Archive for the ‘TNA’ Category

Billy Corgan Claims TNA Is Telling Talent He’s Responsible For Them Not Being Paid

https://www.youtube.com/watch?v=KH0QeI9SAqw

More new documents were filed as part of Billy Corgan’s lawsuit against TNA today, and Ryan Satin of Pro Wrestling Sheet has gotten to look them over.  The details continue to paint a grim picture of TNA, with a few in particular standing out. For starters, there’s this, which comes from an affidavit that Corgan filed with the court:

Impact Ventures also continues to not pay its talent, except now defendants are blaming me and the temporary restraining order in this case for the lack of payment.

If TNA management is in fact telling talent that, then yes, that would appear to be a lie. The restraining order, which you can read here, is primarily concerned with stopping the company from selling equity or the tape library for cash infusions.

Also of note:

Impact Ventures had been planning a 3-day taping scheduled for November 1-3, 2016. However, on October 25, 2016, Impact Ventures postponed that event due to lack of funds.

Since TNA has no reason to return to Universal Studios until January, those dates would appear to be set aside for the tapings set to take place entirely at Matt and Jeff Hardy’s compound. That’s not for 100% sure, though.

Corgan also alleges that he never got a new employment agreement after being named president of the company, which turned out to be a figurehead title. Instead, he claims that Jason Brown of Aroluxe Media is unofficially running TNA’s day to day operations. More on all this as it develops, as the hearing to determine if Corgan is underway as of this writing. Nate Rau of The Tennessean newspaper is live tweeting the hearing.

Billy Corgan’s Lawsuit Reveals He Saved TNA From Being Foreclosed on by Aroluxe

https://www.youtube.com/watch?v=zPIaAV1UyqU

The narrative of exactly what’s going on with TNA became a lot more clear on Tuesday, thanks to Billy Corgan’s complaint in his lawsuit against the company being unsealed  (Thanks to Ryan Satin of Pro Wrestling Sheet for sending the documents along). Among other things, it reveals that when Billy Corgan signed documents in August giving him control of the company if it became insolvent, there was a very good reason he got Dixie Carter to give up so much:

If he hadn’t injected more cash into the company, Aroluxe Media had the right to foreclose on the company because TNA hadn’t paid off its loans to them, either. From the complaint (emphasis ours; note that “plaintiff” = Corgan and “Mrs. Salinas” = Dixie Carter-Salinas):

On or about August 11, 2016, Impact Ventures again needed funds to continue to operate and to avoid immediate foreclosure or all of its assets by Aroluxe. Specifically, the company required funds to pay Aroluxe so that Aroluxe would proceed with its production of TNA Impact Wrestling episodes upcoming in August. In addition, as ofAugust 6,2016, Aroluxe’s agreement to forbear on exisi ing defaults under the Vendor Financing and Security Agreement expired by its terms, thereby allowing Aroluxe to foreclose on the company at any time.

That takes us to what we already deduced last week, that Dixie Carter pledged her majority interest in TNA (Corgan believes that Dixie has 92.5% of the company, with Aroluxe holding 5% and the companies related to The Fight Network holding 2.5%) as collateral to Corgan, and he could collect if/when TNA became insolvent:

Impact Ventures and Mrs. Salinas also entered into an equity pledge agreement with plaintiff whereby Mrs. Salinas pledged 100% of her equity interest in Impact Ventures to plaintiff as security for Impact Ventures’ performance of its obligations under the Second Amended Corgan Loan Agreement and August 2016 Corgan Note (“Salinas Pledge Agreement”).

Other noteworthy information in the complaint and attached exhibits:

  • Corgan outright says that Anthem Sports and Entertainment (Fight Network parent company) and MCC Acquisitions are one in the same, which was suspected because they share an address but not confirmed until now.
  • TNA needing to go to MCC/Anthem during the last week of September is what Corgan is asserting is the insolvency/event of TNA defaulting under their agreement. TNA didn’t reply to any communications where he asserted his right to take over the company.
  • No reference is made to the other lawsuit filed against TNA for non payment that week, which means it’s either a coincidence or that creditors following wrestling news decided to get their debts on the record.
  • “Mr. Salinas” (unclear if a typo for Dixie or a reference to her husband, Serg) told the roster at the post-Bound For Glory meeting that TNA was negotiating with WWE to sell the promotion’s video library even though both she and Dean Broadhead, TNA’s Chief Financial Officer, had denied to Corgan that the rumors were true.
  • “This recent conduct is consistent with the way that Mrs. Salinas and the other managers have dealt with plaintiff since the inception of his involvement with Impact Ventures.” When you consider that Corgan’s investment/loan/whatever you want to call it was not the beginning of his interactions with TNA, that’s a very interesting statement. If he was that distrustful of Carter and Broadhead, why was he so willing to front TNA money?

