All Pro-Wrestling thread

[aka Cthulhu]

Copy-pasting a post summarizing TNA's current situation so far:

- Billy Corgan has filed a restraining order against multiple officers in TNA as well as filed as a secure creditor of Dixie Carter herself.
- Audience of 1 productions is suing TNA and several officers, Areolux and Ron Harris. They are seeking money owed to them as well as a judgment and award for TNA, Dean Broadhead, Areolux and Ron Harris for screwing them out of a business deal to be extremely simple.
- The State of Tennessee has filed a lien against TNA for back taxes owed.
- Aerolux has a lien or ownership on various aspects of TNA for money owed.
- Fight Network in Canada funded the last PPV and taping. They have some sort of claim to part of the video library. What it is and what part is debated.
- Some talent are rumored to be filing for breach of contract and will be declaring themselves free agents if not paid in a week.
- John "Big" Gaburick went to Kevin Dunn to try and sell the video library to WWE on the condition he got a job which Vince declined.

Yeah... doesn't look good at all for TNA.

[Truhan]

Yeah, Corgan's lawsuit could be the one that kills them since he's trying to get an injunction to prevent any negotiations. If that happens, TNA has no choice but to go out of business or sell to Corgan. The taped episodes will last until December 4, so it's possible they'll go out of business before they even finish airing shows.

[aka Cthulhu]

In other wrestling related news, it's been reported recently that KENTA/Hideo Itami gets injured again. Happened on a house show some time back; more or less, took a move from a rookie who went to fast, and he got dropped on his head. Very unfortunate timing, considering that he just returned from a year-long injury just weeks before the new accident.

Like guy's got horrible timing. One of the first big signings to NXT, alongside Kevin Owens and Finn Balor. Heck, Finn's not too fortunate as well; won the RAW championship, gets injured and vacates title within 24 hours.

[aka Cthulhu]

Looks like there's a new wrestler debuting at NXT, Roderick Strong of ROH and PWG fame.

[Bean]

At this rate, ROH is literally going to be just Jay Lethal and Adam Cole.

[aka Cthulhu]

In general, gonna look forward to a lot of NXT wrestlers make their main roster debut. Preferably on Smackdown. Seriously, that show seems to be simply better organized than RAW despite the red brand being an extra hour long. Seriously, 3 hours just seems like too much to go through weekly, and that seems to be the case for the writers who doesn't seem to know what they're doing.

And there's also the situation with Roman Reigns... like damn, one can almost pity the guy for how he's booked. Booking team isn't doing him a favor trying to portray him as the ass-kicking babyface, and the fact that costume-wise he's still keeping his Shield gear with that atrocious logo of him.

Also, on more NXT news, TNA's Eric Young makes his debut (though he did show up months ago) leading a faction. Out of the TNA guys who showed up in NXT (AJ doesn't count since he skipped NXT and debuted in the Royal Rumble), I prefer Bobby Rude for the hammy entrance.

[aka Cthulhu]

Found a rough summary of the bizarre goings-on regarding all the hooplah regarding WWE's Paige and ex-WWE Alberto Del Rio:

- Paige starts dating the married Alberto
- Vegas incident
- WWE separates them in the Draft out of fears the effect their relationship is having on her.
- Del Rio and Paige are suspended the same day for 30 days Wellness 1.
- Del Rio quits/leaves WWE
- Paige claims failure it because of being late for a drug test
- Rumors of Paige having a neck injury surface, backed by the rantings of her family and accusations of WWE mistreating her.
- Del Rio is "attacked and injured" defending Paige from knife wielding maniac. Claim that police and hospital were involved but no proof is found.
- Paige fails again. 60 days for Wellness 2.
- Paige claims for a prescription that she may or may not have given to WWE.
- Del Rio and Paige's family claim mistreatment by WWE and failure was for a prescription.
- WWE, in a rare public statement on a Wellness failure, deny Paige's story and announce she failed for taking an illegal substance.
- Del Rio posts screenshots of text messages describing a neck injury, claims it is from Paige's doctor and about her, as proof WWE is mistreating her claiming they don't think she has an injury.
- Paige proposes to Del Rio following a match in PR.
- Paige's father makes statement against the engagement on Facebook before pulling it.
- Video of Del Rio grabbing Paige by the throat and "guiding" her by it surface.
- Del Rio is still married.

Those are some rather crazy events.

