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Showing posts with label Billy Corgan. Show all posts
Showing posts with label Billy Corgan. Show all posts

March 13, 2017

The Reason Why Impact Wrestling Owners Anthem Threatened Hardys With Legal Action


Further details have emerged as to why Impact Wrestling owners Anthem sent cease and desist orders to the Hardys, Ring of Honor and PPV distributors over Matt and Jeff appearing as their “broken” characters.

As reported by PWInsider, a source claims that Hardy filing the trademark for the "Broken Matt Hardy" name was the trigger as they believe Hardy wasn't the only person to create the character with names such as Dave Lagana, Matt Conway and Billy Corgan all being mentioned as key figures in having come up with the concept, therefore Anthem believe others deserve revenue from the character.

They want to pressure Hardy into signing a deal that gives Anthem a percentage of profits made from the gimmick.

ROH was forced to pull their recent PPV from DISH Network and the Hardys toned down their act for the PPV itself. According to Reby Hardy, The Hardys have full ownership of the gimmick.

March 2, 2017

Anthem Sports CEO On Why They Bought Impact Wrestling, If They Would Work With Billy Corgan


The Financial Post has a story on Anthem Sports & Entertainment Corp. CEO Leonard Asper, who discussed the company purchasing Impact Wrestling. During the interview, Asper noted that he was a wrestling fan when he was younger and would mimic AWA matches with his brother, David. Below are a couple of highlights:

Why they bought TNA:

"I like sports. But I'm not doing this because I'm a wrestling fanatic. It's a business decision. We want to own content as a company."

Possibly working with Billy Corgan:

"He was going to do some other things in the wrestling world. We said when we get all of this blocking and tackling done, we'll reconvene and see what we'll do together."

You can read the full article by clicking here.

December 1, 2016

Billy Corgan On Dixie Carter, Being Lied To About WWE, TNA Settlement, Future Litigation


Former TNA President and Smashing Pumpkins frontman Billy Corgan spoke with PWInsider.com's Mike Johnson following his recent settlement with TNA and Anthem Media & Entertainment. While Corgan is happy with the deal and believes Anthem is in the best position to take over TNA, he has not waived his right to pursue legal action against certain individuals involved in the matter. Corgan called being portrayed as a 'predatory lender' by TNA's legal team "laughable". Also, Corgan discussed being lied to about negotiations with WWE, and whether Dixie Carter is dumb.

Although Corgan said he is "very happy" with the settlement and he admitted that he feels Anthem is the best to take over TNA, he is not releasing all claims against "certain people".

"In making this deal with Anthem, and I'm very happy with the deal, and I do sincerely wish them the best. I think they are the best people that have taken over the company, given the circumstances as they've played out and from what I know now. With that said, in the deal that I made to make this finally resolve and as [Johnson] said in the beginning of this and I've seen other headlines, I did not release all claims involved in this matter. And I specifically put in the paperwork that there were certain people I was in business with within the company that I still have the ability to go after directly."

November 11, 2016

Billy Corgan and TNA Settle Their Legal Dispute


Billy Corgan just announced on Twitter that he has settled his legal issues with TNA, so it appears as if the issue of Corgan being owed loan money has been resolved.

"Just signed my settlement with TNA/ANTHEM. And to fill in the blanks I'll do a few interviews next week to spell out what is/isn't in it."

November 3, 2016

Billy Corgan Reacts To TNA - Anthem Announcement, Says He Has Not Been Paid Yet


As noted earlier, Anthem Sports has entered into a credit relationship with TNA and Billy Corgan is no longer with the company. We have full details from today's announcement at this link.

Corgan took to Twitter and issued the following comments today:

FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge. Yesterday they asked for a day to 'get $ together'

Upon which, (yesterday or today) they'd 'reach out directly' to settle ALL claims. So they lied again and have used the time as a weapon

FACT: I have still not been paid, and I'm exploring all remedies including new filings with court and converting to 36 pct. equity

Billy Corgan No Longer With TNA, Dixie Carter Effectively Out of Power, New TNA Relationship Announced


The following press release has been issued, announcing Anthem Sports & Entertainment will now be funding TNA:

Anthem Sports & Entertainment and Impact Ventures Announce Credit Relationship

Toronto, Canada (November 3, 2016) – Anthem Sports & Entertainment Corp. and Impact Ventures, parent company of TNA Impact Wrestling, today announced that Anthem has provided a credit facility to TNA to fund operations.

