TNA Deathwatch: Die Another Day

[Captain Stud Muffin (BLM)]

The roster once they are free agents

[Deleted]

Not sure if this has been posted or not, kinda lost what has and hasn't.

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.

So on the tape library front, MMC/Anthem/Fight Network have streaming rights, but do not have ownership, of the tape library.

[tigermaskxxxvii]

I hope all of this goes to trial instead of being settled out of court just so we can see what kind of legal representation Dixie can scrounge up.

[Joe Neglia]

Oct 14, 2016 22:08:27 GMT -5 @jinxed said:

Not sure if this has been posted or not, kinda lost what has and hasn't.

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.

So on the tape library front, MMC/Anthem/Fight Network have streaming rights, but do not have ownership, of the tape library.

Still unclear. Other sources are stating that they flat-out own part (not all, but part) of the library.

[EoE: Workin On My Night Cheese]

Oct 14, 2016 22:15:42 GMT -5 tigermaskxxxvii said:

I hope all of this goes to trial instead of being settled out of court just so we can see what kind of legal representation Dixie can scrounge up.

But Lionel Hutz works on money down. They wouldn't be able to get him in the first place.

[Mighty Attack Tribble]

Oct 14, 2016 22:08:27 GMT -5 @jinxed said:

So on the tape library front, MMC/Anthem/Fight Network have streaming rights, but do not have ownership, of the tape library.

As I understand it that wouldn't prevent WWE from acquiring the tape library, or hinder their right to use it on the Network. IIRC someone independent of WWE has distribution rights to the ECW library even to this day, so this would presumably be a similar situation, unless MMC/Anthem/Fight Network have exclusive streaming rights.

[tigermaskxxxvii]

Oct 14, 2016 22:20:06 GMT -5 EoE: Workin On My Night Cheese said:

Oct 14, 2016 22:15:42 GMT -5 tigermaskxxxvii said:

I hope all of this goes to trial instead of being settled out of court just so we can see what kind of legal representation Dixie can scrounge up.

But Lionel Hutz works on money down. They wouldn't be able to get him in the first place.

So he doesn't work on a contingency basis?

[Sephiroth]

Oct 14, 2016 22:07:07 GMT -5 Captain Stud Muffin (BLM) said:

The roster once they are free agents

I think they are going to be more like

[Mister Pigwell]

Man I hope the library isn't Memphis'd. From a fan's perspective I just really want WWE to own it (or at least get streaming rights to it) so I can visit it on the Network.

[Shy Guy]

this whole thing is so effed up

[Welfare Willis]

Oct 14, 2016 21:31:17 GMT -5 @wvguitar said:

Is there some sort of Cliffs Notes version of exactly whats going on with TNA right now? I haven't been following closely, but apparently a lot of things happened lately.

A dumpster fire.

The End.

[Boozeman]

Corgan got treated like a money mark by wrestling's ultimate money mark. Gotta be embarrassing.

[CH Punk]

Oct 14, 2016 22:21:02 GMT -5 Mighty Attack Tribble said:

Oct 14, 2016 22:08:27 GMT -5 @jinxed said:

So on the tape library front, MMC/Anthem/Fight Network have streaming rights, but do not have ownership, of the tape library.

As I understand it that wouldn't prevent WWE from acquiring the tape library, or hinder their right to use it on the Network. IIRC someone independent of WWE has distribution rights to the ECW library even to this day, so this would presumably be a similar situation, unless MMC/Anthem/Fight Network have exclusive streaming rights.

As far as I understand, Kid Diddler Video filmed ECW shows themselves (with permission from ECW), so what they have the rights to sell is just what they did regarding ECW.

As for how this would go for TNA (and to the best of my knowledge of how bankruptcy proceedings work), WWE could always buy the tape library from TNA right now and Fight Network would be SOL. If TNA goes under, then Fight Network would get first dibs on the library as they are a creditor that is owed something (they could consider that the library is the only thing they could get back as money/assets from what they put into TNA). If, for whatever reason, they pass on it and no other creditor would be interested in it, then an outside party like WWE could bid on the library. Basically, unless WWE can get it now, it's most likely ending up in the Fight Network vault to air on Tuesday afternoons or whenever they aren't airing a UFC show.

[Slammy Award-Winning Cannibal]

Oct 14, 2016 21:55:33 GMT -5 No Longer a Produceman said:

Still, despite all this, somehow, someway, TNA kicks out at 2 7/8.

I think kicking out implies they're a living entity. This a zombie company. It walks among us but it's long dead.

[El Pollo Guerrera]

The whole TNA crash is both disappointing and fascinating... I can't wait to read the tell-all book with the 'forensic accounting' details that will come out in a few years.

[FHgrad99]

I swear a chimpanzee has more business sense than Dixie Carter.

[jimmyjames]

With the revelations about TNA debt and their not paying taxes you seriously have to ask, was TNA essential a scam. Was the money going straight into Dixie's bank account? We know their history of not paying or late paying of employees, but does anyone think Dixie or Serge's paychecks were late? You can bet Serge's royalty checks were in full and on time.

[Aya Reiko]

Oct 14, 2016 21:42:48 GMT -5 @jinxed said:

Oct 14, 2016 21:31:17 GMT -5 @wvguitar said:

Is there some sort of Cliffs Notes version of exactly whats going on with TNA right now? I haven't been following closely, but apparently a lot of things happened lately.

- Billy Corgan has filed a restraining order against multiple officers in TNA as well as filed as a secure creditor of Dixie Carter herself.
- Audience of 1 productions is suing TNA and several officers, Areolux and Ron Harris. They are seeking money owed to them as well as a judgment and award for TNA, Dean Broadhead, Areolux and Ron Harris for screwing them out of a business deal to be extremely simple.
- The State of Tennessee has filed a lien against TNA for back taxes owed.
- Aerolux has a lien or ownership on various aspects of TNA for money owed.
- Fight Network in Canada funded the last PPV and taping. They have some sort of claim to part of the video library. What it is and what part is debated.
- Some talent are rumored to be filing for breech of contract and will be declaring themselves free agents if not paid in a week.
- John "Big" Gaburick went to Kevin Dunn to try and sell the video library to WWE on the condition he got a job which Vince declined.

[Joe Neglia]

Gotta feel for Gaburick, still stuck there with everyone he works for and with knowing he tried to use the library negotiations to flee the sinking ship without them...

[Emmet Russell]

Oct 15, 2016 2:40:33 GMT -5 Joe Neglia said:

Gotta feel for Gaburick, still stuck there with everyone he works for and with knowing he tried to use the library negotiations to flee the sinking ship without them...

He kinda brought that on himself...

He's gotta live with it.