[Truhan]

Found a rough summary of the bizarre goings-on regarding all the hooplah regarding WWE's Paige and ex-WWE Alberto Del Rio:

- Paige starts dating the married Alberto
- Vegas incident
- WWE separates them in the Draft out of fears the effect their relationship is having on her.
- Del Rio and Paige are suspended the same day for 30 days Wellness 1.
- Del Rio quits/leaves WWE
- Paige claims failure it because of being late for a drug test
- Rumors of Paige having a neck injury surface, backed by the rantings of her family and accusations of WWE mistreating her.
- Del Rio is "attacked and injured" defending Paige from knife wielding maniac. Claim that police and hospital were involved but no proof is found.
- Paige fails again. 60 days for Wellness 2.
- Paige claims for a prescription that she may or may not have given to WWE.
- Del Rio and Paige's family claim mistreatment by WWE and failure was for a prescription.
- WWE, in a rare public statement on a Wellness failure, deny Paige's story and announce she failed for taking an illegal substance.
- Del Rio posts screenshots of text messages describing a neck injury, claims it is from Paige's doctor and about her, as proof WWE is mistreating her claiming they don't think she has an injury.
- Paige proposes to Del Rio following a match in PR.
- Paige's father makes statement against the engagement on Facebook before pulling it.
- Video of Del Rio grabbing Paige by the throat and "guiding" her by it surface.
- Del Rio is still married.

Those are some rather crazy events.

This reads exactly like one of my fan fictions. Just call her Paige-chan and him Del Rio El Patron-senpai.

[aka Cthulhu]

Lots of wrestling related stuff seems to look like fan fiction at times.

[Bean]

That's because there are very many outcasts or not nice people in wrestling, sadly.

[aka Cthulhu]

Indeed, it's an industry with quite a few (well, quite a lot) of questionable things that have happened, or are happening. Best to hope the industry as a whole improves as time goes by.

And, speaking of fan fiction, this apparently:


On the whole, can't help but feel like this is another attempt at "hey guys, look at Roman, he's so cool!" Which never seems to work.

[aka Cthulhu]

Oh gods, it doesn't seem to end with TNA. It's been noted that TNA had/has another lawsuit from American Express Travel Related Services Company for unpaid bills.

[Truhan]

Oh gods, it doesn't seem to end with TNA. It's been noted that TNA had/has another lawsuit from American Express Travel Related Services Company for unpaid bills.

Yeah, that one's a little less weird. They had the card to pay for travel expenses, and when they got evicted from their old headquarters, they never informed American Express of a change of address. It's incompetent to be sure, but not on the same level as everything else.

Edit: Just listened to the newest Observer Radio, while Dave was talking about Paige he said "WWE is willing to let her hang herself" instead of fire her while she's injured. He followed up shortly after with "And I don't mean that figuratively, I mean it literally." O.O

[Bean]

Incompetent? TNA? No... it can't be. To think they once had AJ Styles, Samoa Joe, and Christopher Daniels on the same roster and put one in a turkey suit, another as a dude carrying a machete that was kidnapped by ninjas, and the other was Curry Man. Oh man... I could go on, but we already have the LOLTNA link on the first page.

[Truhan]

Incompetent? TNA? No... it can't be. To think they once had AJ Styles, Samoa Joe, and Christopher Daniels on the same roster and put one in a turkey suit, another as a dude carrying a machete that was kidnapped by ninjas, and the other was Curry Man. Oh man... I could go on, but we already have the LOLTNA link on the first page.

Yeah. It looks like bankruptcy is in their near future.

[Truhan]

Absolutely incredible. TNA managed to survive. Anthem issued a statement saying they're funding future TNA operations with a capital loan and will be repaying Billy Corgan for the money he put in. Of course, Corgan had a restraining order filed to prevent TNA from being able to make any big decisions regarding the sale of the company, and he may still feel entitled to owning it. We'll see where it goes, but it looks like TNA isn't dead quite yet.

Edit: Here's Dave Meltzer's opinion on the news.

[aka Cthulhu]

Seriously, death pretty much gave up and installed a revolving door thanks to how many times TNA managed to survive.

It is rather curious that people would continue to invest in TNA considering all that has happened. Surely funding a different and several times less toxic promotion would be more wise? 'course, TNA already has an infrastructure and TV deal and all that, but can't help but think that it doesn't outweigh the cons of TNA.

[aka Cthulhu]

Also, this is completely unrelated to previous posts, but I would like to point out Big E. Once the New Day becoming... well, the New Day, look at his eyes when he does his pelvic thrusts/dancing. Those are the eyes of the man who'd wear your head for a hat.

