It's odd Corgan ever thought the woman who told Jesse Sorenson he had a job for life then booted him the moment the statute of limitations on him suing TNA was up was ever ever remotely trustworthy.
TNA Wrestling on Challenge TV (Part 2)
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And coming up next is the latest episode of 'The World Sues TNA'.
American Express have reportedly filed a lawsuit against the company in New York's Supreme Court over $269,000 in unpaid travel expenses and want all legal costs paying too.
I'm thinking about filing a suit myself just because everybody else is.
American Express have reportedly filed a lawsuit against the company in New York's Supreme Court over $269,000 in unpaid travel expenses and want all legal costs paying too.
I'm thinking about filing a suit myself just because everybody else is.
Originally Posted by Hollie_Louise:
“And coming up next is the latest episode of 'The World Sues TNA'.
American Express have reportedly filed a lawsuit against the company in New York's Supreme Court over $269,000 in unpaid travel expenses and want all legal costs paying too.
I'm thinking about filing a suit myself just because everybody else is.”
“And coming up next is the latest episode of 'The World Sues TNA'.
American Express have reportedly filed a lawsuit against the company in New York's Supreme Court over $269,000 in unpaid travel expenses and want all legal costs paying too.
I'm thinking about filing a suit myself just because everybody else is.”
The owing back taxes seems to be the biggest problem as if they don't pay it the state of Tennessee could just take TNA even if it's sold (As the buyer buys the debt)
If that was to happen I guess they would sell it for peanuts just to try and recover whats owed.
IF Meltzer is correct here, and I continue my big skepticism about his claims about the situation, what world does Dixie live on?
Doesn't want to look bad publicly? It's a bit bloody late for that. If Vince truly wanted to buy the tape library and Dixie had that opportunity to sell the shell to Corgan, she may have come out of it looking bad publicly but she'd have something to show for it.
Now, it's very likely she looks ****ing incompetent and bad publicly and Vince is going to get the parts of TNA he wanted to buy anyway for a fraction of the price when they go bankrupt and assets start to be stripped and sold to recoup losses.
It was said when the stories about Vince buying the library that his position was simple, Dixie could sell it to him then and it would finished or he would pick it up for much less a few months later anyway. He wanted it but he wasn't going to chase it.
What a sad potential ending for the wrestlers and crew of TNA.
Doesn't want to look bad publicly? It's a bit bloody late for that. If Vince truly wanted to buy the tape library and Dixie had that opportunity to sell the shell to Corgan, she may have come out of it looking bad publicly but she'd have something to show for it.
Now, it's very likely she looks ****ing incompetent and bad publicly and Vince is going to get the parts of TNA he wanted to buy anyway for a fraction of the price when they go bankrupt and assets start to be stripped and sold to recoup losses.
It was said when the stories about Vince buying the library that his position was simple, Dixie could sell it to him then and it would finished or he would pick it up for much less a few months later anyway. He wanted it but he wasn't going to chase it.
What a sad potential ending for the wrestlers and crew of TNA.
if TNA went into bankruptcy the guy seen wearing a trump t-shirt on the audience side of the entry to the ring would no doubt say "that is smart business" like trump said a lot recently.
chapter 11 would not be the end of TNA
Texaco used chapter 11
American Airlines has used chapter 11
Delta airlines has used chapter 11
Air Canada has used chapter 11
General Motors used chapter 11
Kodak used chapter 11 when it shed it's camera troubles (it is still a company with a $1.8bil revenue)
this "bankruptcy" is used to reorganise the firm and it's financing
- for this to work, they would need to show viable future business plan and so their tv deals are important.... they have tv "in the can" up to the end of the year and have announced taping dates in the first week of the new year. of course, if networks fear they wont have anything to put on in their slot they may start planning to replace them before they are a risk. chapter 11 is a form of bankruptcy that is used to protect a company from its creditors while they reorganise...
