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

[TildeGuy~!]

Total Nonstop Deletion is not taking place now as TNA are unable to pay for the talents flights to the Hardys Compound according to Pro Wrestling Sheet

[WyattSheepMask]

Day One of Billy Corgan v TNA court case summed up, key parts bolded.

 

Billy Corgan is not present for the hearing, and is instead represented by his attorney Scott Sims. Dixie Carter, however, is present alongside her lawyer Travis Parham. Corgan's attorney went first; in a document explaining his need for a restraining order, Billy Corgan claims the company is "insolvent," meaning they're unable to create the revenue necessary to repay already outstanding debts. According to Corgan, Dixie Carter never disclosed how indebted the company had become when they were courting him as a potential investor earlier this year.

 

Corgan first became aware of the company's debt problem earlier this summer when he made a second investment in July. He only learned of the extent of the situation last month when he was provided a company balance sheet. The Smashing Pumpkins front-man noted that he would have never continued to invest had he been made aware of TNA's unfortunate monetary situation. Furthermore, Corgan wasn't aware of the company's ongoing tax problems and learned about the state-mandated lien by reading The Tennessean newspaper.

Corgan's lawyer went on to explain that TNA is not currently paying their talent. Dixie Carter is blaming the payroll gap on Corgan's lawsuit, suggesting that they're unable to pay because of the restraining order. Corgan has a signed agreement with TNA, and claims Dixie Carter promised him 100% of her stake in the company in exchange for his continued financial assistance. Corgan was made President of TNA, but was subsequently excluded from day-to-day operations by Jason Brown of Aroluxe - another minority shareholder.

 

Corgan's lawyer also discussed the WWE's role in all of this. He revealed that WWE had in fact made a play to purchase TNA's tape library, however the deal was rescinded and another, much lower number was offered in it's place. Corgan's lawyer argues that TNA has made no attempt at assigning a dollar amount to their tape library, and that WWE's offer is significantly lower than Corgan's estimation of TNA's debts and liabilities. An email was reportedly sent by Dixie Carter to WWE officials, claiming she would not sell the promotion until Corgan was removed from the situation.

 

Steve Sims, Corgan's lawyer, is through for the day, and Travis Parham takes the stage for the afternoon. Dixie Carter is sitting by, and was said to be displaying absolutely no emotion. Parham accused Corgan of "hatching a scheme" to force Dixie out of ownership. He goes on to say that Corgan's lawsuit is directly responsible for the current creditor issues, and once again claims its the restraining order keeping Carter from paying her employees.

 

Parham refers to TNA as a "valuable, well known commodity," and notes that Carter owns 92.5% of the company. Anthem owns 2% and Aroluxe owns 5%. He went on to argue that Corgan provided a loan that could then be transferred to equity. He noted that when Corgan lent more back in July he had the right to convert the loan to 12.5 % interest, but did not. He says that TNA is not insolvent, and says Corgan's ongoing loans to TNA were an "opportunistic way to benefit himself." He notes that TNA has offered to refinance the loan and pay Corgan what he's owned, however Corgan's only interested in the 92.5% ownership he claims Dixie promised him. Furthermore, Parham suggests that Billy Corgan has not only been compensated, but "paid very well."

 

TNA denies that any financial details and records were ever kept from Corgan, and instead suggest that he's merely attempting to cause the company to default on the original agreement. In regards to the agreement itself, Parham say that the contract between Carter and Corgan is actually illegal in the state of Tennessee. TNA claims the tax lien against them is "an accounting mistake." Once again, TNA lawyers said that Carter was more than willing to pay Corgan what he's owed. Furthermore, lawyers from 2% shareholding Anthem stepped forward, claiming they would also honor Corgan's original deal minus fees owed.

 

The day concluded with TNA lawyers claiming Billy Corgan's suit is "predatory lending at it's worst." We will return with more updates from Chancery Court in Nashville later this week as they become available.

