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Post by The Ultimate Nullifier on Oct 13, 2016 14:34:59 GMT -6
www.f4wonline.com/tna-news/billy-corgan-files-lawsuit-against-tna-dixie-carter-222666BILLY CORGAN FILES A LAWSUIT AGAINST TNA & DIXIE CARTER BY JOSEPH CURRIER | @josephcurrier | OCT 13, 2016 1:30 PM TNA's ownership saga has taken another turn. Billy Corgan filed a lawsuit against the company and some of its key players in Chancery Court in Nashville, TN, on Wednesday. The defendants listed in the suit are TNA Entertainment, their parent company Impact Ventures, Dixie Carter, her husband Serge Salinas, and TNA Chief Financial Officer and Chief Operating Officer Dean Broadhead. A temporary restraining order was issued, and a temporary injunction is set to be heard on Thursday, October 20th. All filings in the suit were placed under seal until further notice. The saga of TNA’s ownership situation has played out both publicly and behind the scenes in recent weeks. Corgan made his intent to buy the company known in interviews across multiple media outlets prior to Bound for Glory, but the show came and went without a sale. Dave Meltzer has chronicled the subject in exhaustive detail in the Wrestling Observer Newsletter in recent weeks. Meltzer reported in this week’s issue that both Corgan and Aroluxe Marketing were still both attempting to buy the company, but Aroluxe would be most likely to get it at this point. Meltzer also reported that things were “super heated” behind the scenes with Carter, Corgan, and Aroluxe. It was announced in August that Corgan had taken over as president of TNA, while Carter assumed the role of company chairman. The lawsuit was first reported by Pro Wrestling Insider.
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Post by The Ultimate Nullifier on Oct 13, 2016 14:36:30 GMT -6
www.wrestlinginc.com/wi/news/2016/1013/618402/billy-corgan-reportedly-suing-tna/Billy Corgan Reportedly Suing TNA Source: PWInsider TNA President Billy Corgan has filed a lawsuit against Impact Wrestling, their parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Dixie's husband Serg Salias. PWInsider reports that the suit was filed on Wednesday in the Chancery Court in Nashville, TN. No word yet on the exact details of the lawsuit but they will be available soon. We reported earlier today via the Wrestling Observer Newsletter that things between Corgan and Dixie were really bad, and that Dixie has a lot of heat on her for how things have unfolded over the past few months.
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Post by The Ultimate Nullifier on Oct 13, 2016 14:37:32 GMT -6
www.wrestlinginc.com/wi/news/2016/1013/618403/more-on-billy-corgan-suing-tna/More On Billy Corgan Suing TNA Source: PWInsider As noted, TNA President Billy Corgan filed a lawsuit against Impact Wrestling, parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Dixie's husband Serg Salias in Chancery Court in Nashville on Wednesday. In an update, a temporary restraining order was approved and Corgan filed a bond to support it today. A hearing for a temporary injunction has been scheduled for Thursday, October 20th at 11:30am local time. Corgan has requested a six-person jury to decide the case. Filings for the lawsuit have been sealed until further notice but we will keep you updated on any developments.