There will be a hearing tomorrow (Wednesday) to determine if Corgan’s temporary restraining order against TNA (keeping Carter from selling more stakes in the company, or selling the video library, or making any other business moves) will be converted to an injunction. That the judge granted the restraining order is a good sign for Corgan because it shows a strong belief that he will prevail at trial.

Again, thanks to Ryan Satin of Pro Wrestling Sheet for contributing to this report.

TNA Impact Viewership Sees Big Increase

https://www.youtube.com/watch?v=l9jbmSe8be8

This week’s TNA Impact on POP TV drew 353,000 viewers, up from last week’s 284,000 viewers, which was the second-lowest viewed episode in history.

The show featured Cody Rhodes vs. World Champion Eddie Edwards in the main event.

Last week’s episode ranked #146 on the Cable Top 150 while this week jumped to #139.

Unsealed Billy Corgan Lawsuit Documents Shed Light On Why He’s Suing TNA

https://youtu.be/p_tKRMoMkk0

This afternoon, Chancellor Ellen Hobbs Lyle of Nashville Chancery Court officially unsealed most of the filings in Billy Corgan’s lawsuit against TNA parent company Impact Ventures LLC. The only documents still hidden from public view are the initial complaint and the memorandum that Corgan filed to get a temporary restraining order against TNA. Those will be re-filed publicly on Wednesday (October 26th) with certain sections redacted, but everything else was made public today.

Of what came out today, two filings are especially noteworthy:

The restraining order is about what you’d expect: It stops TNA from “taking any action without the consent of” Corgan (like signing new contracts), as well as selling the company, its videotape library, other assets, etc. On Wednesday, there will be a hearing to determine if Corgan will get a injunction to replace the temporary restraining order.

The motion to compel discovery (or rather, the responses to previous requests attached as exhibits) is where we get the most information about the lawsuit so far. Based on the questions that Corgan asked of both Dixie Carter and Impact Ventures, as well as how they were answered, this is what appears to be going on:

  • Corgan and TNA (for the purposes of this article, TNA = all of the defendants unless otherwise noted), entered into an “equity pledge agreement.” The date of the agreement was possibly August 11th, as TNA claims to have not been insolvent since then . That was also 11 days before TNA’s debt to Anthem Sports and Entertainment was filed with the state of Tennessee.
  • If TNA defaulted/became insolvent, Corgan would be able to take over the voting rights to Dixie Carter’s shares. From there, Corgan could then “remove the managers of Impact Ventures and replace them with designees of [his] choosing,” as he would, for all intents and purposes, be the majority owner. This likely explains why Corgan loaned money personally to Dixie Carter, and, really, this was the only way that move made sense.
  • On September 29th, the Thursday before Bound For Glory, Corgan notified TNA that he was exercising his rights under the agreement because there had been “multiple events of default under the equity pledge agreement.” This was two days after Audience of One Productions sued TNA, which makes you wonder of the former tipped Corgan off. It was also the same day as Corgan’s cryptic interview on The Dan Le Batard Show, which is embedded at the top of this article. One day later, TNA’s debt to MCC Accquisitions (sister company to Anthem/Fight Network) was filed with the state of Tennessee.
  • TNA denied being insolvent, saying that “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, […] There has also not been an Event of Default as that term is used in the Pledge Agreement.”
  • TNA objected to a request for all documents showing the company’s inability to pay any debts in full, “because it theoretically seeks all correspondence, financial documents, vendor invoices/statements, and other documents concerning any instance in which Impact Ventures may have been late and/or obtained an extension with regard to paying a debt in full, and any such documents are not maintained in a manner that would enable Impact Ventures to readily obtain such information[.]”

It would seem that, once TNA denied being insolvent and refused to let Corgan take over, he started preparing for the lawsuit. This ostensibly included filing Carter’s debt with the state of Tennessee on October 11th, the day before he sued. Since Carter/TNA said in sworn statements that TNA is not insolvent in spite of mounting evidence otherwise, and it would be wrong to assume that anyone is committing perjury, there’s only one logical explanation as to how that could be truthful. That would be that TNA valuing the company’s most subtantial asset, the video library, at more than Corgan thinks it’s worth.

Based on what WWE normally pays, the library is worth about $1 million, but TNA is more than $4 million in debt based on public records, which don’t include their debts to Corgan, the state of Tennessee, or any staff/performers. When you factor in that Dave Meltzer has reported that Anthem owns at least part of the video library know, it makes you wonder if they made a deal where TNA can point to a valuation of the collection at much more than $1 million. Otherwise, it doesn’t really track how TNA could not be considered insolvent right now.

Also: For what it’s worth, TNA’s income from its TV deals with Challenge TV in the U.K. and Sony Six in India would be classified as receivables and not assets.

Some other notes from the filings:

  • For the record, TNA Entertainment LLC (TNA’s old parent company) is a wholly owned subsidiary of Impact Ventures LLC (TNA’s current parent company).
  • For most, if not all of the documents Corgan asked Carter and TNA to produce, it was alleged that he already had access to them. This includes TNA’s communications with WWE in 2016. Before he filed the lawsuit, Corgan was cryptic about how he didn’t know about any such deal even though he should, so TNA’s position is interesting, to say the least.