Anthem Sports & Entertainment Corp. is a global sports media company that operates Fight Network, Impact Wrestling’s exclusive broadcaster in Canada, as well as the exclusive worldwide digital streaming partner for all TNA programming. It is also an equity stakeholder of Impact Ventures.

The agreement includes the appointment of Anthem Executive Vice President Ed Nordholm to the Impact Ventures Board of Managers. The company will be managed by the Board with Mr. Nordholm representing the Board on all major operating and restructuring decisions. Dixie Carter will continue as Chair of the Company, as well as her position on the Board of Managers. Billy Corgan is no longer with the company.

“We have had a successful, long-term partnership with Fight Network as our Canadian broadcaster, and more recently as our global digital partner,” said Dixie Carter. “Anthem’s team has extensive media experience, and I am excited to have that available to us as we plan for the future.”

“We have consistently maintained that investing in content as we grow our distribution is important as a strategic necessity, and working more closely with a strong brand like TNA is in line with that. This financing is an extension of the support we have been providing since the beginning of the year,” said Leonard Asper, CEO of Anthem. “There are tremendous opportunities to support the company’s growth on all platforms and in all media along side Dixie and the incredible talent and staff at TNA.”

October 31, 2016

TNA Court Ruling, Who Will Be In Charge


Chancellor Ellen Hobbs Lyle today ruled against Billy Corgan's request for a temporary injunction against TNA, which would have prevented the company from making major business decisions or sell the company without Corgan being involved in the decision. TNA can proceed to run the company without Corgan being involved.

Corgan will be paid back for the loans he made to the company, which are due tomorrow, November 1st. Corgan is effectively out of the picture, although he could still move forward with his lawsuit. Corgan had made three loans to the company, with the third one having a provision that would have granted him Carter's 92.5% voting rights. The judge ruled that the provision was unenforceable.

The company has until tomorrow, Tuesday, November 1st to repay Corgan's $1.8 million loan. Anthem Sports & Entertainment Corp., the parent company of the Fight Network, had previously agreed to repay Corgan, however were unwilling to pay a 50% corporate transaction fee, which would have been in the neighborhood of $900,000 of the $1.8 million loan. PWInsider noted that the court ruled that there is no reason for Corgan to be owed the transaction fee because there is no evidence on what has been filed so far that proves that there has been an acquisition of TNA and it's parent company. Corgan does have the option to convert that debt into a 36% ownership stake in the company, although that appears unlikely.

Assuming that Anthem repays Corgan, that would reportedly give them 85% control of the company, with Aroluxe having a 10% stake and Dixie Carter retaining 5%. Jason Brown of Aroluxe, who has been running the day-to-day operations of the company, is expected to take over as President. PWInsider had recently reported that with Anthem in charge, there would only be 3-4 television tapings per year.

October 26, 2016

Billy Corgan - TNA Lawsuit Update


The Tennessean’s Nate Rau is present at the Billy Corgan / TNA Wrestling hearing today, and is live tweeting some notes about today’s events (events from Rau’s account are summarized below):

It was noted that Dixie Carter is present, however Corgan is represented by his attorney, Scott Sims.

Sims claims his client saved TNA Wrestling on three separate occasions. Sims claims Corgan and Carter entered a pledge agreement that included an insolvency cause, and that TNA misled Corgan about the company’s various debts. It was noted that proving both of these points is crucial to the lawsuit.

Corgan was named President of TNA, but excluded from management decisions, and there is no doubt TNA is insolvent. In regards to a transfer of ownership, TNA’s defense argues no deal making Corgan owner was approved, and Sims says they ‘basically have a pledge with a voting proxy.’

It is said by TNA that financial situation is the same as when Corgan signed his pledge agreement, but Sims says Corgan did not know how much debt TNA was in when he put up money to finance tapings. TNA says talents not being paid is due to the lawsuit, but Sims says it is untrue and TNA is insolvent, noting a 52% increase in liabilities since June, and argues total debts are likely higher.

Sims confirms WWE negotiations, saying there’s been no effort for TNA to assign a value to assets, including the TNA video library, and that WWE submitted a lower offer than their first one.

Sims says WWE’s offer is lower than Corgan’s estimate of TNA’s total liabilites. It is argued in defense that WWE and others may have offered to invest in TNA, but it does not prove the company is not insolvent. Rau notes Sims said Corgan is owed $1.8 million from Anthem, who owns the TNA video library license rights.