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Post by The Ultimate Nullifier on Oct 13, 2016 14:40:15 GMT -6
www.pwinsider.com/article/105347/tna-president-billy-corgan-files-lawsuit-against-tna-dixie-carter-and-more.html?p=1TNA PRESIDENT BILLY CORGAN FILES LAWSUIT AGAINST TNA, DIXIE CARTER AND MORE By Mike Johnson on 2016-10-13 14:30:00 After months of speculation as to what was going to happen with the company, its ownership and its finances, TNA President Billy Cogan filed a lawsuit against TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salias on 10/12 in the Chancery Court of Nashville, TN. PWInsider.com is currently working on acquiring details of the lawsuit. Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this writing. Corgan, the frontman for Smashing Pumpkins and a long-time fan of professional wrestling, began investing in TNA this past June, helping to finance the TNA Slammiversary PPV and subsequent TV tapings as part of a deal that saw him purchase a minority share in the company. Additional investments in the company led to Corgan acquiring a larger share in the company and on 8/12, TNA issued a press release announcing that Corgan had replaced Dixie Carter as the President of the company and would be handling the day to day operations of the company while Carter would "focus on long-term planning, strategic partnerships and global growth." In the press release touting Corgan being named President of the company, Carter stated, "Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling. In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment." Shortly after being named President, Corgan announced his intentions to purchase the company and potentially change its name from TNA. During promotional appearances to push the Bound for Glory PPV, Corgan admitted that he had financed the three previous rounds of TNA Impact Wrestling tapings, describing those deals as last minute agreements where the "ink was drying" as talents were heading to the ring. Corgan had been in negotiations to purchase the company, but had been unable to close a complicated deal that would see Corgan not only buy the company from Dixie Carter, but other minority owners including Aroluxe Productions and The Fight Network. Corgan made it clear he would not be financing the Bound for Glory PPV tapings and subsequent TV tapings, noting on a SiriusXM interview that he had done everything in his power to make sure that Bound for Glory took place from a personal and financial level - noting that he was using money from "his own pile" to attempt to purchase the "majority ownership" of TNA - and that he had put everything in place on his end. In that interview with "Busted Open", Corgan said that funding the PPV and tapings were part of the negotiations and the question was what are the people funding the show getting for their money? Corgan said that where it got complicated was that it was one thing to fund the company, but it's another to set the company up to be solvent and successful. At the time Corgan said he didn't want to be having the same conversation three months after the PPV because what would be the point. At that time, Cogan also stated that in conversations with TNA talents he had spoken with, they were all on board with him taking over the company and that they were hopeful he would "win" and steer the ship from that point on. "Enough air has gone out of the balloon," Corgan said last month. "It's time to put air back in the balloon and let this thing be what it can be." In the end, Bound for Glory and the October TV tapings indeed took place, but questions that were left (which we had been raised here on PWInsider.com) included who funded the tapings and what deal did Dixie Carter make in order for the tapings to take place. In a locker room meeting with TNA talents on 10/4 in Orlando, Carter told her roster that the PPV was never in danger of not taking place but did admit the company had to do some "scrambling" in order for everything to fall into place. What that "scrambling" was has never been explained or revealed publicly. During PWInsider.com's reporting of the locker room meeting, we noted that Corgan declined to be in the meeting despite being invited to do so. A number of TNA personalities noted over the course of the BFG PPV and October TV tapings that there was obvious tension between Corgan and Carter and wondered how it might be resolved, especially if Corgan is supposed to be overseeing the day to day business of the company. What the resolution will be remains to be seen, it appears that it will get uglier before it gets better and that that resolution may very well take place inside a Nashville courtroom.
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Post by The Ultimate Nullifier on Oct 13, 2016 14:43:04 GMT -6
www.pwinsider.com/article/105350/more-on-corgan-vs-tna.html?p=1MORE ON CORGAN VS. TNA By Mike Johnson on 2016-10-13 14:58:00 Court records reveal a bit more information about movements made in the lawsuit TNA President Billy Corgan filed against Impact Wrestling, it's parent company Impact Ventures, Dixie Carter, her husband Seg Salinas, and TNA Chief Financial Officer Dean Broadhead yesterday. Based on the documents, a temporary restraining order was approved and Corgan filed a bond to support it today. A hearing has been set for a temporary injunction on Thursday 10/20 at 11:30 AM. Court documents reveal that Corgan has also requested a six person jury to decide the case. As noted, PWInsider.com is working on additional details, but court documents note that filings for the lawsuit have been sealed "until further notice." Requests for comment from Corgan's attorney and TNA PR have not yet been returned. More as we get it.
