CAWS "R" Us
March 29, 2020, 01:05:21 pm
Welcome, Guest. Please login or register.
Did you miss your activation email?

Login with username, password and session length
News:
 
  Home Help Arcade Staff List Login Register  

Billy Corgan files lawsuit against TNA and Dixie Carter

Pages: [1]   Go Down
  Print  
Author Topic: Billy Corgan files lawsuit against TNA and Dixie Carter  (Read 231 times)
TKO18
Administrator
Guru
*

Karma: 39
Offline Offline

CAW System: PS3
Posts: 7541


Fade to Black!



Badges: (View All)
« on: October 14, 2016, 05:29:00 am »

TNA President Billy Corgan filed a lawsuit against TNA Entertainment, Dixie Carter (Salinas), Serg Salinas, Impact Ventures and Dean Broadhead on Wednesday (October 12).

A temporary restraining order was also issued per court filings found online. A temporary injunction is set to be heard next Thursday (October 20) according to court documents. Details regarding the lawsuit were kept private the request of Corgan.

The lawsuit comes just days after TNA filmed several weeks worth of Impact Wrestling episodes for Pop TV that will begin airing tonight through December and the Bound For Glory PPV two weeks ago. Corgan had publicly stated his intent in various media interviews about wanting to gain majority ownership of TNA heading into Bound For Glory.

Dixie Carter did address talent during the week of the TV tapings confirming rumors that WWE had been in play to try and buy the company’s tape library, but she would not allow it. A report by The Wrestling Observer/Figure Four Online this week described the situation between Corgan and Carter as being “super heated” and that Aroluxe Marketing was likely back in play to gain majority ownership of the company.

It should also be noted that according to a report by PWInsider.com on Thursday evening, TNA has even more legal trouble. Audience of One Productions, the former production company of TNA, filed a lawsuit against Impact Ventures (the parent company of TNA) back on September 27 seeking $233,000 plus interest “for breach of contract, fraudulent inducement on the behalf of Harris and Broadhead and torturous interference on behalf of Aroluxe.” The lawsuit accuses the company of “dragging out payment with false promises.”
Report Spam   Logged



Share on Facebook Share on Twitter

TheWarzone1
Administrator
Guru
*

Karma: 161
Offline Offline

Gender: Male
CAW System: PS3
Posts: 6383




Badges: (View All)
« Reply #1 on: October 14, 2016, 10:56:56 pm »

Definitely not good. And if i remember right they said they would never sell to wwe so i really dont see what other options the have.
Report Spam   Logged


Quote from: John Marston - Read Dead Redemption
As long as there are guns and money, there won't be no peace.
TKO18
Administrator
Guru
*

Karma: 39
Offline Offline

CAW System: PS3
Posts: 7541


Fade to Black!



Badges: (View All)
« Reply #2 on: October 15, 2016, 03:03:41 am »

Corgan seems like the front runner to buy it, but Aroluxe is still in the picture too. As far as I know, WWE is only wanting the tape library. But they aren't going to do that. Don't see them staying afloat much longer with the way things are going
Report Spam   Logged



TKO18
Administrator
Guru
*

Karma: 39
Offline Offline

CAW System: PS3
Posts: 7541


Fade to Black!



Badges: (View All)
« Reply #3 on: October 20, 2016, 03:16:16 am »

update -


Billy Corgan lawsuit against TNA hearing postponed

The originally scheduled hearing regarding Billy Corgan’s lawsuit against TNA Entertainment, Dixie Carter (Salinas), Serg Salinas, Impact Ventures and Dean Broadhead has been postponed according to a new report by Prowrestling.net. A new hearing has been scheduled for next Wednesday (October 26) according to the Nashville Chancery Court records.


Company comes forward about funding for TNA

Anthem Sports & Entertainment, the parent company of Fight Network, issued the following press release confirming that the company was behind the funding for the recent Bound For Glory PPV and the Impact Wrestling tapings to follow.

Anthem Statement on Investment in TNA Impact Wrestling

Toronto – Anthem Sports & Entertainment Corp. (“Anthem”), the parent company of Fight Network, today confirmed that it recently made a working capital loan to fund the operations of TNA Impact Wrestling. Fight Network is a licensee of TNA programming for broadcast in the U.S., Canada and other international markets, and is also the exclusive licensee of TNA for streaming Internet-delivered TV.

Fight Network has also offered to provide TNA Impact Wrestling with funding to repay the loans made by Mr. Billy Corgan and is positioned to provide additional transitional assistance to the company.

