*******************||Trending||*******************
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 29, 2016
Gabe Sapolsky Talks Working Relationship With WWE, Triple H's Influence, Opportunities For Talents
Co-Founder and Vice President of EVOLVE and WWN Live, as well as former Ring of Honor booker, Gabe Sapolsky joined Busted Open with Doug Mortman and Dave LaGreca to discuss EVOLVE's relationship with WWE, Triple H's influence in it, and much more. You can check out some highlights below:
The relationship between EVOLVE and WWE:
"The WWE has been a tremendous help to us and we still continue our relationship with them. It's important that we have this relationship with WWE, not just for the company but for the wrestlers as well and have that conduit for the wrestlers to go to WWE, and that's something they'll always have with WWN. We made sure our relationship there is healthy, they have William Regal coming to our show in Maryland on November 13th, and EVOLVE show, and we're gonna keep going. Hopefully you see these guys move on. Drew Gulak and Tony Neese, they're on RAW almost every Monday, and you're gonna see them at our upcoming events in Queens, New York.
"It's an unreal time where you see this talent going from our evolve shows, and then being on RAW, and then coming back, and then going to NXT, and then we're able to have a farewell for someone like Johnny Gargano like we had last month, and see all the hard work he put in and move on. The opportunity is there, WWE has made this such an exciting time for wrestling fans because of this, because you never know who's going to pop up where next. They've made it an exciting time for the wrestlers, and most importantly WWE has played a huge part in helping the overall health in professional wrestling, and making this work for everybody."
WWE having their finger on the pulse of pro wrestling's streaming service after the WWE Network and their financial backing of FloSlam:
"It's freaking crazy (chuckles). I'm still at the point -- it's been like this all year where I wake up everyday and I don't know what the next e-mail, or the next phone call, or the next text is going to bring. It's amazing because it's like limitless opportunity all over the place, and there is no telling what tomorrow is gonna bring. We'll just have to see what happens. Flo Sports and FlowSlam.TV is gonna have a very progressive attitude, and WWE has shown how much they respect and value the independents and the health of everything by everything they've done. This isn't something they're talking about, they have actually demonstrated it and shown it. I mean when you have Triple H showing up at one of our shows, that is unbelievable to me and that's what happened last January. I still can't believe it and we're ten months later. It's just one of those things where all of this crazy stuff is going on, and nobody really knows what's going to happen next."
Triple H's influence in their relationship with WWE:
"Yeah, Triple H is the man, I mean if you want to talk about a guy that is really right on the cutting edge, and sees the landscape, and has an understanding of where it's gonna develop and the vision of where it's gonna develop, that's Triple H. This thing has been very important to him, our House of EVOLVE has been very important to him, and he's backed up his words with actions. In turn hopefully they've benefited a little bit as far as this talent exchange goes, and we hope it continues. Most importantly I love seeing the talent get this opportunity. This is something that back in the ROH days I'd sit around and I saw these guys working their asses off and the sacrifices they made, and I sad down and said 'hopefully Bryan Danielson will be able to scratch out a living one day.' CM Punk, hopefully the same. Samoa Joe, Austin Aries, Roderick Strong, I go 'I hope it pays off for these guys, maybe they can go to Japan or something.' Now we see it really is paying off for these guys, and the fact that their future is limitless. Daniel Bryan, I know he's got the injury thing and everything, but it looks like he's got a job there for life doing various roles or whatever pops up. I just like seeing it pay off for everybody and hopefully it continues like this, and I don't see any reason why it won't."
October 27, 2016
Vince McMahon on Possibly Being Interested in Selling WWE: “We Are Open for Business”
Vince McMahon is currently participating in third quarter WWE earnings call, and during the call Vince was asked if he is interested in selling WWE.
Vince answered by saying the company is open to anything, but he stressed that controlling the company’s destiny is very important. He added he’s unsure how much control they would lose if they sold the company, but at the end of the day they are business people so they are open to listening to any offers, especially the kind “you can’t refuse.”
When asked again if he would be open to an offer that would allow him to sell WWE yet still control its destiny, Vince replied with “we are open for business.”
October 26, 2016
Former Rutgers Player Eric LeGrand Comments On Filming For ‘Mission Possible’ At WWE Headquarters, Meeting Triple H
Earlier today, Triple H and trainer Joe DeFranco noted on social media they filmed content for “Mission Possible”, a show featuring former Rutgers football player Eric LeGrand.
LeGrand was paralyzed after a spinal cord injury on October 16th 2010, and is looking to share his motivational story with people and spoke to WWE.com. You can read a few excerpts below:
LeGrand talks about what his new show “Mission Possible” is about:
We did a piece up in New England with Tom Brady and Boston Marathon survivor and double-amputee Jami [Goldman Marseilles]. We got to roll that one out on “FOX NFL Sunday.” We’re doing other incredible stories, people we found that show they’re not letting their disability hold them back. They’re living their lives to the fullest. And that’s what it’s all about. That’s how I try to live my life.
Eric LeGrand talks about meeting Triple H:
Oh man, Triple H was awesome. Just hearing him speak a little bit about his career and about how we’re inspirations to him, that’s really cool. As a kid, you watch Triple H and almost see him as a supervillain. And now, as I’m older, just being able to have a conversation with him and for him to invite us to different events, that’s amazing.
LeGrand talks about what it was like visiting WWE headquarters:
Being a northeast guy, I’ve driven up I-95 so many times, and you pass by WWE Headquarters and you’re like, “Wow, I wonder what goes on in there.” Now, to actually be in there, it’s like a childhood dream to get a tour, to see where some of the people work, to see some of the championships, props and materials. Just hearing the lifestyles of what these guys have to do — being on the road 300 days of the year — it’s pretty crazy. So, being able to come to WWE’s headquarters and do this episode with Triple H is honestly an honor.
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
Chyna’s Mother Gains Control Of Her Daughter’s Estate
Pro Wrestling Sheet is reporting Janet LaQue, Joanie “Chyna” Laurer’s mother, will be taking control of her daughter’s estate to keep it from being run by a former manager.
LaQue sent Pro Wrestling Sheet a statement saying her court petition to seize control of the estate was approved, adding that this was a big deal for her. She said she is now starting the process of looking into the estate’s activities since Chyna’s death.
It was previously reported by Pro Wrestling Sheet that LaQue was requesting the case for her daughter’s death be reexamined, claiming former manager Anthony Anzaldo was not completely honest about details of the investigation, even claiming Chyna might have fired him before she had died.
Pro Wrestling Sheet says Anzaldo told them: “I’m not at war with Chyna’s mother. She should be the executor. I was just here, merely, to help when it was asked upon me.”
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.
Daughters Of DDP, Hulk Hogan And Others Starting A New Wrestling Promotion
Diamond Dallas Page's daughter Brittany reveals that she's starting a women's wrestling promotion to go against TNA Impact Wrestling, along with Hulk Hogan's daughter Brooke Hogan, Lacey Von Erich of the legendary Von Erich family, Roddy Piper's daughter Ariel Toombs and Bianca Brigitte VanDamme, daughter of Jean-Claude VanDamme. She also mentions Christy Hemme being involved, apparently in an authority role.
Page says they have surprises lined up and are very excited about the project and that her dad will be involved because fans want to see the first generation vs. the second generation.
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.