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Post by The Ultimate Nullifier on Oct 13, 2016 22:03:12 GMT -6
www.f4wonline.com/daily-updates/daily-update-corgan-files-suit-against-tna-nxt-debut-222651Billy Corgan has filed suit against Impact Ventures (TNA), Dixie Carter, Serg Salinas (Carter's husband) and COO Dean Broadhead in court today. The documents are sealed but the gist is that things between Corgan and Carter fell apart over the past week or so, where Corgan was expecting to buy the company and for whatever reason, that was not going to happen. Corgan then wanted them to pay him back the money he had put into the company in funding the recent tapings and obviously they couldn't do it. Corgan was asking for an injunction and will have a hearing on it this coming Thursday at 11:30 a.m. Corgan is requesting a jury trial. There are also issues with music rights for the show that airs tonight to the point at one point there was a question if Pop would air the show but the show is airing. The lawsuit being filed was not a surprise but everyone involved has gone silent since the suit was filed. There are also claims that in negotiations that key financial information was withheld.
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Post by The Ultimate Nullifier on Oct 21, 2016 18:27:46 GMT -6
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Post by The Ultimate Nullifier on Oct 21, 2016 19:38:08 GMT -6
www.pwinsider.com/article/105516/corgan-request-for-expedited-discovery-in-tna-suit-shines-light-on-why-suit-may-have-been-filed-corgan-claiming-he-has-right-to-remove-management-of-impact-ventures-.html?p=1CORGAN REQUEST FOR EXPEDITED DISCOVERY IN TNA SUIT SHINES LIGHT ON WHY SUIT MAY HAVE BEEN FILED, CORGAN CLAIMING HE HAS RIGHT TO 'REMOVE' MANAGEMENT OF IMPACT VENTURES By Mike Johnson on 2016-10-21 18:19:00 As noted earlier today, a number of documents related to the lawsuit Billy Corgan filed on 10/12 against TNA, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter, her husband Serg Salinas and TNA Chief Financial Officer Dean Broadhead were unsealed by the Chancery Court for Davidson County, TN. While the lawsuit itself will remain sealed until next week, insight can be gained from Corgan's motion for expedited discovery. In the United States court system, discovery enables the parties to know before the trial begins what evidence may be presented so they can properly prepare for court. The expedited discovery request notes that Corgan, Dixie Carter and Impact Ventures LLC entered into a Pledge and Security Agreement" on 8/11/16 and also makes reference to an "Operating Agreement for Impact Ventures" that was executed on 8/7/15. The filing does not make reference to whom may have signed that Operating Agreement. In the request for expedited discovery, Corgan requested that TNA Entertainment LLC, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter: *Admit that Impact Ventures is insolvent "as that term is used in Section 7 (e) (i) of the Pledge Agreement." *Admit that Corgan notified you of the occurrence of an Event of Default under Section 7 of the Pledge Agreement on 9/29/16. *Admit that Corgan currently has the right under the Pledge Agreement to exercise the voting rights associated with your equity interest in Impact Ventures LLC. *Admit that Corgan has the right under the Pledge Agreement and the Operating Agreement to remove the managers of Impact Ventures and replace them with designees of Corgan's choosing. If the defendants do not admit the above, they are then being asked to hand over: *All documents related to Impact Ventures being insolvent or unable to pay all of its debts in full as it came due from January 1, 2016 to the present. *All documents sent to or received from World Wrestling Entertainment or any of its representatives from January 1, 2016 to present. *All documents sent to or received from "any third party" regarding that third party's potential acquisition of Impact Ventures LLC, TNA Entertainment LLC or any of the assets owned by either entity. All of this helps to add context into why Corgan filed the lawsuit on 10/12, but we won't get the full picture until the lawsuit is unsealed on 10/25.
