A version of Billy Corgan's lawsuit has been revealed to the public.
The documents were released by the Chancery Court in Nashville, Tennessee. The lawsuit claims that Smashing Pumpkins frontman Billy Corgan originally made a financial investment in TNA because the company was in financial peril, and he was in a sense bailing them out. The company was set to be turned over to Aroluxe Media if that were the case. Corgan states that TNA needed cash so Aroluxe could keep producing TNA show through the weekend of TNA Slammiversary. TNA had actually defaulted on a payment to Aroluxe and owed money at this point.
The lawsuit states that Carter owns 92.5% of TNA, Aroluxe owns 5%, and Fight Network/Anthem owns 2.5%. Anthem was also listed as a creditor to TNA Wrestling, although Carter is considered the "sole member of the company" per the Operating Agreement in the lawsuit.
Corgan gave TNA money again in July, according to the lawsuit, to prevent Aroluxe from taking control yet again. This happened again in August, but by that point, Aroluxe could have forclosed on the TNA at any time. This led to Corgan and Aroluxe reaching an amended loan agreement. This also caused Corgan to be named TNA President, while Carter moved out of day-to-day operations in favor of Corgan so he could improve the company's financial situation. Corgan was also promised that he would be in control of Impact Ventures LLC if she were to default on the loan he provided.
Corgan's lawsuit calls TNA insolvent, and that their liabilities exceed their assets, unable to pay their debts. Corgan alleges that he's not received a balance sheet since 6/10/2016, and that the company is in even worse shape financially. Corgan is seeking full ownership of Impact Ventures, aiming to take Dixie Carter's 92.5%. He is also hoping to gain reimbursement for damages, and put a freeze on Dixie Carter transferring any more of her ownership.
The documents confirm a backstage meeting the week of Bound for Glory, addressing rumors that the TNA video library was for sale. Corgan claims however, that he wasn't included in the discussions with Anthem Media until after a deal was already in place, and no discussions with the WWE -- which would be a breach of his contract. Corgan wants full access to the company's financial info, books and records to better evaluate the business standing of TNA.
Other notes, Serg Salinas and Dean Broadhead are included in the lawsuit as defendants due to them being managers of Impact Ventures. A hearing in regards to Corgan's temporary injunctions against said defendants is set for 1 PM local time Wednesday.
- From The Web