chapter 7 is liquidation
as trump says, smart businessmen use the system to their advantage (although only a total ******* uses other peoples money, fails, uses chapter 11 to write off the debt to those people and continues on with their business deliberately)
chapter 11 would not be the end of TNA
Texaco used chapter 11
American Airlines has used chapter 11
Delta airlines has used chapter 11
Air Canada has used chapter 11
General Motors used chapter 11
Kodak used chapter 11 when it shed it's camera troubles (it is still a company with a $1.8bil revenue)
this "bankruptcy" is used to reorganise the firm and it's financing
- for this to work, they would need to show viable future business plan and so their tv deals are important.... they have tv "in the can" up to the end of the year and have announced taping dates in the first week of the new year. of course, if networks fear they wont have anything to put on in their slot they may start planning to replace them before they are a risk. chapter 11 is a form of bankruptcy that is used to protect a company from its creditors while they reorganise...
chapter 7 is liquidation
as trump says, smart businessmen use the system to their advantage (although only a total ******* uses other peoples money, fails, uses chapter 11 to write off the debt to those people and continues on with their business deliberately)
it's also worth noting the fight network... who helped pay for the ppv & who are now offering to buy out BC
“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.”
http://www.wrestlingnewssource.com/n...ent-About-TNA/
TNA sounds more likely to be chapter 11 reorganisation than chapter 7 liquidation.
On the subject of Billy... I think some of his creative ideas have been great. I like the music he introduced... but he isn't great on camera, he just doesnt have the presence in his voice. His ideas have been great though.
“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.”
http://www.wrestlingnewssource.com/n...ent-About-TNA/
TNA sounds more likely to be chapter 11 reorganisation than chapter 7 liquidation.
On the subject of Billy... I think some of his creative ideas have been great. I like the music he introduced... but he isn't great on camera, he just doesnt have the presence in his voice. His ideas have been great though.
Thoughts are that Anthem are trying to get themselves in a position for the tape library in any bankruptcy situation.
Originally Posted by DejaVoodoo:
“Thoughts are that Anthem are trying to get themselves in a position for the tape library in any bankruptcy situation.”
“Thoughts are that Anthem are trying to get themselves in a position for the tape library in any bankruptcy situation.”
Last I heard about Vince is he got bored and changed his mind over it.
I suppose if he can get it for peanuts he will but won't enter a bidding battle for it.
Originally Posted by James Frederick:
“Last I heard about Vince is he got bored and changed his mind over it.
I suppose if he can get it for peanuts he will but won't enter a bidding battle for it.”
“Last I heard about Vince is he got bored and changed his mind over it.
I suppose if he can get it for peanuts he will but won't enter a bidding battle for it.”
I think the problem seems to be that Anthem/Fight Network have already got a portion of the TNA library, so WWE wouldn't be getting the complete thing unless working a deal with Anthem/Fight Network.
I almost certain Vince/WWE will end up with it one day maybe soon maybe 10+ years.
I still think the best the for TNA is a 100% rebrand and Dixie gone I wouldn't even want her walking past the officers or a event.
I still think the best the for TNA is a 100% rebrand and Dixie gone I wouldn't even want her walking past the officers or a event.
Unsealed Billy Corgan Lawsuit Documents Shed Light On Why He’s Suing TNA by David Bixenspan (Bix)
http://www.sescoops.com/unsealed-bil...hes-suing-tna/
Analysis of the situation courtesy of Hobbes from F4W board:
http://www.sescoops.com/unsealed-bil...hes-suing-tna/
Analysis of the situation courtesy of Hobbes from F4W board:
Quote:
“- At some point, Dixie and Billy entered into a "equity pledge agreement" where if TNA ever defaulted/become insolvent, Dixie would get the voting rights of Dixie's shares, essentially giving him at least the decision making power of a majority owner. A central part of this lawsuit seems to be Corgan saying that the company became insolvent, and he never got the power he was promised if such a thing ever happened, and Dixie is saying that the company is not insolvent.
