Pumpkins and a long-time fan of professional wrestling, began investing in TNA this past June, helping to finance the TNA Slammiversary PPV and subsequent TV tapings as part of a deal that saw him purchase a minority share in the company. Additional investments in the company led to Corgan acquiring a larger share in the company and on 8/12, TNA issued a press release announcing that Corgan had replaced Dixie Carter as the President of the company and would be handling the day to day operations of the company while Carter would "focus on long-term planning, strategic partnerships and global growth."

In the press release touting Corgan being named President of the company, Carter stated, "Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling. In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment."

Shortly after being named President, Corgan announced his intentions to purchase the company and potentially change its name from TNA. During promotional appearances to push the Bound for Glory PPV, Corgan admitted that he had financed the three previous rounds of TNA Impact Wrestling tapings, describing those deals as last minute agreements where the "ink was drying" as talents were heading to the ring.

Corgan had been in negotiations to purchase the company, but had been unable to close a complicated deal that would see Corgan not only buy the company from Dixie Carter, but other minority owners including Aroluxe Productions and The Fight Network.

Corgan made it clear he would not be financing the Bound for Glory PPV tapings and subsequent TV tapings, noting on a SiriusXM interview that he had done everything in his power to make sure that Bound for Glory took place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end.

In that interview with "Busted Open", Corgan said that funding the PPV and tapings were part of the negotiations and the question was what are the people funding the show getting for their money? Corgan said that where it got complicated was that it was one thing to fund the company, but it's another to set the company up to be solvent and successful. At the time Corgan said he didn't want to be having the same conversation three months after the PPV because what would be the point. At that time, Cogan also stated that in conversations with TNA talents he had spoken with, they were all on board with him taking over the company and that they were hopeful he would "win" and steer the ship from that point on.

"Enough air has gone out of the balloon," Corgan said last month. "It's time to put air back in the balloon and let this thing be what it can be."

In the end, Bound for Glory and the October TV tapings indeed took place, but questions that were left (which we had been raised here on PWInsider.com) included who funded the tapings and what deal did Dixie Carter make in order for the tapings to take place.

In a locker room meeting with TNA talents on 10/4 in Orlando, Carter told her roster that the PPV was never in danger of not taking place but did admit the company had to do some "scrambling" in order for everything to fall into place. What that "scrambling" was has never been explained or revealed publicly. During PWInsider.com's reporting of the locker room meeting, we noted that Corgan declined to be in the meeting despite being invited to do so.

A number of TNA personalities noted over the course of the BFG PPV and October TV tapings that there was obvious tension between Corgan and Carter and wondered how it might be resolved, especially if Corgan is supposed to be overseeing the day to day business of the company.

What the resolution will be remains to be seen, it appears that it will get uglier before it gets better and that that resolution may very well take place inside a Nashville courtroom."

http://pwinsider.com/article/105347/tna-president-billy-corgan-files-lawsuit-against-tna-dixie-carter-and-more.html?p=1

Maybe he was the one who funded the last ppv and tapings and now they're not doing their part of the deal? whatever the matter... lol, only TNA.

[Jeb ★]

Final nail

[Ziggy Vercetti]

More

 

"As reported less than one hour ago, TNA President Billy Corgan filed a lawsuit against Impact Wrestling, their parent company Impact Ventures LLC, TNA Chief Financial Officer Dean Broadhead, TNA Chairperson Dixie Carter, and even Dixie Carter's husband Serg Salias. The suit was filed in Chancery Court in Nashville Tennessee this past Wednesday.

 

We've now learned that a temporary restraining order was approved, with Corgan filing a bond today to support it. A hearing has been scheduled for next Friday October 20th at 11:30AM for a temporary injunction. Corgan has requested a six-person jury to decide the outcome of the case.

 

As of now, filings for he lawsuit have been sealed. We'll keep you updated as the story continues to develop."

 

Source LOP

[Omēga]

http://www.pwinsider.com/ViewArticle.php?id=105355

 

A production company is now suing TNA too.

[Muur]

I wanna join in suing them, it seems the cool thing to do.

[maskedmaniac]

Maybe Corgan wants control of the video library so he can sell it to WWE and millions for himself?

[TNFNS]

gg, its over

 

I'm about to sue TNA now too

[glennsoe]

Stick a fork in em, theire done...

[Fight Me.]

[LEGION]

Replace Corgan's face with a TNA logo lol

[TNFNS]

Should've just gave him the company, what the *Censored* is Dixie doing? She deserves to get sued up the ass.

[Slevin.]

[Undercard Jamoke]

Tis only a matter of time til Vinnie Mac buys this shitshow and puts it out of its misery.

[suspicious squirtle]

Tis only a matter of time til Vinnie Mac buys this shitshow and puts it out of its misery.

