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Billy Corgan’s restraining order states that TNA is insolvent

Impact Wrestling News

Billy Corgan’s restraining order states that TNA is insolvent



Several documents related to Billy Corgan’s lawsuit against TNA and Impact Ventures, LLC were unsealed on Friday. The lawsuit also lists Dixie Carter Salinas, husband Sergio Salinas and TNA CFO Dean Broadhead as defendants.

One of the interesting pieces of info was contained in the recently-unsealed temporary restraining order from Corgan.

It says, “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 and Impact Ventures. Furthermore, if not enjoined, defendants’ conduct will cause irreparable hard to Plaintiff.”

Essentially, that means that TNA cannot repay their debts and TNA cannot sign off on any new business deals unless Corgan agrees or the court signs off on it. That means that TNA cannot sell of their tape library right now. The actual lawsuit is still sealed and there is an offer from Anthem Sports & Entertainment Corp. to pay off the debt owed to Corgan. If Corgan agrees (and that is not guaranteed to happen) then the details of the lawsuit would remain sealed. The belief is that there are some really embarrassing things contained in the lawsuit so it’s probably in their best interest to keep a lid on things. If Corgan doesn’t agree to take the money from Anthem then the lawsuit will become public record on 10/25.

Former VP of talent relations Bruce Prichard discussed many of the pay issues with TNA from when he was VP of Talent Relations and the stories don’t paint TNA in the best light. You can read more on how they botched Bobby Roode’s contract in 2013 by clicking here.






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