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Post by The Ultimate Nullifier on Oct 20, 2016 0:17:24 GMT -6
www.wrestlinginc.com/wi/news/2016/1019/618595/the-fight-network-parent-company-issues-statement-on-tna-impact/The Fight Network's Parent Company Issues Statement On TNA, Helping TNA Pay Debt To Billy Corgan The Fight Network's parent company Anthem Sports & Entertainment Corporation, which owns a stake in TNA, sent us the following statement regarding their relationship with TNA. It was noted that they offered to provide TNA funding to repay the loans made by Billy Corgan and that they are "positioned to provide additional transitional assistance to the company": Anthem Statement on Investment in TNA Impact Wrestling Toronto – Anthem Sports & Entertainment Corp. ("Anthem"), the parent company of Fight Network, today confirmed that it recently made a working capital loan to fund the operations of TNA Impact Wrestling. Fight Network is a licensee of TNA programming for broadcast in the U.S., Canada and other international markets, and is also the exclusive licensee of TNA for streaming Internet-delivered TV. Fight Network has also offered to provide TNA Impact Wrestling with funding to repay the loans made by Mr. Billy Corgan and is positioned to provide additional transitional assistance to the company. "TNA is a strong property for Fight Network and as a licensee and global distribution partner we have a keen interest in seeing the company not only survive but continue to grow and thrive, alongside our own growth," said Leonard Asper, CEO of Anthem. "We are hopeful that the company can soon get back to doing what it does best, which is to produce great wrestling content."
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Post by The Ultimate Nullifier on Oct 20, 2016 0:24:22 GMT -6
www.sescoops.com/breaking-fight-network-offers-to-repay-billy-corgans-loans-to-tna-hearing-delayed/Breaking: Fight Network Offers To Pay Off Billy Corgan’s Loans to TNA; Hearing Delayed By David Bixenspan on October 19, 2016 The Live Audio Wrestling Twitter account, which is run by John Pollock and part of the Fight Network family, tweeted the following on Wednesday afternoon: Follow Live Audio Wrestling ✔ @lawradio Have confirmed that the TNA / Billy Corgan hearing has been moved to next Wednesday, Anthem will be putting out statement today 3:08 PM - 19 Oct 2016 21 21 Retweets 11 11 likes Follow Live Audio Wrestling ✔ @lawradio Anthem is also offering to fund TNA in order to repay the loans of Billy Corgan 3:08 PM - 19 Oct 2016 22 22 Retweets 8 8 likes The first tweet alludes to the Davidson County Chancery Court website reflecting a delay in Billy Corgan’s lawsuit against TNA. The first hearing in the case, originally set for tomorrow (Thursday/October 20th), has been rescheduled for next Wednesday, October 26th. The temporary restraining order that Corgan got against TNA last week will be reevaluated at that hearing, and the judge will hear his request for a temporary injunction. With the lawsuit sealed, it’s still unclear what specifically he’s trying to stop. The second tweet refers to Anthem Sports and Entertainment, The Fight Network’s parent company, who funded the last two sets of TNA both directly and then indirectly through sister company MCC Acquisitions. It appears that Anthem is about to officially announce that it is funding TNA to offset the debts to Corgan. As we’ve reported previously, the state of Tennessee only has a record of Dixie Carter being indebted to Corgan personally, and it’s not yet known if that complicates this deal at all. More on this as it develops.
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Post by The Ultimate Nullifier on Oct 20, 2016 0:25:45 GMT -6
www.sescoops.com/the-fight-networks-parent-company-confirms-working-capital-loan-to-tna/The Fight Network’s Parent Company Confirms ‘Working Capital Loan’ to TNA The Fight Network has issued the following statement: Toronto – Anthem Sports & Entertainment Corp. (“Anthem”), the parent company of Fight Network, today confirmed that it recently made a working capital loan to fund the operations of TNA Impact Wrestling. Fight Network is a licensee of TNA programming for broadcast in the U.S., Canada and other international markets, and is also the exclusive licensee of TNA for streaming Internet-delivered TV. Fight Network has also offered to provide TNA Impact Wrestling with funding to repay the loans made by Mr. Billy Corgan and is positioned to provide additional transitional assistance to the company. “TNA is a strong property for Fight Network and as a licensee and global distribution partner we have a keen interest in seeing the company not only survive but continue to grow and thrive, alongside our own growth,” said Leonard Asper, CEO of Anthem. “We are hopeful that the company can soon get back to doing what it does best, which is to produce great wrestling content.” Note that this only takes care of the debt to Corgan and not TNA’s debts to Aroluxe Media, Audience of One Productions, American Express, The Navarre Corporation, etc. But it’s a life raft that will presumably lead to the resolution of Corgan’s lawsuit.
