Tuesday, October 25, 2016

Billy Corgan's TNA Lawsuit To Be Unsealed Today, Dixie Carter Says TNA Is Not Insolvent, More

It will be interesting to see what happens later today with the Billy Corgan - TNA situation as Corgan's attorneys will be allowed to file a redacted version of their lawsuit to protect certain materials from being brought to the public light as Corgan has claimed "sensitive" information could fall into the hands of their competitors. That redacted version will be available to the public sometime around 4pm EST today. It's possible that if there is going to be a settlement between the sides, it will be made before the documents are unsealed by the Chancery Court of Nashville.

On October 19th, Corgan filed a motion to compel Dixie Carter-Salinas and Impact Ventures, LLC to "provide full and fair responses" after not being satisfied with previous responses. Dixie responded by saying Impact Ventures was not insolvent and has not been insolvent since August 11th, 2016, stating that they do not fit the state of Tennessee's definition of insolvent, meaning, Impact Ventures' assets are of greater value than its debt.

If TNA and the related defendants in the lawsuit do not admit to claims by Corgan and his lawyers, then they have to hand over all documents related to Impact Ventures being insolvent or unable to pay all of its debts in full as it came due from January 1st, 2016 to the present, all documents sent to or received from WWE or any of its representatives from January 1st, 2016 to present and all documents sent to or received from "any third party" regarding that third party's potential acquisition of Impact Ventures LLC, TNA Entertainment LLC or any of the assets owned by either entity.

Corgan asked that the ownership of the TNA library be stated as well as identify the nature and extent of "each member's" ownership interest, that the company identify all of the current officers, directors and managers, identify all of it's assets, and for the LLC to produce financial statements.

17,000 pages of documents were being "reviewed and assessed" by Corgan's attorneys which they received from TNA and other defendants.

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