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Post by The Ultimate Nullifier on Oct 21, 2016 19:39:00 GMT -6
www.pwinsider.com/article/105515/updated-billy-corgan-states-tna-is-insolvent-in-restraining-order-request-what-restraining-order-prevents-tna-from-doing.html?p=1[UPDATED] BILLY CORGAN STATES TNA IS 'INSOLVENT' IN RESTRAINING ORDER REQUEST, WHAT RESTRAINING ORDER PREVENTS TNA FROM DOING By Mike Johnson on 2016-10-21 17:15:00 As noted earlier today, a number of documents related to the lawsuit Billy Corgan filed on 10/12 against TNA, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter, her husband Serg Salinas and TNA Chief Financial Officer Dean Broadhead were unsealed. One of the documents unsealed was Corgan's request for a temporary restraining order against the defendants, which was approved and is still active through the hearing scheduled for 10/26 in Nashville, TN before the Chancery Court. The request included the following passage: "As demonstrated in the memorandum of law filed herewith, plaintiff is likely to prevail on the merits of its claims because Impact Ventures LLC is insolvent, and, as a result, plaintiff is entitled to exercise controlling voting rights in the company pursuant to an equity pledge agreement between the plaintiff, Ms. Salinas [Note from Mike: Dixie Carter] and Impact Ventures. Furthermore, if not enjoined, defendants' conduct will cause irreparable hard to Plaintiff." The Temporary restraining order was approved on 10/13 (requiring Corgan to file a $25,000 bond) with Chancellor Ellen Hobbes Lyle writing, "Considering the motion and the verified complaint, in particular, the verified allegations concerning the insolvency of Impact Ventures at paragraphs 30-35 and Plaintiff's authority and rights alleged in paragraphs 21-29, together with all the other papers and pleadings filed in this action, the Court finds that the Plaintiff's rights are being or will be violated by Defendants, and that Plaintiff will suffer immediate and irreparable injury, loss, or harm before notice can be served and a hearing held." The order currently includes the following: *Impact Ventures LLC is not allowed to take any action without the consent of the Plaintiff (Billy Corgan) obtained in accordance with the process set forth in the Operating Agreement of Impact Ventures and/or applicable law. *TNA Entertainment LLC is not allowed to take any action without the consent of the Plaintiff (Billy Corgan) obtained in accordance with the process set forth in the Operating Agreement of TNA Entertainment and/or applicable law. *Neither side shall "sell, assign, transfer and/or pledge Impact Ventures, its tape library and/or asssets (except for transactions in the ordinary course of business) of Impact Ventures until further order of the Court. In layman's terms, this means that TNA cannot create any new business deals, unless Corgan signs off on them, until the restraining order has been removed. Technically, they shouldn't even be able to sign any talents to a new contract should one expire, unless Corgan gives the approval. It is also important to note that neither side can sell their ownership in the company or even license the tape library to a third party unless the court signs off on it, putting TNA (unless they settle with Corgan) into a pretty hard position as this process winds its way through the court system. However, it would also prevent Corgan from selling his claim to TNA to say, WWE, for example. Given that Corgan is attempting to get an Injunction when all parties go to court on 10/26, TNA could be in for a really long haul with this situation. Given what was stated in just the restraining order request and the court's approval of the TRO, one can only imagine what might be within the lawsuit itself.
