The Nashville Chancery Court unsealed multiple documents from Billy Corgan’s lawsuit against TNA and company executives Dixie Carter, Serg Salinas, and CFO Dean Broadhead. Corgan alleges that TNA is insolvent, and that he should be able to take over the voting rights of Dixie Carter and replace management members. TNA responded by stating that they are not insolvent, yet they objected to a request for all documents showing their inability to pay their debts in full. For more details, visit sescoops.com or PWInsider.com.
Powell’s POV: We’ve been speculating, it seems as if Corgan is attempting to gain control of the company while trying to prevent Carter from selling it. Anthem Sports & Entertainment recently announced that they provided TNA with funding and are willing to repay Corgan the money he invested. It would seem as though Anthem is interested in buying the company, yet is unable to do so while this is tied up in court. The belief is that Corgan would not simply take the amount he invested in return. You have to assume that there would be some type of agreement that would require him to be paid back more money than what he put in. Plus, Corgan now has legal bills on top of the money he has already invested, and that’s sure to be growing by the hour given that TNA handed over 17,000 pages of documentation. One can only assume that it’s going to take a significant amount of money on top of whatever Corgan invested to make him consider dropping the lawsuit. And even if TNA and Anthem are willing to do that, there’s no telling whether Corgan would even accept their offer, as he may feel as though he has a strong legal argument to see this through. A new version of the lawsuit is expected to be unsealed on Tuesday.