There’s clearly a lot more to this that we still don’t know. Depending on what exactly is redacted from what is released on Wednesday, we may learn a lot more.

Bruce Prichard Claims TNA Got Him in Trouble with the IRS Over Unpaid Taxes

This week’s edition of “Something to Wrestling With,” Bruce Prichard’s podcast on the MLW network, went up today, and the topic is Prichard’s time in TNA.  Late in the show, at the 2:37:30 mark, there’s a VERY interesting exchange between Prichard and co-host Conrad Thompson (they’re overlapping slightly at times, so I’ve removed any small interjections that didn’t go anywhere):

Conrad: “Do they owe you any money?”

Bruce: “[sighs] You know, they did something that was really bad. I had some financial issues, and they were supposed to pay to the government, and so on and so forth, and they didn’t do it. They garnished things from my check…”

Conrad: “Your withholdings from the federal government…”

Bruce: “Right. ”

Conrad: “That TNA kept, that weren’t included in your checks, but then they didn’t actually pay the government.”

Bruce: “Correct. Then the government came after me for [not] paying them.”

Conrad: “So they stole your money. How much money did they steal from you?”

Bruce: “Oh, that was about…it was only about $10,000.”

Conrad: “Still…”

Bruce: “But still, the arrogance…”

Conrad: “And you never got it.”

Bruce: “Well, it wasn’t coming to me, but the government finally got it. Because it was the government coming after me for the money.”

Conrad: “And you showed them proof…”

Bruce: “I show them proof! ‘Here’s where they took it…'”

Conrad: “‘I did my part.'”

Bruce: “So, I don’t know, ’cause I never heard the end of it, other than the government was satisfied. And…it was just those kind of little petty things that didn’t have to happen, that made you kind of feel dirty at the end.”

With everything that has come out about TNA as of late, it’s a very interesting allegation. Especially since, as we first reported a week ago, the state of Tennessee has a lien on TNA’s assets for unpaid business taxes. We’ve reached out to TNA for comment on Prichard’s allegations, and will update you if we hear back from them.

Thanks to Ben Straughn for the tip on this story.

[Photo: Screen Grab from Title Match Wrestling on YouTube]

Impact Preview, Baby Maxel Shows Off His Mean Leg Drop, Hardy Christmas Special?

– The following matches have been announced for tonight’s TNA Impact on POP:

  • TNA World Champion Eddie Edwards vs. Cody
  • TNA Tag Team Champions The Hardys vs. The Tribunal
  • Bobby Lashley vs. Moose

– The Wrestling Observer Newsletter reports that TNA may air a two-hour Hardy Family Christmas special on 12/22, taped at Matt Hardy’s North Carolina compound. As reported earlier, they will tape a special “Total Nonstop Deletion” episode of Impact that will air on 12/15, also from Hardy’s property.

– Speaking of Total Nonstop Deletion, Broken Matt’s son Baby Maxel is training for his big pro debut. The 1-year-old grappler tweeted the following video of his leg drop, which he’s really making progress with:

TNA Reportedly Schedules 2017 Impact Wrestling Tapings

Despite the uncertainty surrounding the future of TNA Wrestling, company officials are moving forward under the assumption business will continue as planned at the start of 2017.  TNA has scheduled Impact Wrestling television tapings for early January, according to PWInsider.

The next round of Impact Wrestling tapings will take place from Wednesday, 1/4 through Tuesday, 1/10 at Universal Studios in Orlando, Florida.

This year’s remaining episodes of Impact Wrestling have already been taped. You can check out complete spoilers here:

The following week’s episode (12/15) will be a 2-hour “Total Nonstop Deletion” special from Matt Hardy’s property in Cameron, North Carolina. The main event of Total Nonstop Deletion will be a “Open Invitational Tag Team Apocalypto Match” with all tag teams from “time and space” invited to participate. Hardy made it clear that teams such as The Young Bucks and The New Day are invited.

Below, you can catch up on the latest details surrounding TNA’s perilous financial situation:

The Fight Network’s Parent Company Confirms ‘Working Capital Loan’ to TNA

https://www.youtube.com/watch?v=fXDHtaBVnuw

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.

Matt Hardy Comments On Billy Corgan Suing Dixie Carter, Who He Wants To Delete Next

Matt Hardy recently shared his broken brilliance with Wrestling With Wregret at an All Pro Wrestling in San Francisco, California. Topics discussed include TNA President Billy Corgan suing Dixie Carter, who he enjoys watching and who he plans to delete next. Here are the highlights of what Broken Matt said about:

If He Had A Premonition About Billy Corgan Suing Dixie Carter:

“I do not care about a Billy Corgan or a Dixie Carter or even a Vince MeekMahan. I will eat them all. All I’m concerned about is by Broken Universe because my Broken Universe does not need the standard wrestling universe to survive.”

