NoDQ.com > Indy > Corgan says he was lied to about TNA's debt
Posted by Aaron Rift on 10/26/2016 at 02:19 PM

More information is coming out about the Billy Corgan lawsuit against TNA. According to Corgan, TNA had planned TV tapings for November 1st through November 3rd in Orlando but they were recently postponed due to a lack of funds.

Corgan is also claiming that he was lied to about the amount of debt the company is in and he wouldn't have invested if he had known the true debt amount.

Regarding WWE, Corgan is claiming he's seen proof that TNA was in discussions with WWE about a potential sale despite TNA executive Dean Broadhead telling him that the WWE sale talks were false.

Below is a transcript of a page from Corgan's response to TNA's claim that his lawsuit is a back-handed grab for power:

Defendants first attempt to portray Corganís complaint and application for injunctive relief as nothing more than a back-handed grab for power. That is false. Corgan has a great passion for TNA Wrestlingís talent and fans. The last thing that Corgan wanted to do was file suit, and he has done everything he could to avoid litigation. However, Corgan was compelled to file this action and seek injunctive relief based on defendantsí repeated willful disregard of their contractual obligations to him. Indeed, defendantsí own production of documents in this action demonstrates that defendants have been engaging in an orchestrated effort to deprive Corgan of his contractual rights from day one.

Defendants next argue that Corganís application for injunctive relief should be denied because defendants have secured financing to pay Corgan the full amount to which he is entitled. That also is false. Defendants have merely obtained a proposal for financing a portion of the amount Corgan is due, and that financing proposal is premised upon conditions that cannot be fulfilled, namely obtaining a release from Corgan that he is not obligated to provide and will not provide for various reasons.

Defendants next argue that the provision in the Salinas Pledge Agreement allowing Corgan to exercise Mrs. Salinasí voting rights is invalid under the Tennessee Revised Limited Liability Company Act and Impact Venturesí Operating Agreement. Defendants are again mistaken. The provision allowing Corgan to exercise Mrs. Salinasí voting rights is tantamount to a voting proxy, which is expressly permitted by the Act and not prohibited by Impact Venturesí Operating Agreement.

Defendants also argue that Impact Ventures is not insolvent. That too is false. The Court permitted Corgan to engage in limited discovery prior to the hearing on this motion.

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