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Post by The Ultimate Nullifier on Oct 21, 2016 21:12:13 GMT -6
www.sescoops.com/unsealed-billy-corgan-lawsuit-documents-shed-light-on-why-hes-suing-tna/Unsealed Billy Corgan Lawsuit Documents Shed Light On Why He’s Suing TNA This afternoon, Chancellor Ellen Hobbs Lyle of Nashville Chancery Court officially unsealed most of the filings in Billy Corgan’s lawsuit against TNA parent company Impact Ventures LLC. The only documents still hidden from public view are the initial complaint and the memorandum that Corgan filed to get a temporary restraining order against TNA. Those will be re-filed publicly on Wednesday (October 26th) with certain sections redacted, but everything else was made public today. Of what came out today, two filings are especially noteworthy: The temporary restraining order itself, filed on October 13th. Corgan’s motion to compel discovery (i.e. document production, deposition testimony, etc.) and memorandum in support, filed October 19th. The restraining order is about what you’d expect: It stops TNA from “taking any action without the consent of” Corgan (like signing new contracts), as well as selling the company, its videotape library, other assets, etc. On Wednesday, there will be a hearing to determine if Corgan will get a injunction to replace the temporary restraining order. The motion to compel discovery (or rather, the responses to previous requests attached as exhibits) is where we get the most information about the lawsuit so far. Based on the questions the Corgan asks of both Dixie Carter and Impact Ventures, as well as how they were answered, this is what appears to be going on: Corgan and TNA (for the purposes of this article, TNA = all of the defendants unless otherwise noted), entered into an “equity pledge agreement.” The date of the agreement was possibly August 11th, as TNA claims to have not been insolvent since then . That was also 11 days before TNA’s debt to Anthem Sports and Entertainment was filed with the state of Tennessee. If TNA defaulted/became insolvent, Corgan would be ale to take over the voting rights to Dixie Carter’s shares. From there, Corgan could then “remove the managers of Impact Ventures and replace them with designees of [his] choosing,” as he would, for all intents and purposes, be the majority owner. This likely explains why Corgan loaned money personally to Dixie Carter, and, really, this was the only way that move made sense. On September 29th, the Thursday before Bound For Glory, Corgan notified TNA that he was exercising his rights under the agreement because there had been “multiple events of default under the equity pledge agreement.” This was two days after Audience of One Productions sued TNA, which makes you wonder of the former tipped Corgan off. It was also the same day as Corgan’s cryptic interview on The Dan Le Batard Show, which is embedded at the top of this article. One day later, TNA’s debt to MCC Accquisitions (sister company to Anthem/Fight Network) was filed with the state of Tennessee. TNA denied being insolvent, saying that “The term ‘insolvent’ is not defined in the Pledge Agreement. Under Tennessee law, an entity is insolvent only if the sum of the debtor’s debts is greater than all of the debtor’s assets, at a fair valuation. Impact Ventures’ assets are of greater value than its debt, […] There has also not been an Event of Default as that term is used in the Pledge Agreement.” TNA objected to a request for all documents showing the company’s inability to pay any debts in full, “because it theoretically seeks all correspondence, financial documents, vendor invoices/statements, and other documents concerning any instance in which Impact Ventures may have been late and/or obtained an extension with regard to paying a debt in full, and any such documents are not maintained in a manner that would enable Impact Ventures to readily obtain such information[.]” It would seem that, once TNA denied being insolvent and refused to let Corgan take over, he started preparing for the lawsuit. This ostensibly included filing Carter’s debt with the state of Tennessee on October 11th, the day before he sued. Since Carter/TNA said in sworn statements that TNA is not insolvent in spite of mounting evidence otherwise, and it would be wrong to assume that anyone is committing perjury, there’s only one logical explanation as to how that could be truthful. That would be that TNA valuing the company’s most subtantial asset, the video library, at more than Corgan thinks it’s worth. Based on what WWE normally pays, the library is worth about $1 million, but TNA is more than $4 million in debt based on public records, which don’t include their debts to Corgan, the state of Tennessee, or any staff/performers. When you factor in that Dave Meltzer has reported that Anthem owns at least part of the video library know, it makes you wonder if they made a deal where TNA can point to a valuation of the collection at much more than $1 million. Otherwise, it doesn’t really track how TNA could not be considered insolvent right now. Also: For what it’s worth, TNA’s income from its TV deals with Challenge TV in the U.K. and Sony Six in India would be classified as receivables and not assets. S0me other notes from the filings: For the record, TNA Entertainment LLC (TNA’s old parent company) is a wholly owned subsidiary of Impact Ventures LLC (TNA’s current parent company). For most, if not all of the documents Corgan asked Carter and TNA to produce, it was alleged that he already had access to them. This includes TNA’s communications with WWE in 2016. Before he filed the lawsuit, Corgan was cryptic about how he didn’t know about any such deal even though he should, so TNA’s position is interesting, to say the least. There’s clearly a lot more to this that we still don’t know. Depending on what exactly is redacted from what is released on Wednesday, we may learn a lot more.