Who He Enjoys Watching:

“There are two people that I’m trying to rehabilitate. But they are currently not on my deletion list because they do have magic inside them. And that is the Bucks of Youth, Matt and Nick Jackson.”

Who He Plans To Delete Next:

“Right now, since we have deleted the demonic Decay, I would say that the next person in line for deletion will be the World champion of Impact, which is Eddie Edwards.”

Update On American Express Non-Payment Lawsuit and Other TNA Debts

https://www.youtube.com/watch?v=b-NoWRta00s

In a follow-up to the earlier post on American Express’s lawsuit against TNA for defaulting on their corporate account, I noticed something off when taking took a second look at both the complaint and the proof of service of the complaint. The lawsuit was served at TNA’s old office at Cummins Station in Nashville, which the company had been evicted from over three months earlier. Note that on the proof of service, the process server had to include a handwritten note indicating that the receptionist said that she could not sign for anything; this makes more sense when you realize that she wasn’t TNA’s receptionist.

It’s unclear at this time if TNA has actually been served with a copy of the lawsuit. When Audience of One Productions sued the company in September, they served TNA’s registered agent in Chattanooga, who isn’t going anywhere. However, like American Express, the Davidson County Court in Nashville has not done the level of research that Audience of One did, as they confirmed to me today that TNA still owes $250 in court costs due to an invalid address. This stems from their lawsuit against Scott Steiner, which was dismissed earlier this year. The cost bill was sent on April 4th, right around the time of the eviction.

As for the American Express lawsuit, multiple sources familiar with the situation have provided additional details as to how TNA has been dealing with that. Apparently, when TNA’s corporate credit card used for travel was cut off, at least one member of TNA management started charging those expenses to a personal card.  This is a dangerous precedent to set, to say the least.

Cody Rhodes On Keeping “Hush” Over His Last Name, The NXT Dusty Classic, TNA Future, More

Cody Rhodes just spoke with Live Audio Wrestling on a variety of topics, seen below in the highlights they provided. You can find the full interview by clicking here.

Leaving WWE and being a “true independent contractor”:

Cody: “Yeah, I think that word independent contractor is so unique and I know people have examined it as it relates to WWE a lot but it’s nice to see it honest, the word independent contractor. I don’t want to go into anybody’s house and wreck shop or anything like that. I only want to make their product better and maybe their product will make me better so it is really – to be able to go anywhere and represent various brands, to see an independent contractor actually be honest is a huge kick”.

Making your own schedule:

Cody: “That is the moment they don’t tell you about, I’m going to hit various indies up and I’m going to do this whole post-WWE tour. That’s the part people don’t tell you, you’re going to be in charge of promotion, you’re going to be in charge of so much that’s involved. You’re basically saying you’re your own brand and it actually takes true meaning when you are in control of everything like the simplest things like what photos, what merch you had and what the graphics are going to look like and how you are going to go about promoting the shows. I get the biggest kick out of that because my dad was a promoter. I mean, he was a wrestler too obviously but he was a promoter and the big events and the sizzle behind the substance was one of the things he was really good at doing in acquiring and the cross promotion and all that so for me to take a stab at it, I don’t know if you can tell in my voice but has really been the happiest time of my life and I’m glad it’s going successfully.”

Getting to showcase talents outside WWE, limitations of Stardust character:

Cody: “Yeah, I think one of the things that was so disappointing for me at the end of the time in WWE was simply that people had forgot what I was doing prior to Stardust because yeah, Stardust had its purpose and such but I was doing all this wonderful stuff as Cody Rhodes, specifically on the Smackdown brand years before and even when I tagged with Dustin when it started to kind of dwindle down. Even then I was able to showcase and I was able to put out so when wrestling is a really fickle animal, it’s very much what have you done for me lately and because of the position I was in, I hadn’t done much lately. So, for people to forget for new audience members, for kids who were coming to WWE to not know, that sucked. That just sucked. The hardcore fans, they’re there for you and they remember but man, if you’re a kid, to not know who Cody is but to know who Stardust is was one of those moments where I was like okay, we need to change the course of this ship, we need to change the direction. There are times where I really enjoyed doing Stardust but more particularly for the reason I’m telling you than if Stardust was going to re-write my history, then that was definitely not my plan and that’s why it’s cool to go on my own terms and try to fix a little bit of it.”

Cody: “Whenever you get to paint your face or wear a mask or be a bit more of a colorful entity on television, that’s fun. Yeah, all the stuff that leads up to it might be stressful, all that backlog I just gave you about my mental state, that can be stressful. However, when you’re out there that’s performance, that’s not stressful, that’s your moment in the sun. So, as Stardust, as Cody, as whomever, whenever you’re in the ring it’s still always great, whenever your music hits and from bell to bell, it really still and should always be for any wrestler still great. There’s plenty of times I enjoyed Stardust.”