- Corgan, the Thursday before Bound For Glory, and one day before the famous Friday deadline where TNA needed money and Anthem/Fight Network bailed them out, let TNA know that he believed that TNA had defaulted multiple times, and that he was going to exercise the part of his agreement that would let him take power over the decisions of the company. This came only two days after AOI Productions filed a lawsuit against TNA for not paying them for doing production in 2015. Bix wonders if someone tipped Billy off that this lawsuit had been filed, given the timing of all of this.
At this point, we need to remember that Meltzer said Billy did not have the power he was expecting at the last tapings, and that some of his ideas weren't realized. So again, it seems like Billy believes that his agreement with Dixie gives him the legal right to control the day to day operations of the company if TNA went bust, and Dixie's defense is she is saying TNA hasn't gone bust.
- What's TNA's exact defense? It's that TNA hasn't defaulted "as that term is used in the Pledge Agreement" between Corgan and Dixie. More interestingly, they're denying being insolvent by the state of Tennessee's definition of insolvency, which is that you are insolvent if your debt is larger than your assets. Dixie is claiming that the company is worth more than it owes.
- So Billy's response in this lawsuit is to ask for basically all TNA's paper work. Proof of what they owe, negotiations with WWE and other entities, etc. Prove you're not insolvent. As we see in the part of the lawsuit that Mike Johnson quoted in the article MrGamer posted, Dixie is saying that she "objects to this request on the grounds that it seeks information that, at least in part, can be obtained from some other source that is more convenient, less burdensome, and/or less expensive, named Plaintiff. Subject to, and waiving that objection, and consistent with the Tennessee Rules of Civil Procedure, Ms. Salinas is producing responsive documents herewith." To me, this is insane. Billy Corgan is currently President of TNA, he is asking their owner to provide proof of their business negotiations and outstanding debts, and Dixie's defence is "No, because he can get them from somewhere else easier". On what planet would it be cheaper and easier to get records of TNA's debt and expenses from all the various outside parties than from TNA, THE COMPANY YOU RUN?
- Now if you're trying to do the math in your head, Bix says TNA owes over 4 million dollars right now, and that doesn't include the tax debt to the state of Tennessee, any debts to talent/employees, and the debt to Corgan. He notes WWE would probably value the TNA tape library at a million dollars. If you're thinking "Hey, maybe the two overseas TV deals are worth millions and so TNA really does have more assets than debts, and is therefore not insolvent", Bix points out that legally, the TV contracts are not considered assets, they're considered "receivables", so you can't factor them in. That especially makes sense when you consider that in the case of the India deal, they're about to void the contract by not doing an overseas tour this year, and if Sony Six wanted to, they could cancel the deal at any time.
Summary: Billy and Dixie are fighting over how broke TNA is. Is it just broke, or really broke?
Some related stuff to add to that, is even with Anthem's offer to pay Corgan to drop the suit, 1) That doesn't prove solvency, and 2) That doesn't change the fact that at the time of filing, Billy's complaint that TNA was insolvent wasn't true.
But on the other side, Dixie saying that info is easier obtained from other sources is questionable. That is a motion that has to be filed, and in turn, Billy's side has to prove exhaustion (basically, that they tried to get the necessary information through other means, but despite their best efforts, they couldn't find the info). It's one of a million things a lawyer will do to slow down and increase costs to the plaintiff.”
“- At some point, Dixie and Billy entered into a "equity pledge agreement" where if TNA ever defaulted/become insolvent, Dixie would get the voting rights of Dixie's shares, essentially giving him at least the decision making power of a majority owner. A central part of this lawsuit seems to be Corgan saying that the company became insolvent, and he never got the power he was promised if such a thing ever happened, and Dixie is saying that the company is not insolvent.
- Corgan, the Thursday before Bound For Glory, and one day before the famous Friday deadline where TNA needed money and Anthem/Fight Network bailed them out, let TNA know that he believed that TNA had defaulted multiple times, and that he was going to exercise the part of his agreement that would let him take power over the decisions of the company. This came only two days after AOI Productions filed a lawsuit against TNA for not paying them for doing production in 2015. Bix wonders if someone tipped Billy off that this lawsuit had been filed, given the timing of all of this.