[aka Cthulhu]

According to Dave Meltzer on the Observer Radio, Anthem's plan is to pay Corgan to get him to go away, so they can get Dixie Carter in charge.

That's some crazy.

[Truhan]

TNA has yet another lawsuit, $200k of an unpaid loan that was used for insurance premiums. Word is that they're $5 million in debt and the company is insolvent. Corgan's agreement apparently makes him basically the owner if the company is insolvent, so TNA sent his lawyers 17000 pages of literal shit to try to convince him to take Anthem's money and drop the suit. The judge apparently thinks Corgan would win the suit if it goes to trial, so the restraining order was granted and that's why Anthem took out loans instead of buying TNA out.

[aka Cthulhu]

Despite all this, one of Dixie Carter's latest tweets is her shilling out her action figure.

[aka Cthulhu]

Well, the contents of the documents should be revealed in a couple of hours or so. Should be an interesting day whatever happens.

[aka Cthulhu]

And, ya know, it's funny. Way back then, when news hit that Spike TV will stop airing TNA, I was among many in a thread that was basically reminiscing and more or less saying RIP.

Never could I have imagined that TNA would still be alive today.

[Truhan]

And, ya know, it's funny. Way back then, when news hit that Spike TV will stop airing TNA, I was among many in a thread that was basically reminiscing and more or less saying RIP.

Never could I have imagined that TNA would still be alive today.

I didn't know the living dead counted as being "alive".

[aka Cthulhu]

And, ya know, it's funny. Way back then, when news hit that Spike TV will stop airing TNA, I was among many in a thread that was basically reminiscing and more or less saying RIP.

Never could I have imagined that TNA would still be alive today.

I didn't know the living dead counted as being "alive".

Well, more like the Black Knight in Monty Python and the Holy Grail, or that guy in Austin Powers that would not die.

Anyway, documents are out, and it ain't looking good for Dixie Carter.

EXCLUSIVE DETAILS: WHY BILLY CORGAN IS SUING TNA, WHAT HE IS SEEKING, HOW DIXIE CARTER MAY HAVE FORFEITED HER OWNERSHIP OF THE COMPANY AND MUCH MORE
by Mike Johnson @ 4:56 PM on 10/25/2016

A redacted version of the 41 page lawsuit TNA President Billy Corgan filed against TNA, its parent company Impact Ventures, Dixie Carter, Dean Broadhead and Serg Salinas was officially released to the public today by the Chancery Court in Nashville, TN, revealing a lot of insight when it comes to why Corgan filed suit.

The lawsuit alleges that Corgan initially invested into TNA because "Impact Ventures was in severe financial distress" and that by investing, he was preventing the company from suspending operations and going into "immediate foreclosure" to Aroluxe Media, described as the company's production company. PWInsider.com first broke earlier this year that the way Dixie Carter's deal was structured with Aroluxe, they were putting out the financial cost of TNA's TV productions and TNA would pay them back installments - and if Carter failed to make the payments, she could lose control of the company. Well, that was the very scenario that, as if turns out, led to Corgan stepping in last June.

Corgan's lawsuit notes that TNA "needed an injection of funds" to pay Aroluxe so that they would move forward with the production of Impact Wrestling episodes in June - so this all took place over Slammiversary weekend, when PWInsider.com first reported Corgan had bought a minority share of the company. Aroluxe also required an additional payment due to TNA "defaulting on multiple payments" prior to this point. The financials were redacted.

The reason Salinas and Broadhead are listed as defendants alongside Dixie, TNA and Impact Ventures is that they are listed as the Managers of Impact Ventures LLC. The lawsuit also alleges that per the Operating Agreement for the company, Dixie Carter is the "sole member of the company" but it is believed Carter owns 92.5%, Aroluxe Media owns 5% and Anthem Media (MCC/Fight Network, etc.) own 2.5%, with the latter two described as "significant creditors in the company."

In July, Corgan again invested money in the company, once again to prevent Aroluxe from foreclosing on Dixie Carter and taking control of TNA. The same happened in August, except by this point an agreement between TNA and Aroluxe had contractually expired, "thereby allowing Aroluxe to foreclose on the company at any time." Due to that turn of events, Corgan's lawsuit alleges that he, Carter and Aroluxe entered into "an amended and restated loan agreement" that saw Corgan agree to make his now-third investment in the company with the company issuing him a "new second priority secured convertible priority note", replacing his previous note regarding what he was owed.

