nate Posted October 18, 2016 Posted October 18, 2016 All this thread is win win win, no matter what what what ... 7
Raziel Posted October 18, 2016 Posted October 18, 2016 1 hour ago, Sublime said: That's ridiculous everyone knows Ron Harris was the better of the two. Well he is the one the Production company is suing.
Nice Guy Eddie Posted October 18, 2016 Posted October 18, 2016 12 hours ago, EricR said: 91. Don Harris 92. Mitsuharu Misawa 93. Ron Harris Was the Italian Stallion at 94 for the PWI Axis of Evil? 5
JohnnyJ Posted October 18, 2016 Posted October 18, 2016 15 hours ago, DTTW said: So if TNA was in another state, would the whole changing the business to a new company absolve the debt, or would location not be a factor and they'd still owe it all? You can't be a high profile business and just defraud your creditors and open up under a new corp name. It's not that easy. However, you could probably dissolve the business, sell off the assets and start over again. But in the process I'm guessing you'd lose your timeslot and your backers. The current backers of the promotion are also its creditors. It is wrestling, but you would think people you screwed out of money wouldn't just come back for more punishment. My take on all of this is Dixie is so far in the hole that if she holds onto the company, she's finished but with an asset. If she sells the company, she's finished, but without an asset. It really just sounds like a sad situation. 1
Michael Sweetser Posted October 18, 2016 Posted October 18, 2016 The idea of everything under LLCs is to limit the liability to the individual in case the business goes down, but it doesn't go totally away. I'm not up on all the laws, especially in Tennessee, but yeah, can't just jump to a new LLC and hope everything goes away, especially since it's apparent that Dixie apparently was directly loaned money from Corgan. This is going to get even uglier than the ECW bankruptcy did. 1
JonnyLaw Posted October 18, 2016 Posted October 18, 2016 That's the same premise of a corporation too. Setting up a new entity to defraud creditors will generally allow creditors to pierce the "corporate veil" and go after the shareholders/members of the corp/LLC. 1
RIPPA Posted October 18, 2016 Author Posted October 18, 2016 Okay - Bix just did an article basically explain what happens when TNA declares bankruptcy http://www.sescoops.com/report-tna-probably-to-file-bankruptcy-soon-what-does-it-actually-mean/
RIPPA Posted October 18, 2016 Author Posted October 18, 2016 Oh and as per usual - it is the wrestlers, the production folks and to a lesser extant Corgan who are going to get dicked
DTTW Posted October 18, 2016 Posted October 18, 2016 26 minutes ago, RIPPA said: Oh and as per usual - it is the wrestlers, the production folks and to a lesser extant Corgan who are going to get dicked To the surprise of no one paying a lick of attention.
NikoBaltimore Posted October 18, 2016 Posted October 18, 2016 Has there been any word if talent got paid Saturday? Apparently if they didn't then they'd technically be free agents. If that was the case I'm hoping a lot of the talent said "Screw this" and got away from it.
evilwaldo Posted October 18, 2016 Posted October 18, 2016 There is no fraud here. I am not sure where people are getting the word defraud but that is not what happened here. Dixie just ran a business into the ground with bad decision after bad decision. http://legal-dictionary.thefreedictionary.com/fraud Everyone should have done their due diligence on the business before they got involved monetarily. If not, it is on the creditor/investor not Dixie. Everyone has known TNA is a complete mess for years now. How you do not understand this is beyond me.
Michael Sweetser Posted October 19, 2016 Posted October 19, 2016 Seriously, anyone that's signed with TNA over the past two years expecting a stable financial situation is a fucking idiot. 3
DTTW Posted October 19, 2016 Posted October 19, 2016 1 hour ago, Michael Sweetser said: Seriously, anyone that's signed with TNA over the past two years expecting a stable financial situation is a fucking idiot. Yeah...I seriously wondered why some guys took their offer over WWE's. I'm sure the money was world's apart, but in terms of a solid paycheck, WWE doesn't have independent contractors working at Sunglass huts or getting government assistance.
