TNA Bound For Bankruptcy

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www.sescoops.com/report-tna-currently-several-million-dollars-in-debt/

Report: TNA Currently Several Million Dollars In Debt

It was extensively reported this week by David Bixenspan that TNA currently owes money to several different parties. Billy Corgan, Audience of One Productions, Aroluxe Media, Anthem Sports, and MCC Acquisitions all say TNA owes them substantial amounts of money.

According to a report by F4WOnline, the total amount TNA officially owes is listed at $3.4 million — and that doesn’t include any money owed to Billy Corgan or Audience of One Productions, or taxes owed in Tennessee.

News hit the web this week that Corgan and Audience of One Productions both filed lawsuits against the company. David Bixenpsan exclusively reported on Thursday that Dixie Carter also personally owes money to Billy Corgan, and on Friday reported that TNA is facing a tax lien in Tennessee.

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www.sescoops.com/report-on-billy-corgans-lawsuit-against-tna-theres-fraud-involved/

Report On Billy Corgan’s Lawsuit Against TNA: “There’s Fraud Involved”

A number of lawsuits against TNA came to light this week including one filed by Billy Corgan, as was extensively covered by David Bixenspan. Corgan had funded some television tapings this year under the belief that he would be buying the company, but Dixie ended up not selling to him. The lawsuit was filed after Corgan asked for his money back since Dixie wouldn’t sell to him, and they didn’t pay.

In an update on this from Wrestling Observer Radio, Dave Meltzer reports that “there’s fraud involved in the lawsuit,” in addition to the money owed.

“[Billy Corgan] not being told of certain financial things and information withheld by Dixie Carter to Corgan that he should have known,” Meltzer said.

There’s a preliminary hearing scheduled for next week in Nashville and the lawsuit may be unsealed. Impact was almost pulled from Pop TV this week due to a music clearance issue, and the show was their least-viewed episode since the company’s early days on Fox Sports 1.

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www.wrestlinginc.com/wi/news/2016/1015/618454/news-on-how-much-money-tna-owes/

News On How Much Money TNA Owes

We detailed last night about the many issues that TNA is currently facing.

Three of the companies that TNA owes money to are Aroluxe, Anthem (one of the parent companies of The Fight Network) and MCC Acquisitions, which appeared to have funded their last set of television tapings and Bound For Glory 2016. Dave Meltzer noted at F4WOnline that the total debt owed by TNA to those three companies is listed at $3.4 million. That does not include money that they owe to Billy Corgan or to Audience of One Productions, LLC, which filed a lawsuit against TNA last month.
As noted, The Tennessean reports that Anthem owns some of the rights to TNA's video archives.

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www.tennessean.com/story/money/2016/10/14/tennessee-filed-tax-lien-against-tna-wrestling/92076040/


Tennessee filed tax lien against TNA wrestling
Nate Rau , [e-mail] 4:59 p.m. CDT October 14, 2016
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(Photo: PR NEWSWIRE)
The Tennessee Department of Revenue filed a lien against TNA wrestling last month for unpaid business taxes, compounding the independent promotion’s business problems.

The company has been rumored to be for sale for many months, and was the subject of a federal lawsuit in September from one of its contractors.

Earlier this week, TNA president Billy Corgan, the frontman of the alternative rock group the Smashing Pumpkins, sued the company in Nashville court. The details of the lawsuit have been kept a secret after Chancellor Ellen Hobbs Lyle sealed the case filings and approved a temporary restraining order.

Corgan’s lawsuit was filed against TNA chairwoman Dixie Carter and executive Dean Broadhead.

Corgan is best known as the leader of the Chicago rock band, but he’s been involved with minor league professional wrestling for several years before he joined on to lead the creative team at TNA. He was promoted to president earlier this year.

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www.spin.com/2016/10/billy-corgan-files-mysterious-sealed-lawsuit-against-pro-wrestling-company/

Billy Corgan Files Mysterious Sealed Lawsuit Against Pro Wrestling Company

Smashing Pumpkins frontman and noted smackdown enthusiast has filed a lawsuit against a number of parties including the pro wrestling promotion TNA and its parent company Impact Ventures—a company that named Corgan himself as its president earlier this year.

The suit, which was first reported by PWInsider, was filed in Nashville court, and names TNA and Impact as defendants, as well as TNA owner Dixie Carter and her husband Serg Salinas as defendants. Corgan requested a court order to place the suit under seal, which was granted, meaning that the court is keeping specifics of the case confidential for the time being. Corgan also filed for a temporary restraining order, which was also granted.

Corgan’s involvement with TNA began in June, when he purchased a minority stake in the company to help finance one of the historically unstable company’s pay-per-view events. Corgan continued investing in the company, and in August he was named as president of Impact, replacing Salinas. “Billy is a visionary, an iconic artist and savvy businessman with an incredibly gifted creative mind,” Carter said in a statement at the time. Carter moved to a chairman position, where she would “focus on long-term planning, strategic partnerships and global growth.”

TNA is also up for sale, too, and Corgan hasn’t been shy about wanting to buy the company. (He’s also funded TV tapings for the show at personal cost.) According to PWInsider’s thorough writeup, several TNA personalities have noted since then “that there was obvious tension between Corgan and Carter.” We’ll publish more information about the case as it becomes available.