Impact wrestling thread - It's a Don West tribute thread now!

[Daaaaaad!]

Some dodgy newz~~~!!! site reporting that American Express have filed a lawsuit against TNA for 260k of unpaid bills dating back to August.

 

Observer's reporting it now, probs legit.

[Your Fight Site]

American Express? What's Dixie been doing, paying for TNA on credit card for the past couple of years?

[Jon-Carr_92]

How long before the boys (No, not Dalton Castle's) pop round for a visit?

[Jackpot]

Ramsey's USA Wrestling Nightmares coming to you on Channel 4 in the New Year.

 

World renowned chef, Gordon Ramsey, has saved many failing kitchens both in his homeland of Britain and here in the States. He moved that on to trying to save failing hotels. And now, in his latest venture, the former Glasgow, Scotland, soccer player will try and save a failing wrestling company.

 

The owner is completely incompetent, the staff haven't been paid in months and the paying customer isn't paying anymore.  Stay tuned for Gordon's most difficult task yet, saving Total Non-stop Action from liquidation.

Edited October 19, 2016 by Jackpot

[Guest]

[WyattSheepMask]

Dave Meltzer recently reported via the Wrestling Observer Radio that TNA will likely file for bankruptcy in the hopes of absolving their increasingly mounting debt. There's no current indication as to what would happen after that, but as of now chief creditors include Aeroluxe, Billy Corgan, and the Fight Network.

 

"The whole thing is, Dixie is still trying to figure out a way - this is why it hasn't been sold - I don't know if it's to stay in control but the whole thing is, she doesn't want to look bad publicly."

 

Meltzer did not say if TNA would be filing Chapter 7 or Chapter 11 bankruptcy. It's possible TNA could stay alive if they filed for Chapter 11 but Chapter 7 would likely mean the end of the company.

[Jon-Carr_92]

So, are bankruptcy laws different as opposed to over here and how so? I've noticed some differences.

[fugaziuk]

So there's no chance daddy carter is going to bail his daughter out?

[Rob Lowe]

He's been bailing her out for 15 years. Dixie's mum would usually be the one who would come in and have to clean the mess, like Dixie was eight years old.

 

If Dixie is 52 as wikipedia says, her parents must have been old then and ancient now. So embarrassing.

[IANdrewDiceClay]

A partner company of the Fight Network called Anthem (who they already owe money to) seems to have slipped them a few quid to get Billy off their back at least. Which I suppose is good in the short term, but fucking hell. This just means they've transfered the debt over to someone else.

Edited October 19, 2016 by IANdrewDiceClay

[uklaw]

If this comes off (and presumably Anthem/Fight Network end up with majority/enhanced ownership) then Dixie Carter truly is Teflon.

 

If it is as it seems, then one is to assume that Corgan will go and unless Anthem have Carter over a barrel, she'll possible come out of this as Head Honcho again.

 

Of course, if we follow the 'barrel' analogy then maybe Carter has given up the company and will go also? The next few days-a week should be interesting.

 

Edited in light of Ian's post.

I hadn't considered that it's simply transferring debt. Ouch.

Edited October 19, 2016 by uklaw

[JNLister]

So, are bankruptcy laws different as opposed to over here and how so? I've noticed some differences.

 

Chapter 11 means you get a temporary period during which creditors can't enforce their claims against you. To get it, you have to present a credible plan to the court to show you are reorganising your finances and have a viable plan to keep the business running.

 

Chapter 7 is full-fledged bankruptcy where you stop trading and then the court takes over your assets and divides them out among the creditors.

[DavidB6937]

Is it actually a "strong property" for them? I can't imagine it's worth bailing out surely?

[Jon-Carr_92]

So there's no chance daddy carter is going to bail his daughter out?

They cut her off a while ago. Being bankrolled by an energy company with an annual revenue of $100 million helps I guess.

[Your Fight Site]

TNA’s had more near-falls than Savage vs. Steamboat.