“TNA is a strong property for Fight Network and as a licensee and global distribution partner we have a keen interest in seeing the company not only survive but continue to grow and thrive, alongside our own growth,” said Leonard Asper, CEO of Anthem. “We are hopeful that the company can soon get back to doing what it does best, which is to produce great wrestling content.”
Report Spam   Logged



TKO18
Administrator
Guru
*

Karma: 39
Offline Offline

CAW System: PS3
Posts: 7541


Fade to Black!



Badges: (View All)
« Reply #4 on: October 25, 2016, 11:38:11 pm »

A new report by Mike Johnson of PWInsider.com on Tuesday revealed more details regarding Billy Corgan’s current lawsuit against TNA, Dixie Carter, Serg Salinas and CFO Dean Broadhead after unsealed documents were made public.

The main reason for the lawsuit by Corgan is that he is currently seeking Dixie Carter’s majority shares in the company (estimated at being 92.5% with Aroluxe Media owning 5% and Anthem Media owning the remaining 2.5%) over a breach of contract.

Corgan stated in the lawsuit that he initially invested into TNA back in June due to Impact Ventures (the parent company of TNA) being under “severe financial distress” and that by investing he was preventing “immediate foreclosure” to Aroluxe Media (the company’s current production provider). Carter structured a deal with Aroluxe back in April where TNA would pay back money owed through installments and if those payments were not made, she would lose control of the company. This exact scenario ended up taking place in June around the time of the Slammiversary PPV and led to Corgan beginning to invest.

Once again in July, Corgan invested money into the company to prevent Aroluxe from foreclosing on Carter and gaining control of TNA. Another scenario also played out in August, but by this point the agreement between TNA and Aroluxe had expired and Aroluxe was within the rights to foreclose “at any time.” According to the lawsuit, Corgan again stepped in and negotiated an “amended and restated loan agreement.” This was the same month that Corgan was appointed the new President of TNA and Carter was given the new title of Chairman and Chief Strategy Officer of Impact Ventures.

Corgan’s lawsuit argues that TNA is “continuing to flounder” and has been “taken to the brink of financial collapse” under Carter and other managers. It again reiterates that that TNA’s current secured creditors (Aroluxe and Anthem) “can foreclose at any time.” Corgan also revealed that he was essentially left in the dark regarding the company’s negotiations with Anthem Sports & Entertainment (the parent company of Fight Network) and that he was never made privy to any kind of conversation with WWE regarding the purchase of TNA’s video library dating back to 2002. Carter denies talks with WWE ever took place.

Anthem issued a press release last week stating publicly they were offering to “repay the loans made by Mr. Billy Corgan” and that they were “positioned to provide additional transitional assistance to the company.” Corgan is currently seeking some sort of a declaration from the court that he is now entitled to Carter’s 92.5% ownership, that he now retains her voting rights and has the ability to replace any current managers of his choosing. He is also seeking damages (to be determined by the court) for the breach of contract and is requesting an injunction preventing the defendants from making any kind of business decisions including selling any assests. A hearing is scheduled for tomorrow (October 26) regarding that temporary injunction in Nashville.
Report Spam   Logged



TKO18
Administrator
Guru
*

Karma: 39
Offline Offline

CAW System: PS3
Posts: 7541


Fade to Black!



Badges: (View All)
« Reply #5 on: November 01, 2016, 12:35:29 am »

According to an article by Nate Rau of The Tennessean, Chancellor Ellen Hobbs Lyle rejected Billy Corgan’s request to be granted full control of TNA on Monday.

Corgan filed a lawsuit against TNA, Dixie Carter, Serg Salinas and CFO Dean Broadhead in attempt to gain majority control of the company accusing the company of being “insolvent” and on the “brink of financial collapse” after he provided a series of loans.

Chancellor Hobbs Lyle ruled that Corgan’s temporary injunction “did not meet the burden of proof”, something many had expected after TNA’s lawyer Travis Parham noted the agreement between Corgan and Carter was not legal under Tennessee law.

Corgan is expected to be paid in full for all his financial loans effective November 1, 2016. Aroluxe Marketing (which owns 5% majority stake in TNA and is the company’s production company) is now positioned to up its stakes to 10%. Anthem Media (the parent company of Fight Network) is expected to stay on and most likely retain majority ownership of TNA.

http://www.tennessean.com/story/money/2016/10/31/corgan-loses-legal-effort-take-over-tna/93069526/
Report Spam   Logged





Pages: [1]   Go Up
  Print  
 
Jump to:  


Affliates
Bookmark this site! | Upgrade This Forum
SMF For Free - Create your own Forum

Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy