Post by Deleted on Oct 13, 2016 13:35:46 GMT -5
Billy Corgan Files Lawsuit and Restraining Order Against TNA and Company Officers. - From PWInsider:
Audience of One Production Files Lawsuit Against TNA. From PWInsider:
Wrestling Observer:
SEScoops
After months of speculation of what was going to happen with the company, it's ownership and it's finances, TNA President Billy Corgan filed a lawsuit against TNA Impact Wrestling, it's parent company Impact Ventures LLC, TNA Chairman Dixie Carter, TNA Chief Financial Officer Dean Broadhead and Carter's husband Serg Salias on 10/12 in the Chancery Court of Nashville, TN.
PWInsider.com is currently working on acquiring details of the lawsuit. Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this posting.
PWInsider.com is currently working on acquiring details of the lawsuit. Requests for comment from Corgan's attorney and TNA's Public Relations were not returned as of this posting.
Audience of One Production Files Lawsuit Against TNA. From PWInsider:
Also interesting to note that TNA's former production company, Audience of One Productions, LLC in Virginia filed a lawsuit on 9/27 in the U.S. District Court, Eastern District of Virginia against TNA parent company Impact Ventures LLC, TNA minority owner Aroluxe LLC, TNA Chief Financial Officer Dean Broadhead and Ronald Dean Harris (aka Ron Harris of the Bruise Brothers).
This lawsuit is seeking seeks $223,000 plus interest and post-judgment costs for breach of contract, fraudulent inducement on the behalf of Harris and Broadhead, torturous interference on behalf of Aroluxe and for the defendants violating Virginia code.
The lawsuit states that TNA began conversations with AO1 Productions in 2015 about "a possible long-term, multi-event, production services agreement, pursuant to which AOl would provide a variety of production services for live TNA professional wrestling events, including audio/visual and broadcasting work, lighting, set construction and breakdown, as well as retention and payment of audience "wranglers" (personnel who would patrol the crowd and try to engage audience members with the event), among other things."
The lawsuit states that before and during the negotiations between the two companies, TNA production was overseen by Ron and Don Harris and "Upon information and belief, the Harris Brothers were not providing sufficiently high-quality production work to TNA, despite their industry experience. AOl understood that one of the reasons TNA initially sought a long-term business relationship with AOl was [Dean] Broadhead's dissatisfaction with production services work previously provided by the Harris Brothers."
The two sides began working together specifically on Universal Studios tapings, with the lawsuit alleging that "Broadhead and Ron Harris consistently represented to AOl that these two events were the first of many and that TNA and AOl were on the verge of a long and fruitful relationship." TNA came to AO1 and hired them to produce the 2015 Bound for Glory PPV, despite the fact that "TNA was apparently in dire financial straits at the time of these negotiations, with reports in the media suggesting that, among other financial woes, TNA was behind on paying some of its key "talent," i.e., wrestling personnel."
After the show, A01 billed TNA for $223,000 for services rendered in October. The following month, the lawsuit alleges that Broadhead, in an email to A01, stated that TNA was working on finalizing a new TNA deal that would put the company in 80 million homes and stated, "We are planning to go back into Universal Studios in 2016 and get back on the right track with our production. Please, please hang in there with us. We will come out of these difficult times in a much better position as a company and a partner." A01 alleges this email was sent to prevent them from moving to more aggressive collection attempts on the money owed.
The lawsuit alleges that A01 sent a second invoice, including a 1.5% late fee in November, which led to Ron Harris requesting an itemized invoice before A01 could be paid. The communications included discussions on a new set design, A01 alleges in their lawsuit that TNA was having discussions with other vendors at the same time.
In January 2016, A01 reduced the amount TNA owed them by $29,001.57, noting that that amount was removed as Dean Broadhead directly paid some of the independent contractors who had worked on Bound for Glory production, so A01 no longer needed to pay those contractors themselves. A01 alleges in the lawsuit that TNA made those payments directly to insure that those contractors would continue to work for TNA after TNA cut ties from A01.
The lawsuit also alleges that Broadhead opened into discussions with Jeff Wade, the owner of A01, regarding a payment plan to begin to reimburse A01 for money owed from the Bound for Glory event. Based on the agreement, the money would be paid in monthly installments starting in March 2016 through August 2016, and that TNA stated they were "on track" to begin to make payments. However, the lawsuit alleges, "Upon information and belief, TNA's financial troubles had become increasingly severe by this time. Yet, here again, Broadhead, who would have been intimately familiar with those financial troubles, failed to share any relevant information with AOl, which, for its part, continued to negotiate in good faith with TNA and Broadhead over repayment terms for the BFG Event."
