The current dramatic situation TNA finds itself in continues to get more convoluted by the day, as the documents pertaining to Billy Corgan’s lawsuit against the company were unsealed on Tuesday night, in redacted form, and reveal that the struggling wrestling company is far from out of the woods. From the documents, it was revealed that Corgan is claiming an agreement is in place where Dixie Carter’s shares of TNA (which amount to a 92.5% share of the company) would become his in the event that TNA became unable to pay its debts, and defaulted on the debt owed to him, which came about from money he loaned to TNA when it defaulted on a debt it owed to Aroluxe, which also has an ownership stake in TNA. Corgan also alleges that TNA has failed to provide him with accurate and current financial details, and that Dixie Carter neglected to inform him of potential negotiations to sell the TNA tape library to WWE (something Carter admitted to during a talent meeting after Bound For Glory).
This lawsuit also throws a recent story about Anthem Media (owners of Fight Network, which has an ownership stake in TNA), who reportedly floated the money to allow Bound For Glory and the most recent Impact tapings to take place, and their deal to essentially pay off TNA’s debts, including those owed to Corgan, into disarray. It appears that, if Corgan can show that TNA negotiated this agreement due to being unable to pay their debts, it breaches the agreement with him and he, not Anthem, would gain control of the company.
Both sides are set for another hearing on Wednesday afternoon, and TNA has filed a counter-suit against Corgan which has not yet been unsealed. So, obviously, the drama will continue unabated!