 

One can only hope. Some of the wrestlers would make great additions to RAW, SD, and NXT. They could also keep TNA around as a fourth brand as well. Although, after a year, TNA as a fourth brand would probably fail like WWE ECW. SO I'd rather just see those wrestlers drafted to either RAW, SD, or NXT.

[E#37]

And it's only getting worse.

 

 

As we noted last night, several TNA star entrance themes were edited out of Impact Wrestling last night due to a rights issue that does not have to do with the current lawsuit being filed by Billy Corgan against TNA.Dave Meltzer of F4WOnline.com has confirmed the music issues were due to rights, and several wrestlers had to have crowd noise dubbed over their entrance themes which were present when the show was taped. Meltzer added there was a period yesterday where it looked like there was a good chance that POP would pull the show until the issue was settled and the songs were edited out of the show.

In related news, F4WOnline is reporting this weekend is a pay period in TNA, and talent pay is due for the last set of TV tapings. As noted, TNA did receive funding for the uplink and production of the Bound for Glory PPV as well as the subsequent television tapings, but it remains unclear if the money was enough to pay the talent through the end of the year. Meltzer noted that not paying the talent would breach their contracts, and he knows that “a couple of guys” are ready to declare themselves free agents next week if they do not get paid this weekend.

 

 

NA’s financial issues are even more dire than previously thought, as unlikely as that may sound. We already knew that there are multiple lawsuits pending, a restraining order believed to be designed to stop the company from selling shares again, a dispute over music rights, and debt owed to various entities who funded the recent tapings. Yet there is still plenty of room for more.

On Friday morning, I confirmed with the Davidson County Register of Deeds that the State of Tennessee issued a tax lien against TNA Entertainment LLC about five weeks ago on September 8th. While the listing for the lien in some online databases has the debt recorded as “$0,” that is because some public record search companies misread the Register of Deeds not recording the amount of the lien.

Essentially, what this means is that TNA owes a lot of taxes to the state of Tennessee, to the point that the state now has the right to seize TNA property if the debt is not repaid. While the wrestling company is now operating under the newer Impact Ventures LLC company that was formed this year, Tennessee tax law covers successor companies. If someone actually buys the company, potential scenarios include TNA/majority owner Dixie Carter having to take a lower sale price so as to pay off the lien, or the new owners risking the scenario where Tennessee goes after them for the tax liability.

It’s up to the state whether or not to assert its rights and start seizing assets from TNA. While the restructuring as Impact Ventures LLC increases the distance from the original debt and thus requires more work by the state to collect, it can still do so. Tennessee would just have to assess a lien against Impact Ventures and, if it got that far, a buyer as well. However, the state cannot go after a successor for more than the purchase price.

http://www.sescoops.com/exclusive-tna-unpaid-taxes-tennessee-strikes-back/

[Jeb ★]

If Vince does buy TNA and the wrestlers' contract, depending on how many they bring in, the WWE roster will be overcrowded tbh

[glennsoe]

wwe is too smart to waste money on tna now - they rather let it die slowly and buy it for far less Money soon...

[BrandonX]

TNA couldn't die any harder if they pulled the pin of a grenade and stuck it in their mouth, Jaysus Christ there's incompetent, and then there's incompetent.

[maskedmaniac]

Was Corgan wearing a pimp suit on last nights show?

[Shadow Getsuga]

So this is how TNA ends. Not with a quiet whimper, but an all out assault from all sides erupting in hell fire and brimstone

[Anno Domini.]

A week or so before BFG, I thought TNA's death was gonna be like a sad, peaceful passing with everyone looking somber around their deathbed.

 

Now it's looking more like a car spinning out of control, crashing over a *censored*ing barrier and rolling 25 times.

[suspicious squirtle]

A week or so before BFG, I thought TNA's death was gonna be like a sad, peaceful passing with everyone looking somber around their deathbed.

 

Now it's looking more like a car spinning out of control, crashing over a *censored*ing barrier and rolling 25 times.

 

The accuracy actually made me laugh

[BrandonX]

A week or so before BFG, I thought TNA's death was gonna be like a sad, peaceful passing with everyone looking somber around their deathbed.

 

Now it's looking more like a car spinning out of control, crashing over a *censored*ing barrier and rolling 25 times.

 

And when they crawl out of the wreck, near death but just barely clinging to life... an anvil falls on them. Don't ask how, it just does.

[Lunchbox]

Company is 3.4 million in debt to several different companies and hasn't paid taxes to the state of Tennessee in years according to Metlzer.

[Fight Me.]

So Aron Rex removed TNA from his Twitter handle, I'm thinking maybe he's one of those guys that were ready to declare themselves free agents if they weren't paid on time.