Going to TNA:

Cody: “I really wanted to get certain things done like we’re talking about on the list and a couple of guys are TNA stars that were on the list, Mike Bennett, Moose particularly. So, it was a matter of both parties came together at the same time and I was really happy to do that because you see so much negativity about TNA which is unrelated to the in-ring product, it’s related to the business element. Who’s suing who and who owns what and I don’t really give a damn, there are still a lot of really great wrestlers. Some who are ex-WWE, some who are WWE bound, some worldwide stars and I was happy. My experience there was gleaming from the moment I went to Nashville to film my bumper, my teaser for coming to the last taping I was part of. It was very much a first class operation so whatever goes on behind the scenes must be a madhouse because I didn’t see any of that, I had really great interactions with both Billy and Dixie and was really happy to be there. It was short-term but because of the tapings they do, really everything is short term until the next set of tapings. If the ship continues to sail in the direction it was sailing when I was there, there’s no doubt I’ll be back and be happy as hell to be back.”

Concerns over the state of TNA:

Cody: “This is going to sound like such a stiff upper-lip answer but I’m not doing it for the money. You should never do anything you feel good at for free and I am certainly will expect to be paid but it doesn’t – this wasn’t for the money, this was more for the fun. This was more for the fact that I had seen Impact on Pop sitting at home and I thought, man this is a wonderful production here. It’s always better to be on TV than not be on TV so it doesn’t worry me really at all. If any of the information was given to me as it comes about what’s going on day to day, it might stress me a little bit but I have kind of been going on a handshake deal from place to place and my experience, like I said with them was totally gleaming. Billy, thumbs up, Dixie, thumbs up so it doesn’t worry me.”

Returning to the WWE eventually:

Cody: “I don’t know, I don’t think the door to WWE ever closes. I’m always been told that the revolving door – you know, it’s a tricky question because there were a lot of genuinely large issues for me personally that it would be hypocritical for me to just go back, they would need to be fixed. We don’t have to get into all of those but that’s something I’ve wrestled with, whenever somebody, anybody says would you ever go back – the fans dictate what we do to begin with so if the fans wanted me back, that’s not something I would not consider but I made all my decisions and they were really tough decisions for the reasons given so the last thing you want to do is be a huge hypocrite and show back up unless there was a damn good reason. With that said, there’s plenty of good reasons. They do a really good job of honouring my father and it is strange, kind of like how we began the conversation, it is strange to be on the outside of that. It’s not just strange for me, it’s strange for them. Believe me, there’s various texts back and forth about it, that’s why there’s no reason to say anything negative right now about my name because this month, I look at it like this is about my dad, the tag tournament and these youngsters, they’re not youngsters, some of them might be older than me. These NXT talent, these stars going for the Dusty Classic and that’s what needs to take the focus. That’s kind of why I have been hush-hush about the name.”

If he was asked to hand out trophy at Dusty Classic Finals:

Cody: “I told them Truth can hand out the trophy this year – no I didn’t (laughs). I think this year is probably a really tough sell but I definitely don’t want people to think that’s because I don’t love my dad more than anything on earth. I think this year I will probably hand over my responsibilities as such to Dustin and maybe his daughter Dakota. They currently have a lot better of a situation with themselves in WWE than myself but again, that night has nothing to do with me or WWE, really. It has everything to do with young guys getting their shot and Dusty Rhodes in general so I don’t know. I haven’t been reached out to yet so if I was, I definitely would not just flat out say no.”

You can also download a MP3 of the show by clicking here.

TNA Sued For Defaulting On American Express Bill

Ever since Billy Corgan filed a lawsuit against TNA last week, we’ve found numerous public records of the company’s debt, and it’s bad enough that it looks like the promotion is limping towards filing bankruptcy. Today, we were tipped off to and able confirm another debt owed by TNA, one bad enough that the creditor sued TNA.

On July 21st, American Express Travel Related Services Company sued TNA Entertainment, LLC in New York County Supreme Court in New York (New York County = New York, NY = the borough of Manhattan). TNA was served with the lawsuit (case number 653846/2016 in the New York State Unified Court System) on August 8th.

In the complaint, American Express alleges that TNA defaulted on their account to the tune of $269,049.50. There are very few details other than that, like how long TNA was delinquent on payments, but clearly, it was long enough for American Express to decide it were never getting paid and take legal action.

The only other real information in there is that it was an American Express Corporate Card (which is no surprise), and that, based on the division of American Express suing TNA, it was likely earmarked specifically for travel expenses.

Report: TNA ‘Probably’ To File Bankruptcy Soon; What Does It Actually Mean?

https://www.youtube.com/watch?v=iYxqY3Lh0uk

Today’s TNA business story comes from something that Dave Meltzer mentioned last night on Wrestling Observer Radio: “They’re probably gonna end up filing for bankruptcy. And then what happens? I don’t know.” After recapping the situation, he also added that “Dixie is still trying to figure out a way to — this is why it hasn’t been sold — to…I don’t know if it’s to stay in control, but the whole thing is she doesn’t want to look bad publicly.” Which is a ship that may have sailed.