The lawsuit claims that in March 2016, "Aroluxe provided some form of financing to TNA which, upon information and belief, was sufficient to allow TNA to continue operating for the foreseeable future. This financing was secured with a lien on all or nearly all of TNA's assets, including, but not limited to, all accounts receivable as well as all fixtures, inventory, and equipment."
The lawsuit then alleges that financing "gave Aroluxe and, by extension, the Harris Brothers, two of Aroluxe's principals, considerable incentive to oversee and coordinate TNA's financial affairs going forward." on 3/18/16, TNA was to wire the first payment but 12 hours later, Broadhead told A01 that the company could not wire the money. The money was later received via FedEx. The lawsuit alleges, "Upon information and belief, this failure to make a timely wire transfer to AOl resulted from intervention by Aroluxe and/or Ron Harris who, at this point, had every incentive to disrupt and delay payments to AOl so that other creditors could be paid sooner."
From that point on, TNA did not respond to invoices regarding money owed to A01, according to the lawsuit.
The lawsuit claims that as of June 2016, "Aroluxe, through two of its principals, the Harris Brothers, was handling TNA's production efforts and administering its accounts payable, presumably because of the prior infusion of capital by Aroluxe, which was reportedly keeping TNA afloat."
The suit alleges that Broadhead and Harris were responsible for dragging out payment with false promises of future work as a way to get AO1 to agree to the repayment plan, which TNA did not maintain.
Court records do not note whether TNA or the other named defendants have responded to the lawsuit as of this writi
This lawsuit is seeking seeks $223,000 plus interest and post-judgment costs for breach of contract, fraudulent inducement on the behalf of Harris and Broadhead, torturous interference on behalf of Aroluxe and for the defendants violating Virginia code.
The lawsuit states that TNA began conversations with AO1 Productions in 2015 about "a possible long-term, multi-event, production services agreement, pursuant to which AOl would provide a variety of production services for live TNA professional wrestling events, including audio/visual and broadcasting work, lighting, set construction and breakdown, as well as retention and payment of audience "wranglers" (personnel who would patrol the crowd and try to engage audience members with the event), among other things."
The lawsuit states that before and during the negotiations between the two companies, TNA production was overseen by Ron and Don Harris and "Upon information and belief, the Harris Brothers were not providing sufficiently high-quality production work to TNA, despite their industry experience. AOl understood that one of the reasons TNA initially sought a long-term business relationship with AOl was [Dean] Broadhead's dissatisfaction with production services work previously provided by the Harris Brothers."
The two sides began working together specifically on Universal Studios tapings, with the lawsuit alleging that "Broadhead and Ron Harris consistently represented to AOl that these two events were the first of many and that TNA and AOl were on the verge of a long and fruitful relationship." TNA came to AO1 and hired them to produce the 2015 Bound for Glory PPV, despite the fact that "TNA was apparently in dire financial straits at the time of these negotiations, with reports in the media suggesting that, among other financial woes, TNA was behind on paying some of its key "talent," i.e., wrestling personnel."
After the show, A01 billed TNA for $223,000 for services rendered in October. The following month, the lawsuit alleges that Broadhead, in an email to A01, stated that TNA was working on finalizing a new TNA deal that would put the company in 80 million homes and stated, "We are planning to go back into Universal Studios in 2016 and get back on the right track with our production. Please, please hang in there with us. We will come out of these difficult times in a much better position as a company and a partner." A01 alleges this email was sent to prevent them from moving to more aggressive collection attempts on the money owed.
The lawsuit alleges that A01 sent a second invoice, including a 1.5% late fee in November, which led to Ron Harris requesting an itemized invoice before A01 could be paid. The communications included discussions on a new set design, A01 alleges in their lawsuit that TNA was having discussions with other vendors at the same time.
In January 2016, A01 reduced the amount TNA owed them by $29,001.57, noting that that amount was removed as Dean Broadhead directly paid some of the independent contractors who had worked on Bound for Glory production, so A01 no longer needed to pay those contractors themselves. A01 alleges in the lawsuit that TNA made those payments directly to insure that those contractors would continue to work for TNA after TNA cut ties from A01.
The lawsuit also alleges that Broadhead opened into discussions with Jeff Wade, the owner of A01, regarding a payment plan to begin to reimburse A01 for money owed from the Bound for Glory event. Based on the agreement, the money would be paid in monthly installments starting in March 2016 through August 2016, and that TNA stated they were "on track" to begin to make payments. However, the lawsuit alleges, "Upon information and belief, TNA's financial troubles had become increasingly severe by this time. Yet, here again, Broadhead, who would have been intimately familiar with those financial troubles, failed to share any relevant information with AOl, which, for its part, continued to negotiate in good faith with TNA and Broadhead over repayment terms for the BFG Event."
The lawsuit claims that in March 2016, "Aroluxe provided some form of financing to TNA which, upon information and belief, was sufficient to allow TNA to continue operating for the foreseeable future. This financing was secured with a lien on all or nearly all of TNA's assets, including, but not limited to, all accounts receivable as well as all fixtures, inventory, and equipment."
The lawsuit then alleges that financing "gave Aroluxe and, by extension, the Harris Brothers, two of Aroluxe's principals, considerable incentive to oversee and coordinate TNA's financial affairs going forward." on 3/18/16, TNA was to wire the first payment but 12 hours later, Broadhead told A01 that the company could not wire the money. The money was later received via FedEx. The lawsuit alleges, "Upon information and belief, this failure to make a timely wire transfer to AOl resulted from intervention by Aroluxe and/or Ron Harris who, at this point, had every incentive to disrupt and delay payments to AOl so that other creditors could be paid sooner."
From that point on, TNA did not respond to invoices regarding money owed to A01, according to the lawsuit.
The lawsuit claims that as of June 2016, "Aroluxe, through two of its principals, the Harris Brothers, was handling TNA's production efforts and administering its accounts payable, presumably because of the prior infusion of capital by Aroluxe, which was reportedly keeping TNA afloat."
The suit alleges that Broadhead and Harris were responsible for dragging out payment with false promises of future work as a way to get AO1 to agree to the repayment plan, which TNA did not maintain.
Court records do not note whether TNA or the other named defendants have responded to the lawsuit as of this writi
TNA UPDATES
by Mike Johnson @ 5:56 PM on 10/14/2016
The music rights issues regarding themes that were pulled from Impact Wrestling last night are said to be that songs that were written for Dale Oliver and according to two sources, a pay issue for that material is at the center of whether TNA had the proper rights to the songs or not. A story making the rounds is that TNA President Billy Corgan informed Pop about the issue (I cannot 100% confirm this to be the case, but have heard it from multiple sources) and TNA production had to spend a few extra hours on last night's episode to make sure it was fit to see air. There were some in the production circle grumbling about Corgan because of the extra work but to be fair, if there wasn't a question about the rights to begin with, no additional editing would have been necessary. If the music returns down the line, that means TNA and Oliver were able to come to terms. Serg Salinas, Dixie Carter's husband, would be who oversees TNA's musical rights.
While no one has spoken out regarding the lawsuit Billy Corgan filed on 10/12, Jason Powell at www.ProWrestling.net was able to get a statement from Corgan's spokesperson Lissa Druss Christman: "As president, Billy is looking out for the long-term interest of the company, its employees, its talent, as well as its stakeholders and contractors.” All involved in the lawsuit have gone radio silent.
In regard to rumors we have been asked about regarding wrestlers saying they are going to file breach of contract if their pay is late, it's possible that could happen as it was talked about by some at TV last week, but whether anyone actually does remains to be seen. TNA usually pays talents two weeks after they appear on television.
by Mike Johnson @ 5:56 PM on 10/14/2016
The music rights issues regarding themes that were pulled from Impact Wrestling last night are said to be that songs that were written for Dale Oliver and according to two sources, a pay issue for that material is at the center of whether TNA had the proper rights to the songs or not. A story making the rounds is that TNA President Billy Corgan informed Pop about the issue (I cannot 100% confirm this to be the case, but have heard it from multiple sources) and TNA production had to spend a few extra hours on last night's episode to make sure it was fit to see air. There were some in the production circle grumbling about Corgan because of the extra work but to be fair, if there wasn't a question about the rights to begin with, no additional editing would have been necessary. If the music returns down the line, that means TNA and Oliver were able to come to terms. Serg Salinas, Dixie Carter's husband, would be who oversees TNA's musical rights.
While no one has spoken out regarding the lawsuit Billy Corgan filed on 10/12, Jason Powell at www.ProWrestling.net was able to get a statement from Corgan's spokesperson Lissa Druss Christman: "As president, Billy is looking out for the long-term interest of the company, its employees, its talent, as well as its stakeholders and contractors.” All involved in the lawsuit have gone radio silent.
In regard to rumors we have been asked about regarding wrestlers saying they are going to file breach of contract if their pay is late, it's possible that could happen as it was talked about by some at TV last week, but whether anyone actually does remains to be seen. TNA usually pays talents two weeks after they appear on television.
