Post by Mayonnaise on Nov 28, 2016 13:06:25 GMT -5
SO, WHATEVER HAPPENED TO TNA VS. BILLY CORGAN? AND WHERE DOES TNA GO FROM HERE?
by Mike Johnson @ 11:16 AM on 11/28/2016
by Mike Johnson @ 11:16 AM on 11/28/2016
Several weeks after Billy Corgan announced via Twitter that he and TNA had come to a settlement agreement on his issues with TNA, which led to him filing his lawsuit against the company, Dixie Carter and others, the lawsuit remains active within the Chancery Court of Nashville, TN. So, what happened?
PWInsider.com is told that while both sides came to an agreement in principal, getting that agreement officially signed on paper was a little trickier and there were several delays in that process since Corgan's announcement. The belief among those we spoke to over the last several days is that the final paperwork has been completed and that everything will be officially settled sometime this week or early next week at the latest.
So, once Billy Corgan is out of their hair, what happens next for TNA?
We have heard from sources that a number of lawyers for Anthem Media have been seen regularly at TNA offices in recent weeks and the belief is that at some point after the Corgan matter has been closed, Anthem will then announce that they have purchased majority ownership in Impact Ventures. At that point, it should be interesting to see what sort of changes are made to the internal structure of TNA, both from a creative and from a staffing standpoint.
Based on material Corgan's attorneys uncovered, the initial plan was for Anthem to own 85% of the company, Aeroluxe would own 10% and Dixie Carter would be left with 5%, leaving her in a position to benefit should the company take off at some point but being pretty much out of power when it came to decision-making. If that agreement holds up, we could also see Jason Brown of Aeroluxe installed at the CEO of Impact Ventures, although the previous announcement made by Anthem and TNA seemed to imply that Anthem's Ed Nordholm would be the one making all decisions going forward.
So, we still have some internal rapids to smooth out for the company before they hit easy waters.
TNA is still slated to film Impact Wrestling episodes the first week of January 2017 at Universal Studios in Orlando, Florida.
PWInsider.com is told that while both sides came to an agreement in principal, getting that agreement officially signed on paper was a little trickier and there were several delays in that process since Corgan's announcement. The belief among those we spoke to over the last several days is that the final paperwork has been completed and that everything will be officially settled sometime this week or early next week at the latest.
So, once Billy Corgan is out of their hair, what happens next for TNA?
We have heard from sources that a number of lawyers for Anthem Media have been seen regularly at TNA offices in recent weeks and the belief is that at some point after the Corgan matter has been closed, Anthem will then announce that they have purchased majority ownership in Impact Ventures. At that point, it should be interesting to see what sort of changes are made to the internal structure of TNA, both from a creative and from a staffing standpoint.
Based on material Corgan's attorneys uncovered, the initial plan was for Anthem to own 85% of the company, Aeroluxe would own 10% and Dixie Carter would be left with 5%, leaving her in a position to benefit should the company take off at some point but being pretty much out of power when it came to decision-making. If that agreement holds up, we could also see Jason Brown of Aeroluxe installed at the CEO of Impact Ventures, although the previous announcement made by Anthem and TNA seemed to imply that Anthem's Ed Nordholm would be the one making all decisions going forward.
So, we still have some internal rapids to smooth out for the company before they hit easy waters.
TNA is still slated to film Impact Wrestling episodes the first week of January 2017 at Universal Studios in Orlando, Florida.
CORGAN, ANTHEM MEDIA OFFICIALLY ANNOUNCE SETTLEMENT OF CORGAN LAWSUIT AGAINST TNA
by Mike Johnson @ 6:57 PM on 11/28/2016
Anthem Media issued the following:
Anthem Sports & Entertainment and William Corgan Announce Settlement
Toronto, Canada (November 28, 2016) – Anthem Sports & Entertainment Corp. and William “Billy” Corgan today announced that they have completed an agreement to resolve Mr. Corgan’s litigation against Impact Ventures, parent company of TNA Impact Wrestling. Anthem has acquired Mr. Corgan’s loan to Impact Ventures on undisclosed terms, and Mr. Corgan has dismissed his proceedings against Impact Ventures and TNA Impact Wrestling.
Anthem Sports & Entertainment Corp. is a global sports media company that operates Fight Network, Impact Wrestling’s exclusive broadcaster in Canada, as well as the exclusive worldwide digital streaming partner for all TNA programming. It is also an equity stakeholder of Impact Ventures.
Anthem Executive Vice President Ed Nordholm stated: “We are pleased to conclude these arrangements with Mr. Corgan. The events leading to litigation were unfortunate but also reflected all parties’ desire in good faith to support the company. The arrangements we have made with Mr. Corgan respect all parties’ gratitude for his contributions to Impact Wrestling, both creatively and financially. We can now close this chapter and look forward to making Impact Wrestling a leader in the professional wrestling world.”
“I’m pleased that an agreement is now in place that allows wrestling operations to continue,” said Corgan, Impact’s former president, “for my interest from the start was to provide support, be it material or creative, to such a great roster and crew. And as I plan on continuing in the business side of pro wrestling, I look forward to seeing where Anthem’s leadership takes the company in 2017, and wish them the best.”
****
Note from Mike: It is very interesting to note that the announcement stated that Corgan has dismissed his legal proceedings against Impact Ventures and TNA Impact Wrestling, but did not address Dixie Carter, Serg Salinas and Dean Broadhead, who were personally named as defendants in Corgan's lawsuit. It should be interesting to see whether they are not addressed in the statement is because a civil lawsuit against them will continue on or whether the wording in the release from Anthem simply chose not to list them by name.
by Mike Johnson @ 6:57 PM on 11/28/2016
Anthem Media issued the following:
Anthem Sports & Entertainment and William Corgan Announce Settlement
Toronto, Canada (November 28, 2016) – Anthem Sports & Entertainment Corp. and William “Billy” Corgan today announced that they have completed an agreement to resolve Mr. Corgan’s litigation against Impact Ventures, parent company of TNA Impact Wrestling. Anthem has acquired Mr. Corgan’s loan to Impact Ventures on undisclosed terms, and Mr. Corgan has dismissed his proceedings against Impact Ventures and TNA Impact Wrestling.
Anthem Sports & Entertainment Corp. is a global sports media company that operates Fight Network, Impact Wrestling’s exclusive broadcaster in Canada, as well as the exclusive worldwide digital streaming partner for all TNA programming. It is also an equity stakeholder of Impact Ventures.
Anthem Executive Vice President Ed Nordholm stated: “We are pleased to conclude these arrangements with Mr. Corgan. The events leading to litigation were unfortunate but also reflected all parties’ desire in good faith to support the company. The arrangements we have made with Mr. Corgan respect all parties’ gratitude for his contributions to Impact Wrestling, both creatively and financially. We can now close this chapter and look forward to making Impact Wrestling a leader in the professional wrestling world.”
“I’m pleased that an agreement is now in place that allows wrestling operations to continue,” said Corgan, Impact’s former president, “for my interest from the start was to provide support, be it material or creative, to such a great roster and crew. And as I plan on continuing in the business side of pro wrestling, I look forward to seeing where Anthem’s leadership takes the company in 2017, and wish them the best.”
****
Note from Mike: It is very interesting to note that the announcement stated that Corgan has dismissed his legal proceedings against Impact Ventures and TNA Impact Wrestling, but did not address Dixie Carter, Serg Salinas and Dean Broadhead, who were personally named as defendants in Corgan's lawsuit. It should be interesting to see whether they are not addressed in the statement is because a civil lawsuit against them will continue on or whether the wording in the release from Anthem simply chose not to list them by name.