First things first, let’s clear up some confusion that’s come up whenever this topic is broached: Does this mean they’re going out of business? No, not inherently.

There are two types of bankruptcy, Chapter 7 and Chapter 11. Chapter 7 is the type that the average person associates with bankruptcy, which is liquidation and pretty much guarantees the end of the company. Chapter 11 is restructuring, and allows a chance for the company to continue operating while settling the debts. For example, when HHG, ECW’s parent company, filed bankruptcy in 2001, it was Chapter 11, but was eventually converted to Chapter 7 for reason that should be obvious. TNA could theoretically file Chapter 11 and come out of this running shows.

With that out if the way, if TNA filed bankruptcy, who would they put down as creditors (the people/companies that it owes money)? Based on what we know, the list would include:

  • Audience of One Productions, the production company suing TNA for about a quarter of a million dollars in unpaid fees and interest.
  • Aroluxe Media, the production company that replaced Audience of One and has put money into the company yo keep it going.
  • Anthem Sports and Entertainment, the parent company of The Fight Network, which airs TNA in Canada, as well as MCC Acquisitions, which is believed to be a shell company related to Anthem. MCC is the company that paid for the last round of TV tapings.
  • The state of Tennessee, which has a lien on TNA for unpaid taxes.
  • Various wrestlers who have not been paid or not paid in full, including Trent Barreta, who tweeted that the company refuses to reissue a check that he waited too long to cash.

You may have noticed that Billy Corgan is not listed above: That’s because, as we reported last week, while the debts to Aroluxe and Fight Network/Anthem/MCC are on file with the Tennessee Secretary of State, there is no such debt to Corgan. Instead, Dixie Carter is listed as owing him money personally, and that was filed with Tennessee the day before he filed his lawsuit. If that means that TNA has no debt to Corgan, then he’s in trouble if TNA files bankruptcy and Carter doesn’t.

https://youtu.be/izzV-Wcwlew

There’s another debt, filed with the state of Delaware, listed in public record databases that we hadn’t mentioned yet. It shows TNA (through previous parent company TNA Entertainment,t not the current Impact Ventures) owing money to Navarre Corporation, their DVD distributor, since 2005. Starting in 2008, Navarre went through both a merger and a subsequent acquisition, and the debt listing itself has not been updated since 2010.

If TNA does file bankruptcy, then the secured creditors (those that TNA offered up collateral to and would have a lien on said collateral) will be first in line to collect. This would leave the wrestlers, Audience of One, and potentially Corgan (who looks like he has a secured claim, just with Dixie Carter and not the company) unlikely to collect. It also means that if The Fight Network wants the tape library (and it’s been reported that they may even have a portion already), they’d be in better position to get it than WWE. It’s long been believed that this is why WWE loaned ECW $587,500 in 2000, to get priority on the tape library and other intellectual property. However, that was a non-secured debt.

What does this mean for Corgan? We may find out Thursday if his lawsuit filings are unsealed by the court as has been rumored. Based on what we know now, though, he may have to hope that Dixie Carter files personal bankruptcy like Paul Heyman eventually did. Otherwise, his only recourse may be through his mysterious lawsuit.

Ken Anderson On What Would Happen If WWE Buys TNA, Talent Not Being Paid

Ken Anderson says while his time in TNA was “a blast,” there were almost constant struggles with company management. In a recent conversation with The Interactive Interview, Anderson said that every wrestler on the roster “busted their butts” and performed, and he feels TNA’s problems come solely from management.

“Any problems experienced by the company had nothing to do with the talent. There were times where things were going on behind the scenes where it was a miserable existence,” Anderson said. “Guys were late, maybe 3 months on getting paid. I remember at one time, I was owed for like 30 shows. But, the locker room — Everybody still showed up and put on their happy face. We were there to do a job.”

With TNA facing several lawsuits and the future of the company in question, it’s been reported that WWE has expressed interest in acquiring the company. Anderson says that if WWE does buy TNA, or if TNA “goes away” for any other reason, it will leave a void for fans who want something different. Anderson feels that any potential competitor against WWE should produce an edgier show to fill that void.

“I’ve said this for years and Daivari agrees with me. Everything’s PG now. If somebody comes and makes a program that is geared towards adults, I think wrestling takes off again,” Anderson said “I really do. The idea that men and women go out and fight each other and can’t curse — I’ve never been in a bar fight where there wasn’t 57 curse words slung. […] The most successful shows in the past decade have been extremely edge. Sons of Anarchy, Breaking Bad… Sometimes we insult people’s intelligence. We go for the lowest common denominator.”

You can listen to Anderson’s entire interview here.