At this point, we need to remember that Meltzer said Billy did not have the power he was expecting at the last tapings, and that some of his ideas weren't realized. So again, it seems like Billy believes that his agreement with Dixie gives him the legal right to control the day to day operations of the company if TNA went bust, and Dixie's defense is she is saying TNA hasn't gone bust.
- What's TNA's exact defense? It's that TNA hasn't defaulted "as that term is used in the Pledge Agreement" between Corgan and Dixie. More interestingly, they're denying being insolvent by the state of Tennessee's definition of insolvency, which is that you are insolvent if your debt is larger than your assets. Dixie is claiming that the company is worth more than it owes.
- So Billy's response in this lawsuit is to ask for basically all TNA's paper work. Proof of what they owe, negotiations with WWE and other entities, etc. Prove you're not insolvent. As we see in the part of the lawsuit that Mike Johnson quoted in the article MrGamer posted, Dixie is saying that she "objects to this request on the grounds that it seeks information that, at least in part, can be obtained from some other source that is more convenient, less burdensome, and/or less expensive, named Plaintiff. Subject to, and waiving that objection, and consistent with the Tennessee Rules of Civil Procedure, Ms. Salinas is producing responsive documents herewith." To me, this is insane. Billy Corgan is currently President of TNA, he is asking their owner to provide proof of their business negotiations and outstanding debts, and Dixie's defence is "No, because he can get them from somewhere else easier". On what planet would it be cheaper and easier to get records of TNA's debt and expenses from all the various outside parties than from TNA, THE COMPANY YOU RUN?
- Now if you're trying to do the math in your head, Bix says TNA owes over 4 million dollars right now, and that doesn't include the tax debt to the state of Tennessee, any debts to talent/employees, and the debt to Corgan. He notes WWE would probably value the TNA tape library at a million dollars. If you're thinking "Hey, maybe the two overseas TV deals are worth millions and so TNA really does have more assets than debts, and is therefore not insolvent", Bix points out that legally, the TV contracts are not considered assets, they're considered "receivables", so you can't factor them in. That especially makes sense when you consider that in the case of the India deal, they're about to void the contract by not doing an overseas tour this year, and if Sony Six wanted to, they could cancel the deal at any time.
Summary: Billy and Dixie are fighting over how broke TNA is. Is it just broke, or really broke?
Some related stuff to add to that, is even with Anthem's offer to pay Corgan to drop the suit, 1) That doesn't prove solvency, and 2) That doesn't change the fact that at the time of filing, Billy's complaint that TNA was insolvent wasn't true.
But on the other side, Dixie saying that info is easier obtained from other sources is questionable. That is a motion that has to be filed, and in turn, Billy's side has to prove exhaustion (basically, that they tried to get the necessary information through other means, but despite their best efforts, they couldn't find the info). It's one of a million things a lawyer will do to slow down and increase costs to the plaintiff.”
I still dont get why they cut most of the PPVs out.
There is like 2 or 3 PPVs now with just ONO shows.
There is like 2 or 3 PPVs now with just ONO shows.
Indeed so. Working live is expensive, it must cost WWE a fortune, but presumably the returns make it worthwhile for them to do it, and I'm glad they are as it adds a lot to wrestling shows when they are live IMO.
TNA's PPV buy rates must have been abysmal compared with WWE's, especially in recent years. I'm sure they keep Slammiversary and Bound for Glory as PPVs simply for nostalgia reasons, they can't make any money.
The other PPVs they used to do were just re-packaged as "special" editions of Impact Wrestling.
I'm pretty sure that the One Night Only shows are simply staged to fulfil a commitment to the TV companies they have contracts with, because they were taken out on the understanding that they would provide a long PPV-type show every month as well as Impact and Xplosion.
TNA's PPV buy rates must have been abysmal compared with WWE's, especially in recent years. I'm sure they keep Slammiversary and Bound for Glory as PPVs simply for nostalgia reasons, they can't make any money.
The other PPVs they used to do were just re-packaged as "special" editions of Impact Wrestling.