Source: PWInsider

[WeeAl]

TNA's calamity of a death is the best thing they have ever done. Bryan Alvarez has his next audio book job all ready to rock once this think finally lets go of the edge of the cliff.

[Merzbow]

The Rise and Fall of TNA will make for a good read, I just hope the talent find their feet on the indies etc. Aren't the indies supposed to be flourishing right now, with WWE and TNA as shite as they are I keep hearing how smaller promotions seem to be doing really well.

[Rob Lowe]

Corgan's lawyer went on to explain that TNA is not currently paying their talent.

 

WHAT?!

[WyattSheepMask]

That was the key thing I took out of it.

RVD went on hiatus while in ECW because he was owed so much money, and the talent should do the same here.

The company is dead, so no amount of working for free to try and steady the ship is going to make a blind bit of difference, and they're idiots for working for nothing other than a hope that WWE take notice of them

[chokeout]

I love that they are trying to blame someone else for not being able to pay their talent. It's fantastic

[IANdrewDiceClay]

 

Corgan's lawyer went on to explain that TNA is not currently paying their talent.

 

WHAT?!

 

Yeah. Sadly its common knowledge they havent been paid for or since Bound For Glory. They were supposed to be paid this week, but that hasnt happened yet. TNA hilariously blames the Corgan for suing them as the reason they havent been paid. Yeah they're trying to tell people that the man who has been borrowing them money to fund shows is the reason they cant accord to pay money out.

Edited October 27, 2016 by IANdrewDiceClay

[The Gaffer]

The Rise and Fall of TNA will make for a good read, I just hope the talent find their feet on the indies etc. Aren't the indies supposed to be flourishing right now, with WWE and TNA as shite as they are I keep hearing how smaller promotions seem to be doing really well.

Not just indie shows per say. Podcasts, shoots, streaming websites, meet and greets, comedy shows, you name it. They're all increasing in quanity and quality. The hardcore wrestling community has become very slick at commodifying itself in recent years. If you can work and have the gift of gab I imagine you stand a chance at earning an alright living from all of this.

[PunkStep]

TNA's calamity of a death is the best thing they have ever done. Bryan Alvarez has his next audio book job all ready to rock once this think finally lets go of the edge of the cliff.

I'd be very surprised if Alvarez and RD Reynolds haven't had their first draft of the book ready for years, and are continually adding to it. Bet they cannot wait to tell the story of this clusterfuck of a company.

[Your Fight Site]

RVD went on hiatus while in ECW because he was owed so much money, and the talent should do the same here.

 

But won’t ECW have still been running shows regularly when RVD was on ‘hiatus’? TNA aren’t. So the talent walking out en masse doesn’t really have an affect: it’s not like they’ll be sabotaging any tapings.

Edited October 27, 2016 by Your Fight Site

[WyattSheepMask]

What I was meaning was that he was well within his right to not work until he was paid what he was owed.

I know a lot of the TNA roster are able to supplement their income with independent dates, but working for nothing for TNA just makes them look a load goons

[mim731]

 

TNA's calamity of a death is the best thing they have ever done. Bryan Alvarez has his next audio book job all ready to rock once this think finally lets go of the edge of the cliff.

I'd be very surprised if Alvarez and RD Reynolds haven't had their first draft of the book ready for years, and are continually adding to it. Bet they cannot wait to tell the story of this clusterfuck of a company.

 

 

Whistling Dixie: The story of TNA 

[Tamura]

Does anyone have Billy Corgan's email address? He sounds like a prime candidate for a 419 scam. He gave them money time after time but had no idea they were in financial trouble? When someone borrows money from you on multiple occasions creating a steadily increasing debt, that would suggest to most people that there's financial problems. Obviously he thought they just needed another 50 grand to pay a government official who could unlock the $6 million or something...

Edited October 27, 2016 by Tamura

[stevieg1980]

https://pbs.twimg.com/media/CvyL86WWAAAz66d.jpg

 

This popped up about Tennessee pledge loaning law.