Report: TNA Currently Several Million Dollars In Debt

https://www.youtube.com/watch?v=7endf6T_iHA

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 from Nate Rau of the Tennessean newspaper, the total amount TNA officially owes to Aroluxe, Anthem, and MCC is listed at $3.4 million. That doesn’t include any money owed to Billy Corgan, Audience of One Productions, or the state of 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.

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

https://www.youtube.com/watch?v=7mQkNSXF37c

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.

Impact Wrestling Draws Lowest Viewership Since Moving To Pop TV

https://www.youtube.com/watch?v=79WRihHZRP0

It’s been a week full of bad news for TNA, and it’s not over yet. This week’s episode of Impact Wrestling was watched by 284,000 viewers, which makes it the least-watched show since moving to Pop TV. In fact, this may be the least-watch episode since the company’s early days on Fox Sports 1.

Thursday nights episode placed at #146 on the Cable Top 150 rankings for the night on ShowbuzzDaily.

Impact Wrestling switched from Tuesday nights to Thursday nights on Pop TV in an effort to avoid head-to-head competition with SmackDown, and regain some of their old Thursday night viewership.

Exclusive: Tennessee Strikes Back At TNA to Collect Unpaid Taxes

TNA’s financial issues are even more dire than previously thought, as unlikely as that may sound. We already knew that there are multiple lawsuits pending, a restraining order believed to be designed to stop the company from selling shares again, a dispute over music rights, and debt owed to various entities who funded the recent tapings. Yet there is still plenty of room for more.

On Friday morning, I confirmed with the Davidson County Register of Deeds that the State of Tennessee issued a tax lien against TNA Entertainment LLC about five weeks ago on September 8th. While the listing for the lien in some online databases has the debt recorded as “$0,” that is because some public record search companies misread the Register of Deeds not recording the amount of the lien.

TNA lien screenshot 09-08-16

Essentially, what this means is that TNA owes a lot of taxes to the state of Tennessee, to the point that the state now has the right to seize TNA property if the debt is not repaid. While the wrestling company is now operating under the newer Impact Ventures LLC company that was formed this year, Tennessee tax law covers successor companies. If someone actually buys the company, potential scenarios include TNA/majority owner Dixie Carter having to take a lower sale price so as to pay off the lien, or the new owners risking the scenario where Tennessee goes after them for the tax liability.

It’s up to the state whether or not to assert its rights and start seizing assets from TNA. While the restructuring as Impact Ventures LLC increases the distance from the original debt and thus requires more work by the state to collect, it can still do so. Tennessee would just have to assess a lien against Impact Ventures and, if it got that far, a buyer as well. However, the state cannot go after a successor for more than the purchase price.

Why POP TV Almost Had To Pull TNA Impact Last Night, Potential TNA Talent Issues

It’s possible that contracted TNA talents will become free agents next week due to a breach of contract, according to Dave Meltzer on Wrestling Observer Radio. The story is that TNA may not have received enough funding to pay talents and pay for the recent Impact Wrestling tapings in Orlando. If they don’t have enough to pay talents this weekend, which is supposed to be a pay period, then that would force a breach of contract and essentially create a bunch of free agents. Meltzer reports that some talents are prepared to declare themselves free agents next week if they aren’t paid.

In other negative news for TNA, last night’s Impact on POP was almost pulled due to a music rights issue. There was a point earlier in the day where POP almost had to pull the show but the issue was settled and they ended up nixing the theme songs for Mike Bennett and DJZ. PWInsider reports that this was not related to the Corgan lawsuit.

Source: Wrestling Observer Radio

Exclusive: Who Funded TNA’s Latest Tapings, Dixie Owes Corgan Money

https://www.youtube.com/watch?v=7mQkNSXF37c

In the new lawsuit filed by Audience of One Productions against TNA, there’s a note about how the debt that TNA (technically the Impact Ventures parent company) owes Aroluxe Media is on file with the Tennessee Secretary of State. If you look up Impact Ventures in the relevant database, you get three debts registered by the company:

It’s been difficult to find any information on MCC Acquisition Corp, but everything else at their address (171 East Liberty Street, Suite 230 in Toronto) is related to Anthem/The Fight Network in some form. There are a couple companies involved that “MCC” could stand for, though it could just be a new shell created for this transaction.  Why the latest round of funding wouldn’t have gone through Anthem again is unclear, and if it was for secrecy, they didn’t do the best job of covering their tracks.

However, this gets a LOT more interesting.

When you search for Dixie Carter (who is legally Dixie Carter Salinas, her married name), you get this, which was filed Tuesday morning (October 11th):

Record of Dixie Carter owing Billy Corgan money.

Yes, as of Tuesday, Dixie Carter officially owes Billy Corgan money personally.

The address given for Corgan appears to be that of the offices of Smashing Pumpkins Machine, his company. A day later, on Wednesday, as reported earlier today (Thursday), Corgan sued Impact Ventures, TNA Entertainment, TNA COO and CFO Dean Broadhead, Dixie Carter Salinas, and her husband Serg Salinas. Being that everything filed so far in the lawsuit is sealed from public view, we can’t be 100% sure what this is about yet, but the two issues sure look like they’re related.