I'm pretty sure that the One Night Only shows are simply staged to fulfil a commitment to the TV companies they have contracts with, because they were taken out on the understanding that they would provide a long PPV-type show every month as well as Impact and Xplosion.
To run Slammiversary and Bound for Glory this year they had to get last minuite loans just to have enough to put them on air.
They have lost money with every show they have ever put and that is Impact PPV's lost even more even in the good years (Which is a shame as at one time they did deserve to make money as the shows were great)
They have lost money with every show they have ever put and that is Impact PPV's lost even more even in the good years (Which is a shame as at one time they did deserve to make money as the shows were great)
Another $200,000+ lawsuit. The company took out a $400,000+ loan to pay insurance premiums from Bank Direct Capital Finance in November of last year and still owe over $207,000 as of September after an agreement to pay back $41,000 a month.
They are being sued for unpaid money, legal fees and interest.
They are being sued for unpaid money, legal fees and interest.
I think they will have to declare bankruptcy at this point do they have any other option?
If it wasn't for Dippy's ego in that even if they sold she had to remain in power both on and off screen TNA could have had a chance years ago.
If it wasn't for Dippy's ego in that even if they sold she had to remain in power both on and off screen TNA could have had a chance years ago.
Bad booking aside, the matches between Cody vs Eddie Edwards and Moose vs Lashley were very good.Just from his short time in Tna, Cody has shown how badly he was letdown in WWE.Impressive both on the mic and in ring.
There was a few bad segmenst again this week.Why is Tyrus acting as some kind of motivational speaker for Shera, when he should be beating people himself? Fact of life with Eli Drake is normally good but it was a mess this week.What was with the fake laughing and booing? Are they turning Aron Rex heel already? At least Allie finally stood up for herself.
There was a few bad segmenst again this week.Why is Tyrus acting as some kind of motivational speaker for Shera, when he should be beating people himself? Fact of life with Eli Drake is normally good but it was a mess this week.What was with the fake laughing and booing? Are they turning Aron Rex heel already? At least Allie finally stood up for herself.
the DCC bit was done well too.
tyrus "the fixer" seemed to go no where... now he is a motivational fixer. still, it is "outside ring" time which impact needs to keep the "picture" from looking the same all the time
tyrus "the fixer" seemed to go no where... now he is a motivational fixer. still, it is "outside ring" time which impact needs to keep the "picture" from looking the same all the time
Unsealed documents:
• Dixie and her lawyers told Corgan there had been no discussion with WWE in regards to a sale. She told talent there had been talks.
• Corgan wasn't made aware of the Fight Network funding for BFG and tapings.
• Claims he funded TNA many times and the last time he did, he made some demands for him to give his money again which were in a legal document. Presumably the insolvency clause which Dixie is disputing.
• Dixie has made the running of TNA difficult for Corgan as the new President, withholding information, misleading Corgan, and they have regularly interfered with, subverted, or ignored plaintiffs authority to manage the affairs of the company.
• Corgan suing for TNA breach of contract, supported by emails from Corgan’s lawyer claiming they show the company being unresponsive to his requests. Corgan claims all Dixie did was send an email saying she would be in touch to discuss her role in the company moving forward.
Images of the emails can be seen [here]
• Dixie and her lawyers told Corgan there had been no discussion with WWE in regards to a sale. She told talent there had been talks.
• Corgan wasn't made aware of the Fight Network funding for BFG and tapings.
• Claims he funded TNA many times and the last time he did, he made some demands for him to give his money again which were in a legal document. Presumably the insolvency clause which Dixie is disputing.
• Dixie has made the running of TNA difficult for Corgan as the new President, withholding information, misleading Corgan, and they have regularly interfered with, subverted, or ignored plaintiffs authority to manage the affairs of the company.
• Corgan suing for TNA breach of contract, supported by emails from Corgan’s lawyer claiming they show the company being unresponsive to his requests. Corgan claims all Dixie did was send an email saying she would be in touch to discuss her role in the company moving forward.
