Corgan claims TNA and partners trying to defraud him

Things between TNA and Billy Corgan are getting uglier by the minute and it looks like the partnership between the two is in its final stages. Corgan is accusing Dixie Carter and her other business partners of colluding behind his back to sign an agreement that will see Dixie Carter sell the company to Anthem Sports & Entertainment, who would be the majority owner with 85% of the company. The production company Aroluxe would be receiving 10%, while Dixie Carter would remain with 5%. The agreement also says that Jason Brown from Aroluxe, who Corgan says is running day-to-day operations at TNA, would be named CEO for three years. However, Corgan said that this agreement would only be signed after Anthem pays off the loan that Corgan gave to TNA and he is completely out of the picture. Rather than getting a bigger pay if this transaction happens when he’s a major creditor, all involved are trying to get him out so he gets less than what he is entitled to. In a press release issued last week, Anthem said they have offered to pay off Corgan’s loan to TNA. During the court hearing today, Corgan’s lawyer revealed that Anthem has invested $1.8 million so far in TNA.

—

In new documents filed by Billy Corgan in his lawsuit against TNA Impact Wrestling, its parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Dixie Carter’s husband Serg Salinas, he claims that Carter misled him when it came to the financial situation the company is in. Corgan said that TNA’s debts are way more than what they have in assets and if he knew the company is that far down in the hole, he would have never made multiple contributions. “I did not know that Impact Venture’s debts were that high. I never would have agreed to invest additional capital in Impact Ventures had I known the company’s debts were that high,” the document states. Corgan also found out that he’s third in line in the pecking order with payments, with Aroluxe and Anthem Sports & Entertainment coming before him. Corgan made his final financial contribution to TNA in August of this year and then refused to put in more money, which led to Anthem giving TNA a capital loan to continue operations. The same documents also reveal that TNA was planning to have more Impact tapings on November 1, 2, and 3 at their usual Universal Studios lot however there is no funds and the decision was taken yesterday, October 25, to postpone them. Despite being TNA President and supposed to be running day-to-day operations, Corgan also said that it’s Jason Brown from Aroluxe who is tasked with that role and he has been excluded from anything that relates to running the company.