Anthem’s previous press release about funding TNA is referenced, noting Corgan’s debt would be paid, and Aroluxe’s Jason Brown would become new CEO. Sims says Carter made Corgan an offer to buy her out, then says she emailed WWE to say she won’t sell to them until Corgan is gone. This would conclude Sims’ argument, with TNA lawyers set to speak.

October 25, 2016

More From Billy Corgan's TNA Lawsuit: WWE, Replacing Management, Wanting Control Of The Company


A redacted version of Billy Corgan's lawsuit against TNA was unsealed today. A lot of it was information that was already known, but here are some details from the lawsuit courtesy of The Tennessean:

* Dollar figures and other details regarding the company's operations were blacked out.

* A hearing is scheduled for this Wednesday.

* Corgan granted an injunction wanting control of the company. He claims that he entered a loan agreement with Dixie Carter who agreed to give Corgan 100% of her stake in the company. Corgan says that the agreement was not honored and he has not been granted control of the company.

* On October 12th, Corgan notified the defendants that he was exercising his right, as holder of (Carter's) voting rights in Impact Ventures, to remove all of the company's managers and have them replaced with his own team.

* Corgan said that the company is "insolvent," meaning that they are unable to pay their debts and their liabilities exceed the value of its assets.

* TNA owed money to Aroluxe Marketing. Corgan invested month into Impact Ventures in order to prevent the company from defaulting on their debt to Aroluxe, which would have allowed Aroluxe to foreclose on TNA's assets.

* It was noted that TNA entered into debt-equity agreements with The Fight Network's parent company, Anthem Sports & Entertainment Corporation, which owns the licensing rights to its video library.

* Corgan said that Carter told TNA talent that WWE was looking to but its video library and asked that his loan agreement be recognized, which would allow him to take over the company.

October 24, 2016

TNA Files Legal Response to Billy Corgan Lawsuit, Details on What Happens Next and the Chances of a Settlement


According to PWInsider.com, earlier this afternoon in a Nashville Chancery Court, TNA filed a legal response to Billy Corgan’s lawsuit. The response documents remain sealed, but the report noted 12 pieces of material were submitted to support a defense argument TNA is making regarding the proof of solvency, which was originally published in a 2007 article in The Business Lawyer. As noted, Billy Corgan previously claimed TNA is insolvent, which in legal jargon means a person or persons has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the Bankruptcy Code. TNA will attempt to use the 2007 Business Lawyer article about proof of solvency as precedent in the case, as Dixie Carter is claiming the company is not insolvent.

Furthermore, PWInsider is reporting Billy Corgan’s lawyers will file a redacted version of their lawsuit tomorrow at around 3pm. The lawsuit will be redacted as Corgan feels there are details in the lawsuit that should not be made public, as they could be harmful to TNA if discovered by competitors.

It’s being said any chance of a settlement in the case will hinge on what transpires in the next twenty-four hours, to prevent Corgan’s allegations against TNA from becoming public record.

October 23, 2016

Billy Corgan Wants Details On TNA And WWE Sale Negotiations


Documents obtained by Pro Wrestling Sheet pertaining to Billy Corgan‘s lawsuit against TNA Wrestling reveal he is pursuing all correspondence that the company had with WWE about a potential buyout dating back to January 2016.

The lawsuit reads that Corgan's legal team want to see “all documents sent or received from WWE or any of its representatives from January 1, 2016 to present.”

Corgan wants TNA to admit they have to default on a loan which they were suppose to pay him back in June. This would allow Corgan more control over the company including firing top executives and installing his own team.

As reported by PWInsider, Corgan wants the company to admit that they can’t pay their debts. Carter and Impact Ventures, however, have both filed responses saying they’re not insolvent.

Corgan has also requested that the location of TNA’s tape library be disclosed.

October 21, 2016

Billy Corgan Says TNA Is Insolvent; Corgan To Approve New Business Deals, Tape Library Note


Court documents in Billy Corgan's lawsuit against TNA and others were unsealed today. One such document, a temporary restraining order against the defendants (TNA, TNA's parent company Impact Ventures LLC, Dixie Carter, her husband Serg Salinas, and TNA Chief Financial Officer Dean Broadhead), revealed that Corgan claims that Impact Ventures is "insolvent."

