25 Mar The following report is based on the Tennessean’s Nate Rau’s live coverage
The segment is still planned to go ahead as scheduled, however at a later date
? TNA attorney Travis Parham painted Billy Corgan as an opportunist whose only aim is to get rid of Dixie Carter from TNA and take over her stake in the company. 5% interest in the company. Another loan was made in said that the money pumped in by Corgan was only to benefit himself, saying that he wanted a 22.5% stake in the company and a pledge agreement after the August loan. He then increased his request to a 50% equity stake, and that’s when he passed the comment that what Corgan offered and wanted in return “would make a loan shark blush.” The terms and conditions that Corgan wanted were a win-win situation for him, the attorney explained, and then when the opportunity came to get his money back, Corgan refused the offers. Parham said Corgan tried to buy TNA last month but then went to litigation when the deal fell through. He also noted that there was another opportunity for Corgan to buy the company on the day his loan agreement expired, a deal which would have given him 52% stake in TNA but he also didn’t take it. When discussing the pledge agreement and contract that the two parties have with each other, the TNA attorney said that regardless if TNA is insolvent or not, Dixie Carter’s rights and stake cannot be transferred under law because the contract that is signed, “is illegal under Tennessee law.” Parham kept hammering that the company wants to pay off Corgan’s loan but he’s refusing to agree and the attorney for Anthem Sports & Entertainment also said that they are willing to pay off his loan minus the transaction premium he says he’s owed.
? Nashville Chancellor Ellen Hobbs Lyle announced at the end of today’s TNA temporary injunction hearing that she would make a ruling on Monday, EST, lasted around 3 hours 30 minutes with attorneys for Billy Corgan and then TNA pleading their case. Corgan’s attorney Scott Sims started first, trying to convince the court that his client is entitled to exercise his right as stated in the contract and take over the company because it’s insolvent and unable to pay any debts. In his rebuttal, TNA attorney Travis Parham described Corgan as power hungry and all he cares about is not getting his money back, but ousting Dixie Carter from her power. If the Chancellor decides to side with TNA, it’s highly likely that Corgan will then have to accept getting paid back his loan and he would depart TNA. Dixie Carter would then be able to sell the company however she sees fit, be it to Anthem Sports & Entertainment, WWE, or anyone she wants. If she sides with Corgan, then Dixie Carter is in a lot of trouble as the injunction would be upheld and she would not be able to sell any part of the company without his approval. Corgan is requesting a trial by jury for his lawsuit.
Parham claimed that Corgan invested in TNA in July and had a chance to convert his loan into a 12
? Filming for the Total Nonstop Deletion segment that will be part of an Impact episode in December has been postponed and is likely to be taped sometime next month. The filming will take place in Cameron, North Carolina on the Matt Hardy compound, the same location where The Final Deletion and Delete or Apocalypto match, where TNA is inviting several tag teams who are not part of the organization to be featured in this match. Matt Hardy even invited “The Day of New” to appear and promised that if The New Day show up , he would make an appearance on “MeekMahan’s show.” The postponement of the filming comes on the heels of the several financial difficulties that TNA is going through at the moment. ProWrestlingSheet is reporting that funds were frozen by the court due to the Billy Corgan lawsuit so the company couldn’t fly out the required personnel to complete the shoot. It’s not known which tag teams will be part of this crazy match.