Brad Piff
The Money & The Miles
Neg pending for throwing dirt on the McMahon's good name
Billy Corgan Files Lawsuit Against TNA & Dixie
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The Amerikkkan Idol
The Amerikkkan Nightmare
Neg pending for throwing dirt on the McMahon's good name
411MANIA | UPDATED: Dixie Carter Denies TNA is Insolvent in Response to Corgan’s Discovery Motion
UPDATE: PWInsider has revealed more from the few documents that were unsealed today as part of Billy Corgan’s lawsuit against TNA. The latest are the response from Dixie Carter and Impact Ventures to a motion filed by Corgan to compel them to provide responses to his discovery requests. The responses deny that TNA is insolvent and object to several of Corgan’s requests for discovery.
Carter has denied that the company is insolvent “as the term is used in the Section 7 (e) (i)” in their Pledge Agreement, saying, “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.”
Carter has also denied that Corgan informed her of a default on September 29th and that Corgan has the right to remove the managers of Impact Ventures, replacing them with his own. She claims that “The transfer of governance rights is invalid under Tennessee law and the Operating Agreement. There has also not been an Event of Default as that term is used in the Pledge Agreement. Impact Ventures LLC has not been insolvent since August 11, 2016 and is not insolvent at present.”
Carter and Impact both argued in their responses that Impact Ventures’ assets are “of greater value than its debt” and Carter has objected to the request for all docuements related to Impact Ventures being insolvent or unable to pay all of its debts in full, all documents sent to or received from WWE or its representatives and all documents sent to or received from “any third party” regarding that party’s potential acquisition of Impact Ventures LLC from January 1st to the current day.
Carter responded that the documents requested are overly broad, not relevent and “not reasonably calculated to lead to the discovery of admissible evidence because it is not limited to any period of time.” She also stated, “Ms. Salinas objects to this request on the grounds that it seeks information that, at least in part, can be obtained from some other source that is more convenient, less burdensome, and/or less expensive, named Plaintiff. Subject to, and waiving that objection, and consistent with the Tennessee Rules of Civil Procedure, Ms. Salinas is producing responsive documents herewith.”
Corgan’s lawyers have argued that since they will not be able to get a deposition from Carter before the October 26th hearing, Corgan “will be left to guess the basis” of the claims that the company is solvent until the defendants file their brief on October 24th. That will give Corgan’s attorneys only forty-eight hours to prepare for the hearing. The filings also note that the defendants have given over 17,000 pages worth of documents that are currently being “reviewed and assessed” by Corgan’s attorneys.
ORIGINAL: A second document that was unsealed from Billy Corgan’s lawsuit against TNA has revealed some new details, including the claim by Billy Corgan’s team that he has the right to remove managers from TNA’s parent company. TNZ reports that a motion for expedited discovery was unsealed and says that Corgan, Dixie Carter and Impact Ventures entered into a “Pledge and Security Agreement” on August 11th. That was the day before Corgan was named president of TNA.
A Security Agreement, for reference, is a contract between a lender and borrower in a secure transaction that gives the lender a security interest in an asset or assets that are pledged as collateral.
The claim also makes not of an “Operating Agreement for Impact Ventures” that was executed on August 7th, though it is not referenced who is on that Operating Agreement. Corgan has asked that TNA, Impact Ventures and Dixie Carter do the following:
* Admit that Impact Ventures is insolvent as specified by the Pledge Agreement.
* Admit that Corgan notified them of a Default under the Pledge Agreement on September 29th
* Admit that Corgan has the right (under the Pledge Agreement) to exercise the voting rights associated with their equity interest in Impact Ventures LLC.
* Admit that Corgan has the right (under both the Pledge Agreement and the Operating Agreement) to remove Impact Ventures’ managers and replace them with designees of Corgan’s choosing.
If the parties do not admit to all of the above, they’re being asked to hand over the following:
* 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 filed the lawsuit on October 12th. There were reports late last month and early this month that WWE was in talks to buy TNA’s tape library; it’s not confirmed if that is what Corgan is seeking information on in regard to the discovery request, though that would be a logical conclusion.
There’s still a lot of information regarding the lawsuit that isn’t known because of the current seal on it. The suit is set to be unsealed (albeit in a redacted form to prevent disclosure of financial terms) next week.
UPDATE: PWInsider has revealed more from the few documents that were unsealed today as part of Billy Corgan’s lawsuit against TNA. The latest are the response from Dixie Carter and Impact Ventures to a motion filed by Corgan to compel them to provide responses to his discovery requests. The responses deny that TNA is insolvent and object to several of Corgan’s requests for discovery.
Carter has denied that the company is insolvent “as the term is used in the Section 7 (e) (i)” in their Pledge Agreement, saying, “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.”
Carter has also denied that Corgan informed her of a default on September 29th and that Corgan has the right to remove the managers of Impact Ventures, replacing them with his own. She claims that “The transfer of governance rights is invalid under Tennessee law and the Operating Agreement. There has also not been an Event of Default as that term is used in the Pledge Agreement. Impact Ventures LLC has not been insolvent since August 11, 2016 and is not insolvent at present.”
Carter and Impact both argued in their responses that Impact Ventures’ assets are “of greater value than its debt” and Carter has objected to the request for all docuements related to Impact Ventures being insolvent or unable to pay all of its debts in full, all documents sent to or received from WWE or its representatives and all documents sent to or received from “any third party” regarding that party’s potential acquisition of Impact Ventures LLC from January 1st to the current day.
