Day 2 of the ongoing TNA/Billy Corgan legal battle is in the books, and there were definitely it’s fair share of fire works.
Here are the latest developments:
– TNA is claiming the injunction is strictly a “Power Play” on Corgan’s part to take over the company.
TNA claims Corgan has rejected several attempts at being repaid and that his terms and conditions were unrealistic. Anthem which owns Fight Network, has claimed to also made attempts to pay Corgan back what he invested, without success. The common theme today is everyone wants Billy to go away.
The one potential catch in all of this could be that IF TNA can pay Corgan back, that in order to prove this isn’t a “Power Play”, Corgan may have to take the money and go.
– Corgan never received any paperwork upon his appointment as President of the company over the summer. It is also said that TNA told people Corgan was basically given a title with no real power or authority behind it. Yet it was also said that without Corgan’s funding, the company would have folded over the summer.
– Dixie Carter started negotiations with WWE back in June. Before any knowledge of the debt was known to WWE, they were concerned about the financial aspect of Corgan’s involvement with the company. WWE apparently made at least two offers.
The second offer was considerably less than the first, and it was said that the offer would not clear all of TNA’s debt. Corgan claims Dixie lied about talking to WWE, yet Corgan claimed to be able to prove that TNA sent WWE documents over the summer.
– Apparently TNA is not in the red according to its lawyer. He claims there is value in the company and has multiple interested buyers. He constantly repeated the company has the ability to pay Corgan back but made no mention of the other debts except that the tax lien was an “accounting issue.”
– The “Power Transfer” clause which is at the root of most of this, is being claimed by TNA’s lawyer to be illegal in Tennessee. As crappy it is of Dixie to add that in knowing it would be invalid, I blame Billy and his legal team for failing to do the proper investigating into such a big clause in such an agreement.
– Everyone apparently is behind pay in TNA. Besides the talent apparently it’s all the employees and it’s officers including the Carters. Corgan was blamed for the payroll issues.
– Dixie lied to Corgan in regards to his position as a lender. He was told he would be a senior lender (last money in first money out).
However with the money owed to the production company and one other lender, he was actually in the 3rd position. Yeah there’s a special place in hell for Dixie.
– The ruling will come Monday but no time was given.
JCD