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Post by The Ultimate Nullifier on Oct 20, 2016 0:36:08 GMT -6
www.pwinsider.com/article/105473/more-on-why-tomorrows-corgan-vs-tna-hearing-has-been-postponed-why-lawsuit-was-sealed.html?p=1MORE ON WHY TOMORROW'S CORGAN VS. TNA HEARING HAS BEEN POSTPONED, WHY LAWSUIT WAS SEALED By Mike Johnson on 2016-10-19 17:04:00 It appears that tomorrow's hearing in the lawsuit brought forth by TNA President Billy Corgan 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 Salinas on 10/12 in the Chancery Court of Nashville, TN may have been pushed back to next Wednesday 10/26 at 1 PM to provide the defendants additional time to prepare their answer to whatever allegations Corgan has brought forth in the (as of this writing) still sealed lawsuit. In the order announcing the hearing being pushed back, Chancellor Ellen Hobbes Lyle decreed that TNA and the other defendants would have until 10 AM, Monday 10/24 to file any "opposition to issuance of a temporary injunction" while Corgan would have until 3 PM Tuesday 10/25 to respond. The current temporary restraining order, which the reasons for also remain sealed currently) will stand until the hearing on 10/26. Chancellor Lyle noted that no "oral testimony" will be heard at the hearing and that the decision on the temporary injunction will be decided solely on affidavits and responses to discovery made in those affidavits. So, the court will be going strictly by Corgan's claims (PWInsider can exclusively confirm there were seven "exhibits" filed with the court on 10/12 to support the lawsuit's allegations) and the responses that the defendants make to those claims. A telephone conference between all parties has been set for tomorrow at 11:30 AM with attorneys for each side and Chancellor Lyle regarding the lawsuit being sealed and whether all the filings of the lawsuit should remain sealed. PWInsider.com can confirm that the lawsuit was initially sealed at the request of Billy Corgan's attorneys due to material in the lawsuit featuring "necessary references to proprietary documents and information." In the State of Tennessee, courts can seal lawsuits as long as they fit the following three pieces of criteria: "the litigation involves private litigants", "the disclosure would reveal private, proprietary information" and that "the disclosure is not necessary to communicating on the public record the outcome and the reason for that outcome." While the court agrees that the lawsuit fits the first two criteria, today's order noted that court currently feels that the lawsuit, "as it exists now, that disclosure of the finances, and business outlook and plan of the LLC may be necessary to communicating on the public record the outcome and the reason for that outcome." The court specifically warned that it believes ALL of the filings can be released to public records, with the exception of dollar amounts listed in the lawsuit as well as five of the seven exhibits Corgan filed to support his lawsuit claims. So, attorneys for each side will have to convince Chancellor Hobbes of the third part of the criteria in order for everything to remain sealed and they may both have an uphill battle there. It was noted that the reason Corgan requested the lawsuit be sealed to begin with was to prevent competitors from having access to sensitive information about the financials of TNA and the parties involved in the lawsuit. More as we confirm it.
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Post by The Ultimate Nullifier on Oct 20, 2016 0:38:25 GMT -6
www.pwinsider.com/article/105474/yet-another-wrinkle-in-the-tnacorgan-lawsuit-story.html?p=1YET ANOTHER WRINKLE IN THE TNA-CORGAN LAWSUIT STORY By Mike Johnson on 2016-10-19 18:13:00 An hour ago, the Twitter account for "Live Audio Wrestling" in Canada, which is operated by The Fight Network, sent out the following: Follow Live Audio Wrestling ✔ @lawradio Have confirmed that the TNA / Billy Corgan hearing has been moved to next Wednesday, Anthem will be putting out statement today 3:08 PM - 19 Oct 2016 21 21 Retweets 11 11 likes Follow Live Audio Wrestling ✔ @lawradio Anthem is also offering to fund TNA in order to repay the loans of Billy Corgan 3:08 PM - 19 Oct 2016 22 22 Retweets 8 8 likes Anthem refers to Anthem Sports and Entertainment Corp, the parent company of The Fight Network, which acquired a minority stake in TNA several months back as part of a deal that saw them receive the worldwide streaming rights to the TNA Library. It should be noted that the financing for the most recent batch of TNA Impact Wrestling tapings, as well as the 10/2 Bound for Glory PPV came from MCC Acquisitions Corp. in Canada. MMC's address is exactly the same as Anthem Sports and Entertainment Corp. Given this development and Anthem offering to repay Corgan's investment into TNA, it may be that the injunction Corgan is seeking is one to prevent Anthem from gaining additional power (and for all we know, perhaps a greater ownership) within TNA. Undoubtedly, we'll know more in the days to come. If and when a statement is released by Anthem, we will have it here.
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