Sephiroth
Wade Wilson
Surviving
Posts: 28,932
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Post by Sephiroth on Sept 27, 2022 9:18:26 GMT -5
My memory is very fuzzy on this so feel free to correct me. Shane Douglas debuted in XPw announcing he was going to take the promotion “to the next level” or some generic nonsense like that. Rob Black was trying to use Douglas to boost XPW’s status as the heir to ECW and to kickoff an effort to build a presence for the promotion on the eastern seaboard.XPW never staged another ppv and lost their west coast tv coverage not long after. So to add it was a bit more of a cluster. Long story short, a lot of checks bounced. I'm pretty sure in the case of issues with the ECW arena (which XPW paid to get exclusive rights to) there was also an issue of housing the Extreme Associates porn dvds... I don't believe they filmed there but I remember stories coming out that once the owners of the arena found the arena being used as a warehouse they ended the agreement. Then the feds coming after Black killed everything. On the topic of this thread, pretty sure Hogan/Bischoff were trying to convince Dixie to sell TNA to them, or at least make Eric in charge of everything. I’d argue against the Hogan/Bischoff era of TNA as a failed coup. They both got everything they wanted out of it. On a similar note, there was briefly a question of Jarrett retaking full ownership of Impact and officially transitioning it to Global Force. But you can argue that’s another example where JJ got everything he could have wanted out of the deal, so not exactly failed.
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Post by This Player Hating Mothman on Sept 27, 2022 12:50:26 GMT -5
What the hell happened when Corgan had control of Impact and then suddenly didn’t Corgan was just writing for TNA at one point, but Dixie started leaning on him as a money mark, and he was smarter than most money marks, because he decided he wanted a contract stipulating that if the company became insolvent and couldn't pay him back the millions he was putting in at the last minute to make PPVs happen--and I mean last minute, because we'd get to like the Thursday before a PPV and it'd be all stories about Dixie frantically trying to secure funding to pay for the PPV--he would get ownership of the company. Buying in also got Corgan the role of president in the company. Only problem is, the state of Tennessee has specific legal designations for the kind of creditor who can make that claim, and Billy Corgan was not recognized as one, so he ended up having a piece of paper that was literally worthless in promising he'd ever be paid back. Dixie kept searching for funding and someone to take over the company while not really considering Corgan at all. She did not want Corgan, because in typical Dixie Carter fashion, she wanted someone who would let her stay on and uselessly collect a paycheck, if not just keep running the whole show herself. She later found it in Anthem Media, current owners of the company, and sold them the company, which Corgan disputed because he was in the midst of trying to prove the company couldn't pay its debts and that it should be folded back to him. Word has always floated around that TNA knew the deal they were offering Corgan was one that was unenforceable in court and that they were basically screwing him around. He then had to go pursue legal action to get his money back and Anthem still dicked him on actually getting back what he put into the company.
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Mozenrath
FANatic
Foppery and Whim
Speedy Speed Boy
Posts: 121,081
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Post by Mozenrath on Sept 27, 2022 13:10:28 GMT -5
What the hell happened when Corgan had control of Impact and then suddenly didn’t Corgan was just writing for TNA at one point, but Dixie started leaning on him as a money mark, and he was smarter than most money marks, because he decided he wanted a contract stipulating that if the company became insolvent and couldn't pay him back the millions he was putting in at the last minute to make PPVs happen--and I mean last minute, because we'd get to like the Thursday before a PPV and it'd be all stories about Dixie frantically trying to secure funding to pay for the PPV--he would get ownership of the company. Buying in also got Corgan the role of president in the company. Only problem is, the state of Tennessee has specific legal designations for the kind of creditor who can make that claim, and Billy Corgan was not recognized as one, so he ended up having a piece of paper that was literally worthless in promising he'd ever be paid back. Dixie kept searching for funding and someone to take over the company while not really considering Corgan at all. She did not want Corgan, because in typical Dixie Carter fashion, she wanted someone who would let her stay on and uselessly collect a paycheck, if not just keep running the whole show herself. She later found it in Anthem Media, current owners of the company, and sold them the company, which Corgan disputed because he was in the midst of trying to prove the company couldn't pay its debts and that it should be folded back to him. Word has always floated around that TNA knew the deal they were offering Corgan was one that was unenforceable in court and that they were basically screwing him around. He then had to go pursue legal action to get his money back and Anthem still dicked him on actually getting back what he put into the company. Didn't they still ultimately end up having to pay him back what he was owed with interest? Probably at best only broke even due to legal fees, but he still got less f***ed than a lot of people did with TNA since he had the resources to actually fight them on it.
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Post by This Player Hating Mothman on Sept 27, 2022 13:15:23 GMT -5
Corgan was just writing for TNA at one point, but Dixie started leaning on him as a money mark, and he was smarter than most money marks, because he decided he wanted a contract stipulating that if the company became insolvent and couldn't pay him back the millions he was putting in at the last minute to make PPVs happen--and I mean last minute, because we'd get to like the Thursday before a PPV and it'd be all stories about Dixie frantically trying to secure funding to pay for the PPV--he would get ownership of the company. Buying in also got Corgan the role of president in the company. Only problem is, the state of Tennessee has specific legal designations for the kind of creditor who can make that claim, and Billy Corgan was not recognized as one, so he ended up having a piece of paper that was literally worthless in promising he'd ever be paid back. Dixie kept searching for funding and someone to take over the company while not really considering Corgan at all. She did not want Corgan, because in typical Dixie Carter fashion, she wanted someone who would let her stay on and uselessly collect a paycheck, if not just keep running the whole show herself. She later found it in Anthem Media, current owners of the company, and sold them the company, which Corgan disputed because he was in the midst of trying to prove the company couldn't pay its debts and that it should be folded back to him. Word has always floated around that TNA knew the deal they were offering Corgan was one that was unenforceable in court and that they were basically screwing him around. He then had to go pursue legal action to get his money back and Anthem still dicked him on actually getting back what he put into the company. Didn't they still ultimately end up having to pay him back what he was owed with interest? Probably at best only broke even due to legal fees, but he still got less f***ed than a lot of people did with TNA since he had the resources to actually fight them on it. I don't remember anything about interest, just that Corgan ended up being coerced into signing an NDA about the whole situation for Anthem to give him a dime, and after months of them publicly jerking him around and lying about how they 'keep offering him the money but he won't take it' he just gave up and signed it away.
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