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Post by The Ultimate Nullifier on Oct 22, 2016 16:41:24 GMT -6
www.f4wonline.com/tna-news/several-documents-unsealed-billy-corgans-lawsuit-against-tna-223201SEVERAL DOCUMENTS UNSEALED IN BILLY CORGAN'S LAWSUIT AGAINST TNA BY DAVE MELTZER | @davemeltzerwon | OCT 21, 2016 11:49 PM Several documents regarding Billy Corgan's lawsuit against Impact Ventures LLC, Dixie Carter Salinas, Serg Salinas and CFO Dean Broadhead were unsealed today in Davidson County Chancery Court. A new version of the actual lawsuit is expected to be unsealed on Tuesday. The key note is that Corgan was granted a restraining order last week, key because that means Chancellor Ellen Hobbes Lyle believed his case against TNA is likely to prevail as that would be the reason to grant such an order. The retraining order means TNA is not allowed to take any action regarding selling, assigning assets such as the tape library until the court allows them. This 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. That explains why The Fight Network had to loan TNA the money to keep going as opposed to putting money in exchange for points in the company in the unusual announcement this past week. The money appears to be put in to make the company solvent for now, as Corgan claimed they were not solvent, and based on his agreement with Carter if the company was not solvent, then he would be able to make all the key decisions. Carter Salinas was barred from what they had done before which is sell points in the company in exchange for cash, or sell more of the tape library in exchange for cash. The Fight Network and Carter Salinas are attempting to buy Corgan's stock in the company back, thus refund his money, in exchange for him going away and dropping what would be an embarrassing lawsuit. Corgan would also be banned right now from selling his points in the company to an outsider, but if he drops the case he could sell his points back to them. The fact the suit is continuing means Corgan has not as yet agreed to take the money and go away. Corgan claimed TNA was insolvent, which means that their debt is greater than their assets. The debt is probably in the $5 million or more range. Of what we do know, the debut would be $4 million but there are likely other creditors unknown at this time. Based on the agreement when Corgan put money in, if the company was insolvent he would be able to take over and fire and hire people. The company and Carter, claimed they were not insolvent but produced no documentation to support that. However, TNA has handed over 17,000 pages of documentation to Corgan and his attorneys, basically to bog him down, and TNA is hopeful the deal to buy Corgan out gets completed before the lawsuit gets unsealed. Bruce Prichard, who worked for NWA for several years, claimed he had financial issues because TNA withheld tax money from his checks but never paid the government the withholding, and thus the government came after him for not paying his taxes. He said the figure was about $10,000 but all ended up being straightened out.