The August Agreement also saw Corgan appointed as President of TNA with Carter, the former President, shifted into the title of Chairman and Chief Strategy Officer of Impact Ventures. It was noted that Corgan "desired" to be President so he could direct and oversee the day-to-day operations of the company and improve it's financial condition. Corgan also stated that Carter, as security for the loan, "entered into a 100% equity pledge agreement" with Corgan, allowing that in the event of default, Corgan would be "entitled to exercise all voting or consensual powers pertaining to collateral."

In layman's terms, the lawsuit claims that Carter made Corgan President and agreed that Corgan would gain 100% control of TNA's parent company if she defaulted on the loan he made, in order to get him to invest this past August - because had he not, Aroluxe would have foreclosed.

The lawsuit claims that the paperwork Carter signed appointed him as the "attorney-de-facto" of TNA had an "Event of Default" occurred under the terms of their agreement - which is referred to in the lawsuit as the insolvency of TNA and/or Carter personally.

In regard to Impact Ventures LLC, the lawsuit describes the company as "insolvent" and that "its liabilities exceed the values of its assets, and that Impact Ventures is unable to pay its debts as they come do in the ordinary course of business." Included were cash flow statements, listed as created by Impact Ventures, that showed a "cumulative cash flow negative of [redacted] for the period from September to December 2016, followed by the period of September 2016 through June 2017.

Corgan claims that despite numerous requests, the company has not provided him with any updated balance sheets past 6/30/16, that they are in a negative balance when debt is compared to assets and that the company's financials have actually worsened since the last balance sheet he was provided. Corgan states that insolvency now results in him needed to be awarded Dixie Carter's 92.5% share in the company.

The lawsuit also noted that there have been "media reports" about TNA negotiating with WWE for a potential sale of the TNA video library. The lawsuit notes that Dixie Carter and Dean Broadhead had each denied that but "Mr. Salinas" (perhaps meaning Serg Salinas, or perhaps a typo referring to Dixie Carter) acknowledged the conversations to "the company's wrestlers on October 2, 2016", which would be Bound for Glory.

Based on Corgan's agreement, he claims in the lawsuit he is entitled to a full review of the company's "Officers, counsel, books, records; the full ability to investigate the company's titles to property and to the condition and nature of its assets, business and liabilities" as well as full opportunity to review the company's business plan with "key officers." Corgan is alleging that despite numerous requests, he was given no information about discussions with World Wrestling Entertainment - despite the fact he is President and a creditor to the company and the library is the company's "most significant" asset. He is claiming that is a breach of the agreement he signed in August.

Corgan is also claiming he has been kept in the dark in the company's conversations with Anthem Media (Fight Network/MMC Acquisitions, etc.) leading up to the recent loan [amount redacted] "and it's financial impact on the company" until after the transaction had already been completed - again despite the fact he is President and a creditor to the company.

In the lawsuit, it is noted, "This recent conduct is consistent with the way Mrs. Salinas [Carter] and the other members have dealt with the Plaintiff since the inception of his involvement with Impact Ventures. They have failed to keep Plaintiff apprised of matters of great significance to the company; they have routinely misled plaintiff as to the company's finances, operations and future prospects; they have failed to provide the plaintiff with information necessary to discharge his duties as President to manage the day-to-day operations of the business; and they have regularly interfered with, subverted or ignored plaintiff's authority to manage affairs in the company." Corgan alleges these failures constitute an additional default in his agreement with Carter.

Corgan states in the lawsuit that Carter was informed of an "Event of Default" on 9/29 (this would be the day before MCC Acquisitions financed the Bound for Glory PPV and subsequent TV Tapings) but the defendants did not respond affirming or denying the "Event." Corgan then informed Carter and the company on 10/12 that he was exercising his right to take over her stock in the company and place his own designated managers in charge of Impact Ventures. He received no response.

Corgan's lawsuit states, "The company is continuing to flounder and has been taken to the brink of financial collapse under Ms. Salinas and the other managers. The company's secured creditors, including Aroluxe and Anthem, can foreclose at any time."

In the lawsuit, Corgan is seeking a declaration from the court that he is indeed entitled to Carter's 92.5% of the company, her voting rights and has the ability to replace the current managers with designated managers of his choosing. He is also seeking damages, to be determined by the court, for the breach of contract, and requesting an injunction preventing the defendants from making business decisions that could further harm Corgan and the company as well as preventing them from attempting to sell the company or it's assets until the lawsuit is resolved.

A hearing regarding Corgan's request for a temporary injunction against the defendant is scheduled for tomorrow 10/26 at 1 PM Central.

http://www.prowrestlingsheet.com/billy- ... BA9G26KTIW