In part, the order provides that Corgan "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."

Also, the order dictates that TNA and Impact Ventures are prohibited from taking any action without Corgan's consent. Essentially, this means that TNA cannot enter into any new business deals without Corgan's approval.

Additionally, neither side of the litigation may sell TNA or its tape library until ordered by the Court. This development may put TNA in a difficult position; however, it also prevents Corgan from selling his claim to TNA to a third party.

October 19, 2016

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":

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."

October 13, 2016

Billy Corgan Reportedly Suing TNA


TNA President Billy Corgan filed a lawsuit against Impact Wrestling, parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Dixie's husband Serg Salias in Chancery Court in Nashville on Wednesday.

A temporary restraining order was approved and Corgan filed a bond to support it today. A hearing for a temporary injunction has been scheduled for Thursday, October 20th at 11:30am local time. Corgan has requested a six-person jury to decide the case.

TNA Sale News: WWE Loses Interest Again, Huge Dixie Carter Heat, TNA Executive Contacted WWE, More


Regarding the TNA sale, Aroluxe and Billy Corgan are still involved in trying to make the purchase but one unidentified party that was previously involved is no longer interested as they do not feel a deal is worth it. WWE has also apparently lost interest as they have backed out.

The most recent set of Impact Wrestling tapings were the first that saw Billy Corgan have the final say in creative decisions. However, nothing long-term has been decided on, according to the Wrestling Observer Newsletter, but changes have to happen imminently. We noted before that Dixie Carter was in attendance for the tapings and did hold a talent meeting but she wasn't there for the final days of the tapings and was reportedly having meetings with The Fight Network, which also owns a small stake in TNA.

Things between Dixie and Corgan have reportedly gone really bad and things are said to be "super heated" between Dixie, Corgan, Aroluxe and John Gaburick. It was noted on Wrestling Observer Radio that Dixie has made a real mess of the company between borrowing money and putting up various stakes in the company just to get quick funding. It was said that the company is in a "disastrous position" right now. There is also heat on Dixie for deals not getting done and nearly falling apart.

TNA still owes money to many people and continues to deal with other financial issues but right now they're not faced with another deadline for money until January and that's when they have some international TV revenue coming from.

There's still no word yet on where TNA got the money for the most recent tapings but it was not WWE, which has been rumored. Some higher-ups in TNA still don't know who funded the tapings but speculation is that it was one of the three minority owners - Corgan, Aroluxe or The Fight Network.

Regarding WWE no longer being interested in the tape library, Gaburick did go to WWE's Kevin Dunn with the idea of a package where WWE would hire Gaburick if he got them the tape library deal. Dunn reportedly went to Vince McMahon with the idea but it looks like the deal won't be happening. The Observer notes that WWE's involvement has been up and down for weeks.

October 5, 2016

WWE To Purchase TNA Wrestling's Video Library, TNA Wrestling To "Likely Rebrand"


According to a Twitter post from pro wrestling journalist Justin LaBar, it has been officially confirmed that WWE will be purchasing TNA Wrestling's video library, according to a text message that LaBar says he received today.

In the meantime, LaBar also cites the same text message in stating that Billy Corgan, who is the current President of TNA Wrestling, will become the company's new majority owner and will "likely rebrand" the organization.

Below is LaBar's post from his official Twitter page:

Just got a text saying #WWE to buy TNA video library & Billy Corgan is going to be new majority owner of TNA that he'll likely rebrand. Wow!

Forbes.com has also picked up on the story as well, posting the following quote from WWE Hall of Famer Jim Ross's "Ross Report" podcast from earlier this week, in which he stated that WWE was "very close" to purchasing TNA Wrestling's video library:

"WWE is allegedly very close to buying the TNA library. Not the promotion, the TNA library. Obviously, with WWE Network, the TNA library could be a nice resource, a nice asset. Now, you know, TNA does have some talents I’m sure WWE would like to have down the road, but now I hear that WWE and TNA have had talks about buying the library and that a deal is imminent."

September 29, 2016

Billy Corgan Says There is a “Gunfight” Over Who Will Get Control of TNA, Confirms Vince Wants to Buy TNA

TNA President Billy Corgan was today’s guest on ESPN Radio’s Dan Le Batard Show, and the following are more highlights from Corgan addressing the current TNA sale situation.

