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Posted

So TNA's Defense is "Corgan can't take over the company, because we defrauded him on the deal"?

  • Like 8
Posted
2 minutes ago, RIPPA said:

TNA's lawyer just said "yup we tricked him with an illegal contract"

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  • Like 19
Posted

This is my favorite thing ever.  Thank goodness for the guy live tweeting. 

Parham said cash flow is a small part of the story. He says people want to buy TNA bc it is valuable.

 

Parham said tax lien is an accounting mistake. A non issue he says.

Sorry...ill stop now.

Posted
1 hour ago, Dolfan in NYC said:

Only if he tags each tweet with where morale is in the TNA locker room. 

Side note - I only found the live tweeting account because Maria linked to it

  • Like 2
Posted

That's OK, a week ago Bob Ryder was only addressing them as "Rumors".

 

The rest of TNA's cheerleading crew is unusually silent.

 

Also following that I know if (ie, it pops up on my Followers you know): Ross, both of Dutch's accounts, and Alverez.

Posted
12 minutes ago, Playa Shunna Ver 3.0 said:

This is my favorite thing ever.  Thank goodness for the guy live tweeting. 

Parham said cash flow is a small part of the story. He says people want to buy TNA bc it is valuable.

Oh I get. TNAs value is in all of the good will they've accrued over the years. 

  • Like 1
Posted

Pro Wrestling Tees promoting TNA merch during this is a side highlight

  • Like 5
Posted

We should all send Corgan a thank you card. This has all been way more entertaining than anything TNA ever broadcast.

  • Like 6
Posted

Can we get DVDVR Legal to look these tweets over, cause I'm having a REAL hard time wrapping my head around exactly what in the name of Rhylor TNA's attorney is trying to argue here that actually HELPS TNA's position.

Posted

Reading through these, I can't imagine anyone with the slightest bit of common sense ever doing business with TNA again. On the off chance Corgan loses, I bet he starts up his own competing company just to kill off TNA. I'm sure he could get on Spike easily enough. 

Posted
16 minutes ago, Raziel403 said:

Can we get DVDVR Legal to look these tweets over, cause I'm having a REAL hard time wrapping my head around exactly what in the name of Rhylor TNA's attorney is trying to argue here that actually HELPS TNA's position.

The agreement was usury in the first place. TNA was desperate for cash and Corgan made them an offer where if TNA defaulted it would result in a windfall for him as TNA is actually this very valuable asset worth millions. TNA is now willing to make Corgan whole so everyone should just move on with their lives.

 

  • Like 1
Posted

That makes sense.  However, I'm not sure how TNA survives this with the strategy of "the contract was illegal", depending on who did the contract.  Someone defrauded someone there?  Was it Corgan knowingly presenting a bad contract and Dixie taking it?  I imagine that Parham goes over everything that Dixie signs, so did he green light her signing a contract that he knew was illegal, of everyone else didn't?  

 

Someone's rightly fucked.

Posted

Is the actual ruling, or is the the ruling for the injunction pending the actual trial?

Posted
9 minutes ago, Raziel403 said:

Is the actual ruling, or is the the ruling for the injunction pending the actual trial?

I don't know, but it's going to be an interesting Halloween.

Also, I couldn't help but think "Injunction junction, what's your function?" when reading that.

  • Like 4
Posted
1 hour ago, Playa Shunna Ver 3.0 said:

ahhh..okay.  Sorry to derail.  Speaking of derailing, back to the train crash.

Parham said the contract between Corgan and Carter is illegal under TN law. So Carter cant transfer her mgr rights even if TNA is insolvent.

 

57 minutes ago, Raziel403 said:

Can we get DVDVR Legal to look these tweets over, cause I'm having a REAL hard time wrapping my head around exactly what in the name of Rhylor TNA's attorney is trying to argue here that actually HELPS TNA's position.

Very quickly skimming the TN statutes, all of the members of Impact Ventures, LLC would need to approve Dixie transferring her rights as manager to Corgan.  It seems like there's potential for fraud IF they represented that had been done and it wasn't.  Off the top of my head, there's nothing that would make her transfer illegal.

That unanimous consent is not required for Corgan to be appointed as Dixie's proxy to vote or otherwise act for her. 

42 minutes ago, JohnnyJ said:

The agreement was usury in the first place. TNA was desperate for cash and Corgan made them an offer where if TNA defaulted it would result in a windfall for him as TNA is actually this very valuable asset worth millions. TNA is now willing to make Corgan whole so everyone should just move on with their lives.

 

That part struck me as odd.  "This is an usurious deal, but we're completely willing to pay it!" seems like an argument you make when you know it isn't really usurious.  Otherwise, you'd just try to get out of paying it.

  • Like 1
Posted

Billy Corgan's lawyer is super casual in the court documents.  Everybody addressed by first name only.

Corgan's goal is getting TNA for what he's already paid without having to inherit any of the debt.  He knew what kind of financial situation the company was in.  Anybody with any knowledge of TNA knows that their cash flow has basically been around $0 for the past 3-4 years.  Also, acting like being TNA President meant he could do actual business stuff is like if Jack Tunney marched into Titan Tower and started firing people.  I have no idea why he wants a jury trial.  He should really just take Anthem's payoff and maybe the Grand Championship belt and go hit the podcast circuit.

It's hilarious how some people act like Dixie Carter's some evil mastermind.  She's way less hands on than people think.  She just sticks her fingers in her ears when she gets bad news and tells her incompetent executives to handle it.  That's how you get a CFO juggling debts and playing shell games and bikers strong-arming production workers.

I want to say the period when TNA was overpaying Bruce Prichard was when Panda management was in the process of transitioning from Dixie's father to Dixie's brother and any TNA business Panda was handling including payroll was being transitioned over to TNA to handle in-house.  So at that time, the payroll issues were Panda's fault.  After that though, it's all TNA.

Russo didn't have anything to do with Spike dropping Impact.  Dixie Carter gave him a consulting job because he cried poverty and she took pity on him but Spike wouldn't have given two shits if he was back with TNA or not.  Hogan/Bischoff raising production costs through the roof while dropping ratings through the floor already had Impact as good as done when their deal came up.  I think what really sealed their fate was Scott Coker coming into the picture with Bellator.  After Spike cancelled Impact, Bellator got Impact's old production equipment.

All this said though, I thought TNA was like $20 million in the hole so they're doing way better than I ever would've thought.  Morale up, everybody!

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