Billy Corgan seeking Dixie Carter’s share of TNA in court

Logo_TNA_dn_600The latest unsealed documents in Billy Corgan’s lawsuit against TNA and company executives shows that he is seeking Dixie Carter’s majority shares in exchange due to a breach of contract, according to a report by Mike Johnson of PWInsider.com. Corgan also believes he should have the ability to replace current management members with people of his choosing. The two sides are scheduled to meet during a court hearing on on Wednesday in Nashville, Tennessee.

Corgan is arguing that the company is on the brink of financial collapse under Carter and current management, and he claims that creditors such as Aroluxe and Anthem can foreclose on them at any time. Despite the fact that he provided the funding for several television tapings, he also claims that he was left in the dark regarding the company’s talks with Anthem Sports & Entertainment, as well as discussions with WWE regarding the TNA video library. Carter and CFO Dean Broadhead are denying that conversations with WWE regarding the video library took place.

Powell’s POV: At this point, I’m not even sure how Carter could claim that the company is not insolvent given all of the known debt that is out there along with a lien against the company by Aroluxe and a state tax lien from the state of Tennessee. Of course, she will have her chance to prove differently in court. It will be very interesting to see what comes out of Wednesday’s hearing or whenever this ends up being resolved.



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