mattdangerously Posted October 19, 2016 Posted October 19, 2016 3 hours ago, evilwaldo said: There is no fraud here. I am not sure where people are getting the word defraud but that is not what happened here. Dixie just ran a business into the ground with bad decision after bad decision. http://legal-dictionary.thefreedictionary.com/fraud Everyone should have done their due diligence on the business before they got involved monetarily. If not, it is on the creditor/investor not Dixie. Everyone has known TNA is a complete mess for years now. How you do not understand this is beyond me. Who said they committed fraud? There was only speculation that they might try to weasel out of their debt. No one said they were already doing it.
evilwaldo Posted October 19, 2016 Posted October 19, 2016 48 minutes ago, mattdangerously said: Who said they committed fraud? There was only speculation that they might try to weasel out of their debt. No one said they were already doing it. Once you use the word defraud it means fraudulent activity. There is no telling what they will do either Chapter 7 or 11.
Curt McGirt Posted October 19, 2016 Posted October 19, 2016 No matter what that's a lot of people going back to work at 7-11 1
RIPPA Posted October 19, 2016 Author Posted October 19, 2016 BTW - American Express is also suing TNA for unpaid travel expenses (basically TNA had travel accounts with AMEX and then never paid their bill) 2
joseph2112 Posted October 19, 2016 Posted October 19, 2016 So it turns out that everyone with a lick of sense who was looking in on this situation and wondering how a company with a free tv deal, no ppv or house show business and a few overseas contracts could afford to do things like pay Moose 90 thousand bucks was right. They couldn't. Dixie just rode this thing in like, apparently just ignoring all of the problems piling up. There were rumors a few weeks ago about ADR being signed by TNA which is patently absurd in hindsight. This will set up a new opportunity though. The ultimate troll job in the history of our great sport is sitting there waiting to happen. The Russo and Dixie podcast. Russo can tell you how to book wrestling and Dixie can tell you how to run a wrestling company. The day after that podcast drops and somebody posts some of what was said here, you might here a muffled kruuumph somewhere in the distance. That will be my head exploding.
Jerome Miller Posted October 19, 2016 Posted October 19, 2016 Honest question, how many of the guys currently under contract to TNA will be able to command "big money" on indy bookings aside from the Hardys and Bobby Lashley? I just picture Ethan Carter III demanding $5,000 and a limo to an indy promoter and the promoter just laughing and hanging up. 1
Wyld Samurai Posted October 19, 2016 Posted October 19, 2016 Couldn't Corgan just buy the tv contract through liquidation? That's all he wants.
zev Posted October 19, 2016 Posted October 19, 2016 20 minutes ago, Jerome Miller said: Honest question, how many of the guys currently under contract to TNA will be able to command "big money" on indy bookings aside from the Hardys and Bobby Lashley? I just picture Ethan Carter III demanding $5,000 and a limo to an indy promoter and the promoter just laughing and hanging up. If you count convention autograph sessions and not just matches, I think Senor Benjamin and Vanguard 1 could score decent money for the next couple of months. Seriously, they just need to bring the boat.
RIPPA Posted October 19, 2016 Author Posted October 19, 2016 James Storm gets good money now for the few Indy dates he works - so him Also I am assuming the question isn't taking into account folks like Drew Galloway and Cody Rhodes who are also really successful and highly in demand on the indies
DTTW Posted October 19, 2016 Posted October 19, 2016 9 hours ago, RIPPA said: BTW - American Express is also suing TNA for unpaid travel expenses (basically TNA had travel accounts with AMEX and then never paid their bill) https://g.co/kgs/x27k5J
RIPPA Posted October 19, 2016 Author Posted October 19, 2016 The Corgan/TNA hearing has been moved to next Wed Meanwhile Anthem (parent company of Fight Network) has offered to fund TNA to help pay off Billy Corgan's loans That is from LAW radio and considering they too are affiliated with Fight Network - I would say they are fairly credible on this one 1
BrianS81177 Posted October 19, 2016 Posted October 19, 2016 Why do people keep helping Dixie Carter?!?!?! 6
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