New Information From Billy Corgan's TNA Lawsuit
TNA's situation gets worse and worse.
Billy Corgan's ongoing lawsuit against Total Nonstop Action and Impact Ventures was unsealed yesterday evening, and a redacted version of Corgan's case has been released through The Tennessean.
The lawsuit claims that TNA are in severe financial trouble, and that Impact Ventures are insolvent and unable to pay their debts. Corgan entered a loan agreement with Dixie Carter a few weeks ago on the grounds that she'd pledge to sell 100% of her stake to him upon completion. Carter failed to do so, and Corgan filed his injunction two weeks ago.
According to the lawsuit, Corgan invested in TNA to help recover losses incurred when the company reached a stalemate with Aroluxe Marketing, their former benefactors. Corgan's investment was to prevent TNA from going into immediate foreclosure to Aroluxe and secure his own future takeover, but TNA nullified the agreement by entering a debt-equity agreement with another company, Audience of One.
Audience of One funded TNA's last set of TV tapings, and are said to have invested $3.4 million in TNA this year.
Additionally, Corgan claims that Carter had informed the TNA roster that WWE were looking to absorb the company's assets, including their sizeable tape library. His claim hinges on the court agreeing that his loan agreement with Carter should be honoured, which would allow him to take over as the company's head.
A hearing is scheduled for Wednesday 2nd November, which should move the matter forward.