Quick recap time – which is just as much for me as any of you, because I’m really confused too.
Billy Corgan is the frontman for alternative rock band The Smashing Pumpkins. He also became the President of TNA earlier this year after loaning the cash-strapped promotion money to put on their shows.
Dixie Carter is currently the owner of TNA, holding 92.5% of the company’s stock. She’s not very good at running a wrestling promotion.
Corgan filed a lawsuit against TNA and Carter a couple of weeks ago because he claims he is now entitled to Dixie’s 92.5% share of the company. Apparently the money he lent them came with a proviso: if you don’t pay me back, I get TNA.
The lawsuit had its hearing yesterday in court, and a journalist from The Tennessean was live-tweeting from the proceedings, which I’m going to try and summarise here. In the red corner, we have Corgan, represented by his lawyer, Scott Sims, who claimed the following main points:
-Corgan has saved TNA on three separate occasions.
-Corgan was misled about how much debt TNA has.
-Despite being named TNA President, Corgan was excluded from management decisions.
–TNA talent haven’t been paid because the company is insolvent, not because of Corgan’s lawsuit.
-And that TNA management’s Dean Broadhead told Corgan that the rumours WWE were trying to buy the company were false. But then, in an alleged classic Dixie Carter email mistake, Corgan claims to have an email proving otherwise, with Nate Rau (The Tennessean journalist) tweeting:
Sims says Dixie emailed WWE to say she wont sell to them until Billy is out.
And in the blue corner, TNA’s lawyer Travis Parham came back with the following:
–TNA aren’t insolvent.
-Corgan’s lawsuit is hurting TNA in their ongoing efforts to find potential investors.
-Anthem Entertainment and Sports – who have a stake in TNA – have offered to pay back Corgan’s debts, but he won’t accept them because he wants total control…the big meanie.
-And that Corgan’s insolvency clause loan was predatory, illegal and “would make a loan shark blush.”
The hearing will be decided in a Hell in a Cell match this Sunday! …wait, I keep getting Corgan’s TNA lawsuit and Roman Reigns vs Rusev for the US Championship mixed up. Chancellor Hobbs Lyle has said her ruling will come on Monday for the TNA case.
What do you think of the TNA’s lawsuit? Let us know in the comments below if you can make any sense of it.