WWE | INDY | VISUAL | POLLS | COLUMNS | DISCUSS | FACEBOOK | YOUTUBE | TWITTER
 
 
 


  NoDQ.com > Indy > Possible Bad News For Corgan's Lawsuit
Posted by Steve Carrier on 10/27/2016 at 12:45 PM

Podcaster Jason Solomon passed along the following information:

My thanks to Justin for the heads up on this. He has a friend who works as a trial lawyer for the state of Tennessee, and she sent this over after following the situation with Billy Corgan and TNA. This sounds like it could be bad news for Corgan.

"Both property and title pledge agreements are covered under the Tennessee Title Pledge Act. Tennessee law forbids anyone from engaging in the business of title pledging without first obtaining the requisite business licenses with the State. Additionally, pledge agreements made by an entity without having such a license is void and unenforceable, and “the person making the loan forfeits the right to collect any moneys in connection with the title pledge agreement or property pledge agreement.” (Tenn. Code Ann. 45-15-105).

I pulled the Tennessee List of Approyed Pledge Lenders and Corgan's name is not on there. The only way Corgan could win on this argument is if he could show that Carter fraudulently induced him to sign the contract, but he (or his attorney) had a duty to know they couldn't act as pledge lenders. TNA could also countersue Corgan for making a pledge loan and, if they win, he could be out every bit of the money he loaned them. Since Corgan said he loaned the money but only under those circumstances (stakes in company, position of President, etc.), he's screwed.

He really has no excuse for not knowing you can't loan with a pledge agreement without a license."








Steve Carrier's Plug
  • NoDQ.com - Online Entertainment

    Latest Indy
  • Click here to discuss this post
  • If you are reading this, go to the main page
  • Co-founder of popular wrestler school dies
  • ROH COO shoots down WWE buyout rumors
  • DJ Z issues statement about his serious injury
  • DJ Z suffers serious injury
  • Hardys being allowed to fulfill indy dates
  • Damien Sandow retiring from wrestling?
  • Jarrett talks about futures of TNA and GFW
  • Result of Hardys vs. Young Bucks ROH match
  • Jeff Hardy explains fallout with Impact Wrestling
  •  


     
     
    Thank you for visiting NoDQ.com! We will have live PPV coverage of WWE Payback on April 30th starting at 7:00 PM ET. Please spread the word!

    You'll find information on this fan-created website about the following: WWE News, WWE Rumors, WWE Spoilers, WWE Results, TNA News, TNA Rumors, TNA Spoilers, TNA Results, John Cena, The Rock, Dean Ambrose, Seth Rollins, Roman Reigns, Vince McMahon, Sheamus, Impact Wrestling, Austin Aries, CM Punk, Bobby Roode, Nakamura, AJ Styles, Kevin Owens, Jeff Hardy, Hulk Hogan, Cesaro, Daniel Bryan, Sami Zayn, Dixie Carter, Paul Heyman, Wrestling video games, WWE Divas, Money in the Bank, Hell in a Cell, TNA Knockouts, Wrestlemania, Summerslam, Survivor Series, Royal Rumble, PPV Results, and much more!

    Original content Copyright 2017 NoDQ.com Web Publishing. [ Legal Notice | Privacy Policy ]