Images of the emails can be seen [here]
Corgan says filming at the Hardy compound on November 1-3 has also been cancelled, presumably because they owe the Hardy's back pay.
Originally Posted by Hollie_Louise:
“Unsealed documents:
• Dixie and her lawyers told Corgan there had been no discussion with WWE in regards to a sale. She told talent there had been talks.
• Corgan wasn't made aware of the Fight Network funding for BFG and tapings.
• Claims he funded TNA many times and the last time he did, he made some demands for him to give his money again which were in a legal document. Presumably the insolvency clause which Dixie is disputing.
• Dixie has made the running of TNA difficult for Corgan as the new President, withholding information, misleading Corgan, and they have regularly interfered with, subverted, or ignored plaintiffs authority to manage the affairs of the company.
• Corgan suing for TNA breach of contract, supported by emails from Corgan’s lawyer claiming they show the company being unresponsive to his requests. Corgan claims all Dixie did was send an email saying she would be in touch to discuss her role in the company moving forward.
Images of the emails can be seen [here]”
“Unsealed documents:
• Dixie and her lawyers told Corgan there had been no discussion with WWE in regards to a sale. She told talent there had been talks.
• Corgan wasn't made aware of the Fight Network funding for BFG and tapings.
• Claims he funded TNA many times and the last time he did, he made some demands for him to give his money again which were in a legal document. Presumably the insolvency clause which Dixie is disputing.
• Dixie has made the running of TNA difficult for Corgan as the new President, withholding information, misleading Corgan, and they have regularly interfered with, subverted, or ignored plaintiffs authority to manage the affairs of the company.
• Corgan suing for TNA breach of contract, supported by emails from Corgan’s lawyer claiming they show the company being unresponsive to his requests. Corgan claims all Dixie did was send an email saying she would be in touch to discuss her role in the company moving forward.
Images of the emails can be seen [here]”
Apparently one of the clauses of Corgan's loan was that if that defaulted he would get control of Dixie's shares. So then she started cutting him out of the financial information. So she was seeking loans/financing for BFG etc. when in reality the company should have then went to Corgan because they had no money? Or she made deals with him when she wasn't in position to do so?
Dixie Carter, Queen of the Carnies.
More from today:
• Dixie attended a hearing, Corgan was represented by his lawyer.
• TNA argued that the company is in the same financial position it was when Corgan put money in. Corgan's lawyer says he wasn't made aware of exactly how much was owed when he put money in (surely an error here from Corgan?)
• TNA dispute any deal was made for Corgan to take control in the event in insolvency.
• TNA claims this lawsuit (not any of the others?) are what is preventing talent from being paid (obviously a load of stinking balls considering how long this has been going on for).
• Corgan's lawyer claimed TNA's liabilities have increased 52% since June. He also said their offer for TNA was higher than WWE's but no action has been taken by TNA to assign value to assets. Also said the WWE offer was lower than TNA's liabilities.
• Corgan claims that he is owed $1.8m from Anthem Sports (BFG backer) who owns rights to the tape library.
• Lawyer says Carter made Corgan an offer to buy her out, then says she emailed WWE to say she won’t sell to them until Corgan is gone.
• Dixie attended a hearing, Corgan was represented by his lawyer.
• TNA argued that the company is in the same financial position it was when Corgan put money in. Corgan's lawyer says he wasn't made aware of exactly how much was owed when he put money in (surely an error here from Corgan?)
• TNA dispute any deal was made for Corgan to take control in the event in insolvency.
• TNA claims this lawsuit (not any of the others?) are what is preventing talent from being paid (obviously a load of stinking balls considering how long this has been going on for).
• Corgan's lawyer claimed TNA's liabilities have increased 52% since June. He also said their offer for TNA was higher than WWE's but no action has been taken by TNA to assign value to assets. Also said the WWE offer was lower than TNA's liabilities.
• Corgan claims that he is owed $1.8m from Anthem Sports (BFG backer) who owns rights to the tape library.
• Lawyer says Carter made Corgan an offer to buy her out, then says she emailed WWE to say she won’t sell to them until Corgan is gone.
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