Carter responded that the documents requested are overly broad, not relevent and “not reasonably calculated to lead to the discovery of admissible evidence because it is not limited to any period of time.” She also stated, “Ms. Salinas objects to this request on the grounds that it seeks information that, at least in part, can be obtained from some other source that is more convenient, less burdensome, and/or less expensive, named Plaintiff. Subject to, and waiving that objection, and consistent with the Tennessee Rules of Civil Procedure, Ms. Salinas is producing responsive documents herewith.”
Corgan’s lawyers have argued that since they will not be able to get a deposition from Carter before the October 26th hearing, Corgan “will be left to guess the basis” of the claims that the company is solvent until the defendants file their brief on October 24th. That will give Corgan’s attorneys only forty-eight hours to prepare for the hearing. The filings also note that the defendants have given over 17,000 pages worth of documents that are currently being “reviewed and assessed” by Corgan’s attorneys.
ORIGINAL: A second document that was unsealed from Billy Corgan’s lawsuit against TNA has revealed some new details, including the claim by Billy Corgan’s team that he has the right to remove managers from TNA’s parent company. TNZ reports that a motion for expedited discovery was unsealed and says that Corgan, Dixie Carter and Impact Ventures entered into a “Pledge and Security Agreement” on August 11th. That was the day before Corgan was named president of TNA.
A Security Agreement, for reference, is a contract between a lender and borrower in a secure transaction that gives the lender a security interest in an asset or assets that are pledged as collateral.
The claim also makes not of an “Operating Agreement for Impact Ventures” that was executed on August 7th, though it is not referenced who is on that Operating Agreement. Corgan has asked that TNA, Impact Ventures and Dixie Carter do the following:
* Admit that Impact Ventures is insolvent as specified by the Pledge Agreement.
* Admit that Corgan notified them of a Default under the Pledge Agreement on September 29th
* Admit that Corgan has the right (under the Pledge Agreement) to exercise the voting rights associated with their equity interest in Impact Ventures LLC.
* Admit that Corgan has the right (under both the Pledge Agreement and the Operating Agreement) to remove Impact Ventures’ managers and replace them with designees of Corgan’s choosing.
If the parties do not admit to all of the above, they’re being asked to hand over the following:
* 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 filed the lawsuit on October 12th. There were reports late last month and early this month that WWE was in talks to buy TNA’s tape library; it’s not confirmed if that is what Corgan is seeking information on in regard to the discovery request, though that would be a logical conclusion.
There’s still a lot of information regarding the lawsuit that isn’t known because of the current seal on it. The suit is set to be unsealed (albeit in a redacted form to prevent disclosure of financial terms) next week.
RammerJammer
#RollTide #TSC #RiseUp #BullsNation #RIPKobe
#CrookedDixie
Green Ranger
I Am Legend
the most recent edition of “Something to Wrestle With”, hosted by Bruce Prichard, contains numerous stories from Prichard regarding issues TNA has faced during his time with the company.
Of note is the story Prichard tells of how TNA let Bobby Roode’s contract slip away back in 2013, as the company had the option to roll his contract over for another year. Roode was under a deal which was set to expire, however if TNA signed off on the roll over in time then Roode would have to remain with the company for one more year. Prichard says one day he received an email from Roode saying his deal was set to expire in three days, and he hadn’t heard anything from management about a roll over. Prichard said he had the roll over signed well ahead of time, and in the necessary timeframe to have the deal legally extended, and he even had copies of the signatures as proof. Roode said he had received nothing, and was therefore free and clear to negotiate with any company he wanted.
Prichard then said he went to the person who was supposed to have mailed the contract, and the person told him it was mailed out. Prichard asked to see a copy of the bill proving the contract was issued and the person was unable to produce it.Prichard knew at that moment that the deal was never mailed out to Bobby Roode, and he later found out TNA was no longer using FedEx due to issues with their account and the company was using UPS instead.
“The folks that were in charge of actually doing that felt that Bobby Roode wasn’t necessary and that if his contract expired then they wouldn’t be obligated to pay him what his contract called for and they could renegotiate at a lower rate,” explained Prichard. “The problem with that is that Bobby Roode was worth every penny that he was being paid [and] probably more. The other thing about it was that we had him figured into our [creative] plans. We had long-term plans with Bobby.”
Prichard went on to say that Panda Energy, who was funding TNA at the time, had a philosophy that if you let things go they just go away and you don’t have to deal with the consequences.Prichard said he hated that attitude and the idea that Panda treated wrestlers like they are interchangeable parts. Prichard added Panda treated wrestlers “like plumbers, you can replace them with another plumber. That analogy used to drive me absolutely nuts because a plumber can’t paint a picture and tell a story,” said Prichard.
Prichard said he continued to negotiate with Roode and TNA ended up paying him a lot more money to retain him, but Roode ended up leaving the company earlier this year and signed with WWE. As we noted back when Roode signed with WWE, he was reportedly owed a lot of money from TNA.
Prichard then discussed instances of late pay in TNA, and recalled being told by accounting that the checks were mailed, however the wrestlers would say they never received them. He added sometimes pay was up to 6 weeks late, and wrestlers could not afford to travel to the next set of TNA TV tapings, but eventually TNA would overnight the talent checks. When he would arrive to the tapings, he would see 3 guys holding FedEx envelopes with the old checks, proving they were never mailed in the first place. When he brought the issue up with Dixie Carter,
Prichard said she responded simply by saying “well they got paid.”
Incompetent and crooked .
But go to TNA at least you'll be booked better 
But go to TNA at least you'll be booked better
Vinny Lupton
Superstar
BUT
bbbbut
they made Lashley champion
bbbbut
they made Lashley champion
BUT
bbbbut
they made Lashley champion
They did. And they let him fight in the MMA. He was more entertaining this year than Lesnar has ever been in the last 2 years.
Vinny Lupton
Superstar
We might let him come back, I could see him on Smackdown