I have reached out to Dixie Carter’s known email addresses as well as TNA proper for comment, and will update this article if she replies.

Kris Zellner also contributed to this report.

Billy Corgan Files Lawsuit Against TNA, Dixie Carter & Others

TNA President Billy Corgan has filed a lawsuit in Nashville against Impact Wrestling (parent company Impact Ventures LLC), TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Serg Salias, Dixie’s husband. The news was first reported by PWInsider.com.

Details are scarce at this point, but court records reveal a temporary restraining order was approved and a hearing for a temporary injunction will be held next Thursday morning (10/20). Corgan has also requested a six person jury to decide the case. Beyond that, exact nature of the lawsuit is currently unknown due to court documents being sealed.

Corgan has been attempting to purchase a majority stake in the company. Corgan’s stake in the company has grown as he’s financed several rounds of television tapings, but Dixie Carter has maintained a controlling interest. Aroluxe Productions and The Fight Network also own shares. A sale was expected prior to TNA Bound For Glory, but Dixie Carter somehow secured funding and Corgan has been unable to finalize a deal.

Dave Meltzer noted this week,  “There are a lot of hurdles and games being played. [Dixie Carter] has really made a mess and is responsible for all of it.”

Update On The Future Of TNA, Talent Wants Billy Corgan Leading The Company

While Billy Corgan had the final creatively at the last set of TNA TV tapings, Dixie Carter remains the majority shareholder of the company. Executives from The Fight Network were also backstage to meet with Carter, as they are also company shareholders. Dixie left before the end of the tapings.

According to the latest issue of the Wrestling Observer Newsletter, there is a lot of frustration among company employees and wrestlers due to the extended state of ownership limbo. TNA still reportedly owes a significant amount of money to some of their performers. There is also heat on Dixie Carter for the perception that she’s handling things badly and causing deals to fall apart.

According to the Observer, things are heated behind-the-scenes between Dixie Carter and potential buyers Billy Corgan and Aroluxe Marketing. It now appears that Aroluxe may be the most-likely buyer.

There’s currently no word on who funded the previous set of tapings. It wasn’t WWE, and WWE is reportedly no longer in talks to purchase the company.

Matt Hardy Invites New Day & Young Bucks To Tag Team Apocalypto

Matt Hardy had a grand vision about an “Open Invitational Tag Team Apocalypto Match” and is willing to appear on WWE programming in order to get RAW tag team champions The New Day to participate.

Matt and Jeff Hardy recaptured the TNA tag titles from Decay at Bound For Glory. Last week’s Impact Wrestling tapings from Orlando will air over the next several months, through December 8th. The following week will be a special edition of Impact dubbed “Total Nonstop Deletion” that will air entirely from the Hardy compound in Cameron, North Carolina. The ‘main event’ of Total Nonstop Deletion will presumably feature the Tag Team Apocalypto match, with all tag teams from “time and space” invited to challenge the Hardy Boyz.

With “every team in history” invited to this open challenge, a  fan asked Matt if WWE tag team champions The New Day were welcomed. Hardy officially invited them – and offered to show up on WWE programming in order to make it happen.

Matt Jackson of the “Bucks of Youth” said they’d be willing to answer the challenge. Hardy said the Bucks are invited.

https://twitter.com/MattJackson13/status/786422557863841792

Maria Kanellis Talks About Donald Trump Critiquing Her Appearance On Celebrity Apprentice

TNA star Maria Kanellis spoke with ETOnline.com this week about her experience interacting with Donald Trump when she was a contestant on Celebrity Apprentice back in 2009.

Ironically, Trump “fired” her on the show because he did not like her “locker room talk.”  “He fired me for what I said, and what he said was much worse so,” Kanellis said. “My hope is that he gets fired as the Republican nominee.”

She also shared a story of Donald Trump critiquing her appearance and encouraging her to have a mole removed, because he deemed it to be an imperfection. “I have a mole on my shoulder and he said to me that I should have the mole removed because it is an imperfection,” she said. “I just felt as if that comment didn’t belong in the boardroom, I felt as if he should not be making comments like that to me and telling me that a part of my body is an imperfection.”

“It wasn’t something that bothered me [at the time],” she continued, “but as a presidential nominee, it bothers me because of all the recent comments and things that he has said or that has come out. It just shows more and more of what his character is.”

Matt Hardy Says He’s Interested In Purchasing TNA

Matt Hardy is interested in purchasing TNA Wrestling. Hardy agrees with the virtually unanimous opinion that “TNA” is a bad name for a wrestling company and says it’s the first thing he would change. He tweeted on Tuesday:

As noted, TNA will tape a “Total Nonstop Deletion” special edition of Impact from Hardy’s North Carolina compound later this year. The episode is expected to air on December 15th.