Billy Corgan’s lawsuit against Impact Ventures and Total Nonstop Action was unsealed today, revealing a number of interesting tidbits regarding his relationship with Dixie Carter and the current state of the company.
Corgan filed an injunction against Dixie Carter two weeks back, arguing that he should be granted ownership of TNA. Corgan stated that he was brought into the company as part of a loan agreement wherein Dixie Carter pledged 100% of her stake in the company to Corgan, upon completion of the arrangement. According to Corgan, he has not been granted control of the company as originally promised.
Corgan noted: “Impact Ventures is insolvent. Its liabilities exceed the value of its assets, and Impact Ventures is unable to pay its debts as they come due in the ordinary course of business.”
According to Corgan’s lawsuit, he was brought into the company as an investor to help recoup the losses suffered when TNA hit a wall with former financier Aroluxe Marketing. Corgan agreed to invest in the company to avoid Aroluxe foreclosing on the promotion’s assets. At the same time, TNA entered into debt-equity agreement with Toronto-based Audience of One, the parent company of Canada’s Fight Network. According to Secretary of State filings, various people and companies including Corgan and AO1 pumped more than $3.4 million dollars into TNA in 2016.
Furthermore, Corgan claims that Dixie Carter told a number of TNA talents that WWE is looking to absorb the company’s assets, including the 14-year old tape library. Corgan is hoping that the court recognizes his loan agreement with Dixie Carter, which would allow for him to take over as the head of the company.
The newly-released documents are not without redactions however, including a bevy of blacked-out dollar amounts throughout the entirety of the suit. A hearing is scheduled for next Wednesday to move forward on the matter. We’ll have more information as it becomes available.
Source: The Tennessean
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