Corgan said the current TNA situation is complicated because pro wrestling is struggling with revenue, and a pro wrestling show will typically generate much lower revenue than a show with similar, or even lower ratings. Corgan added not only is there a money struggle within TNA right now, but there is also a creative struggle.

Corgan confirmed Vince McMahon’s interest in buying TNA, but he said as of right now Vince has not purchased the company and Corgan would be the first person to know since he has a stake in TNA.

When asked about his pro wrestling philosophy, and how he would create a unique wrestling product compared to WWE, Corgan admitted WWE has really been the only wrestling company with a winning philosophy.

Corgan thinks he could create a different type of product with TNA, but there are obstacles in the way as others in the company have a completely different vision for how TNA and Impact Wrestling should be presented. Corgan also stressed the importance of consistent capital for TNA, which is something he said the company has not had in a long time.

September 26, 2016

Billy Corgan Reveals Big TNA Change He Would Make, Talks Wanting To See CM Punk Wrestle Again, More


TNA's Billy Corgan spoke with ESPN this week and revealed that a full-length movie focusing on the current "Broken" Hardys saga is in the works. He did not elaborate on those plans. Corgan also revealed that if he purchases the company, his first order as owner would be to change the company name so they can truly move on into a new era. The full interview is at this link and below are highlights:

TNA using former WWE stars:

"Many times in the past, TNA has made the mistake of bringing in WWE people to sort of create a buzz that didn't sustain. But success is building a culture that is distinctly your own, with your own identifiable signature. If everything you do doesn't feed into that, you are making a big mistake that history shows does not work."

The current Hardys program:

"So maybe like super hero movies, we get the Hardys as the center of the universe and start to use them to sort of branch off in other directions. We are making it up as we go along and that is sort of the fun part. It's really exciting because we are hopefully writing a sort of new golden dawn in terms of how wrestling can be presented on television, and I think that's fantastic."

CM Punk coming to TNA to wrestle or work creative:

"I hope that someone who is so gifted comes back to professional wrestling if he wants to be there. So of course I would just love to see him in a ring. If it's our ring, even better. Even if he just wanted to be involved, I would love to have that conversation with him."

Check out the full interview with Corgan at this link.

September 8, 2016

Billy Corgan Says That He Is 'Actively Involved' In Trying To Buy TNA, Talks TNA Creative Reports


As noted, tonight's episode of TNA Impact Wrestling will feature an "evolutionary announcement" from Billy Corgan.

Corgan hyped tonight's Impact on Facebook and said that he is now President of TNA, and that it is not just a storyline position but that it's real. He noted that their business "has been pretty complicated" over the past several years and that sorting some of it out has "definitely been a challenge."

Corgan also discussed reports that the TNA creative team is mostly run by John Gaburick with David Lagana and Matt Conway as the writers. Corgan said that he is running the creative department, and that everything that is on TNA television is his responsibility. He said that the creative team is Madison Rayne, John Gaburick, David Lagana and Matt Conway. He said that it has been the team for a while, with the only difference being that he is now in charge of it.

Corgan added that the source behind the story about the creative team also once said that he couldn't afford to buy the company. Corgan said it was funny because he is "actively engaged" in trying to buy the company. He said that it doesn't mean that he will buy the company, but he is trying to. He called it a complicated process that he hopes to pull off and that he not only wants to run the culture of the company, but the company itself.

August 29, 2016

Rumor Mill - Dixie Carter Said To Be 'Pretty Much Done' With TNA


On last night's episode of Wrestling Observer Radio, Dave Meltzer commented on the ownership situation in TNA following the announcement that Billy Corgan is the new President of TNA. Meltzer noted that former TNA President Dixie Carter is pretty much done with the company.

"Dixie's pretty much out of it now," Meltzer said. "She's out of power completely, she is completely out of power no matter what's said, but she may be gone."

Meltzer noted that Dixie was at the last set of television tapings and was there for some of the segments that were filmed, but that she left shortly after that and didn't stay for the whole week. He added that "there were some things said that were not so great about her."

"She's pretty much on her way out," he added.

As noted, Corgan appeared on Vince Russo's podcast last week and discussed his new role with the company. He said that he has an ownership stake with the company, and that it is a "fluctuating situation" that is moving "progressively into the right direction." He said that there are moves being made and that there were all good moves, but would not confirm if Dixie still owned a majority stake or not.

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