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Post by The Ultimate Nullifier on Oct 22, 2016 18:56:48 GMT -6
www.pwinsider.com/article/105516/corgan-request-for-expedited-discovery-in-tna-suit-shines-light-on-why-suit-may-have-been-filed-corgan-claiming-he-has-right-to-remove-management-of-impact-ventures-.html?p=1CORGAN REQUEST FOR EXPEDITED DISCOVERY IN TNA SUIT SHINES LIGHT ON WHY SUIT MAY HAVE BEEN FILED, CORGAN CLAIMING HE HAS RIGHT TO 'REMOVE' MANAGEMENT OF IMPACT VENTURES By Mike Johnson on 2016-10-21 18:19:00 As noted earlier today, a number of documents related to the lawsuit Billy Corgan filed on 10/12 against TNA, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter, her husband Serg Salinas and TNA Chief Financial Officer Dean Broadhead were unsealed by the Chancery Court for Davidson County, TN. While the lawsuit itself will remain sealed until next week, insight can be gained from Corgan's motion for expedited discovery. In the United States court system, discovery enables the parties to know before the trial begins what evidence may be presented so they can properly prepare for court. The expedited discovery request notes that Corgan, Dixie Carter and Impact Ventures LLC entered into a Pledge and Security Agreement" on 8/11/16 and also makes reference to an "Operating Agreement for Impact Ventures" that was executed on 8/7/15. The filing does not make reference to whom may have signed that Operating Agreement. In the request for expedited discovery, Corgan requested that TNA Entertainment LLC, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter: *Admit that Impact Ventures is insolvent "as that term is used in Section 7 (e) (i) of the Pledge Agreement." *Admit that Corgan notified you of the occurrence of an Event of Default under Section 7 of the Pledge Agreement on 9/29/16. *Admit that Corgan currently has the right under the Pledge Agreement to exercise the voting rights associated with your equity interest in Impact Ventures LLC. *Admit that Corgan has the right under the Pledge Agreement and the Operating Agreement to remove the managers of Impact Ventures and replace them with designees of Corgan's choosing. If the defendants do not admit the above, they are then being asked to hand over: *All documents related to Impact Ventures being insolvent or unable to pay all of its debts in full as it came due from January 1, 2016 to the present. *All documents sent to or received from World Wrestling Entertainment or any of its representatives from January 1, 2016 to present. *All documents sent to or received from "any third party" regarding that third party's potential acquisition of Impact Ventures LLC, TNA Entertainment LLC or any of the assets owned by either entity. Corgan also requested that TNA Entertainment LLC identify the nature and extent of "each member's" ownership interest, that the company identify all of the current officers, directors and managers, identify all of it's assets, and for the LLC to produce "financial statements, including but not limited to, balance sheets, profit and loss statements, and statements of cash flows, whether audited or unaudited, from January 1, 2016 to the present." He also requested that the location of the TNA video library be stated, that the ownership of the library be stated and that any negotiations for the sale of the library be revealed. All of this helps to add context into why Corgan filed the lawsuit on 10/12, but we won't get the full picture until the lawsuit is unsealed on 10/25.
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Post by The Ultimate Nullifier on Oct 25, 2016 0:33:41 GMT -6
www.pwinsider.com/article/105559/corgan-vs-tna-lawsuit-update.html?p=1CORGAN VS. TNA LAWSUIT UPDATE By Mike Johnson on 2016-10-24 16:36:00 The next 24 hours should prove to be very interesting in the lawsuit Billy Corgan has filed against TNA, Dixie Carters and others. Tomorrow, 10/25 Corgan's attorneys will be allowed to file a redacted version of their lawsuit to protect certain materials from being brought to public light due to what Corgan has claimed is "sensitive" information that could fall into the hands of competitors. That version will be relsased to the public sometime around 3 PM Central time. One would assume that if a settlement is to come between the two sides, it will happen before that redacted lawsuit is unsealed as the second it is, the allegations will become public record, something TNA obviously does not want to happen as one would assume, they wouldn't want to be tried in the court of public opinion. So, if there is going to be a settlement, it would have to come before those documents are unsealed. Meanwhile, TNA filed it's response to Corgan's allegations and his restraining order against the company this afternoon before the Nashville Chancery Court, but most of those documents are currently sealed. We can confirm that there were 12 pieces of material used to support TNA's arguments between material derived from The Business Lawyer (an article titled "Proving Solvency: Defending Preference and Fraudulent Transfer Litigation) and previous court precedents regarding legal issues. Corgan filed a lawsuit on 10/12, charging that the company is insolvent and that based on an agreement he and TNA entered into, that gives him the right to gain control and replace current members of TNA management. Dixie Carter has responded, arguing that the company is not insolvent as its assets are worth more than money it currently owes. There are a number of other lawsuits that have been filed against TNA currently.
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