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CORGAN SUES TNA
Posted: 112516

Just One of Many Lining Up with Lawsuits

Billy Corgan has filed a lawsuit against TNA and some of its key players in Chancery Court in Nashville, TN. The defendants listed in the suit are TNA Entertainment, their parent company Impact Ventures, Dixie Carter, her husband Serg Salinas, and TNA Chief Financial Officer and Chief Operating Officer Dean Broadhead. It was announced in August that Corgan had taken over as president of TNA. Carter then became company chairman. Prior to Bound for Glory it was assumed that the company would be sold so it could pay its bills and do the following TV tapings but that didn’t happen. TNA is currently $3.4 million on debt to Anthem Sports, Aroluxe and MCC Acquisitions. TNA has already sold some of its tape library to Anthem and the State of Tennessee had issued a tax lien against TNA Entertainment, LLC. Corgan s lawsuit included a restraining order that prevents either a sale of the tape library to The Fight Network or WWE, as well as a sale of the company, or any stock in the company. The Fight Network (Anthem) has been loaning TNA to keep them afloat and Corgan’s agreement with Carter is that if the company was not solvent, then he would be able to make all the key decisions. The Fight Network and Carter/Salinas are attempting to buy Corgan's stock in the company back so that they could repay him the money he gave them so that the lawsuit could be dropped but that’s not an option for Corgan. He isn’t the only person suing TNA. Bankdirect Capital Finance, LLC is asking for $207,612.29 plus late charges, interest and attorney fees and American Express is asking for $269,049.50 in travel related expenses. Dave Meltzer of the Wrestling Observer suggests that TNA will likely file for bankruptcy to get out of paying their massive debt.

Images © Copyright 2016 by their respective owners No rights given or implied by Alternate Reality, Incorporated Source: Wrestling Observer

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