LIEN FILED AGAINST TNA BY STATE OF TN AND MORE
by Mike Johnson @ 8:25 PM on 10/14/2016
The Tennesseean featured an article today noting that the State of Tennessee has filed a lien against TNA for unpaid taxes. The amount owed is not listed in the article, which you can read by clicking here. Thanks to everyone who sent that along.
Based on documents filed with the Tennesee State Secretary, Aroluxe's secured debt is for $3.4 million, the secured debt for Anthem Sports and Entertainment Corp, the parent company of The Fight Network (the investment that lead to the Network getting a minor ownership stake in the company as well as worldwide streaming rights to the TNA library) is for $500,000, and the secured debt for MCC Acquisitions Corp (which based on numbers we have heard tossed around, fits with the cost for the Bound for Glory PPV and subsequent TV tapings) is $1.1 million. By my math, that would be $3.4 million, not including whatever Billy Corgan's investment was over the course of 2016. As secured creditors for the company, they would be first in line to get something if the company shutters operations.
The New York Post featured an article on Billy Corgan filing a lawsuit against TNA, Dixie Carter, etc. The article claimed that Corgan was upset because his investment in the company did not gain him a "majority stake as he had been promised." The article quoted a source noting, "He expected to have more control after investing in TNA but it hasn’t turned out that way.” The odd thing about that quote is Corgan became President of the company and is currently the final word on the creative team, so the idea that he didn't have enough control just seems off.
by Mike Johnson @ 8:25 PM on 10/14/2016
The Tennesseean featured an article today noting that the State of Tennessee has filed a lien against TNA for unpaid taxes. The amount owed is not listed in the article, which you can read by clicking here. Thanks to everyone who sent that along.
Based on documents filed with the Tennesee State Secretary, Aroluxe's secured debt is for $3.4 million, the secured debt for Anthem Sports and Entertainment Corp, the parent company of The Fight Network (the investment that lead to the Network getting a minor ownership stake in the company as well as worldwide streaming rights to the TNA library) is for $500,000, and the secured debt for MCC Acquisitions Corp (which based on numbers we have heard tossed around, fits with the cost for the Bound for Glory PPV and subsequent TV tapings) is $1.1 million. By my math, that would be $3.4 million, not including whatever Billy Corgan's investment was over the course of 2016. As secured creditors for the company, they would be first in line to get something if the company shutters operations.
The New York Post featured an article on Billy Corgan filing a lawsuit against TNA, Dixie Carter, etc. The article claimed that Corgan was upset because his investment in the company did not gain him a "majority stake as he had been promised." The article quoted a source noting, "He expected to have more control after investing in TNA but it hasn’t turned out that way.” The odd thing about that quote is Corgan became President of the company and is currently the final word on the creative team, so the idea that he didn't have enough control just seems off.
Wrestling Observer:
Regarding WWE no longer being interested in the tape library, Gaburick did go to WWE's Kevin Dunn with the idea of a package where WWE would hire Gaburick if he got them the tape library deal. Dunn reportedly went to Vince McMahon with the idea but it looks like the deal won't be happening. The Observer notes that WWE's involvement has been up and down for weeks.
SEScoops
When you search for Dixie Carter (who is legally Dixie Carter Salinas, her married name), you get this, which was filed Tuesday morning (October 11th):
Record of Dixie Carter owing Billy Corgan money.
Yes, as of Tuesday, Dixie Carter officially owes Billy Corgan money personally.
The address given for Corgan appears to be that of the offices of Smashing Pumpkins Machine, his company. A day later, on Wednesday, as reported earlier today (Thursday), Corgan sued Impact Ventures, TNA Entertainment, TNA COO and CFO Dean Broadhead, Dixie Carter Salinas, and her husband Serg Salinas. Being that everything filed so far in the lawsuit is sealed from public view, we can’t be 100% sure what this is about yet, but the two issues sure look like they’re related
Record of Dixie Carter owing Billy Corgan money.
Yes, as of Tuesday, Dixie Carter officially owes Billy Corgan money personally.
The address given for Corgan appears to be that of the offices of Smashing Pumpkins Machine, his company. A day later, on Wednesday, as reported earlier today (Thursday), Corgan sued Impact Ventures, TNA Entertainment, TNA COO and CFO Dean Broadhead, Dixie Carter Salinas, and her husband Serg Salinas. Being that everything filed so far in the lawsuit is sealed from public view, we can’t be 100% sure what this is about yet, but the two issues sure look like they’re related
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