Billy Corgan suing Dixie Carter and Impact Ventures, hearing scheduled for next week in Nashville (w/Keller’s Analysis)

By Wade Keller, PWTorch editor


SPOTLIGHTED PODCAST ALERT (YOUR ARTICLE BEGINS A FEW INCHES DOWN)...

William P. (Billy) Corgan, a minority owner in TNA Impact Wrestling with the title of TNA President as of August, has now filed a legal injunction against TNA’s majority ownership group Impact Ventures LLC and CFO Dean Broadhead, Chairperson Dixie Carter, and COO Serg Salinas (Carter’s husband). The complaint/petition attached to the lawsuit is under seal. Corgan has filed for a temporary restraining order, requested a six person jury, and requested an expedited discovery. A hearing is set for next Thursday morning, October 20 in Nashville, Tenn.

Corgan has spoken publicly about coming through with emergency funding in recent months in order to tape more television for Pop TV and various international partners. Corgan said he would not fund the Bound for Glory PPV event on Oct. 2 nor the subsequent five TV taping sessions in Orlando, Fla. last week. Funding did come through from another source to at least pay the production team.

Corgan and Carter’s relationship has dissolved in the last couple months as various parties scrambled to take control of the company and generate funding or bring in an investor. Corgan has made it clear he is interested in owning the company outright and buying it with his own money. Carter has been trying to retain a role with the company and, by all indications, has been trying to affiliate herself with a group that could continue to own and fund the company with additional investors.

Rumors have been floated of WWE’s interest in buying TNA, although TNA has little of value to WWE outside of the tape library. Rights to the legal trademarks TNA Impact Wrestling owns would also come along with the deal. It’s unlikely any office staff would be brought to Stamford, Conn. to work at WWE nor would TNA continue as a separate brand producing TV if WWE owned it.

Various scenarios have been talked about such as WWE purchasing TNA’s tape library and trademarks followed by Corgan relaunching what is now TNA with similar talent and still air on Pop TV, but with a new brand name. That has been largely shot down as speculation or, perhaps, red herrings meant to disrupt attempts to settle the ownership situation in a way that worked against the goals of one of the interested parties.

Keller’s Analysis: The tension between the Carter faction and Corgan has been building for weeks. The end results of this lawsuit may be the unearthing of what some sources tell me they believe are obstacles being thrown in the way of a resolution to the ownership situation that would go against what other interested parties seek to be the outcome. Carter and Corgan are both financially and emotionally invested in retaining control of TNA, and at this point seem determined to not let the other end up with ownership of the company. The revelations and accusations that come out in this lawsuit and at next week’s hearings will provide more fascinating details on what has been going on behind the scenes in recent months as TNA has struggled to stay afloat.

 

 

3 Comments on Billy Corgan suing Dixie Carter and Impact Ventures, hearing scheduled for next week in Nashville (w/Keller’s Analysis)

  1. When I saw this headline, I almost fell backwards. Seriously, why can’t this company have one week without any drama? I am a TNA fan; a huge fan. Love them. But, at this point, I am on the verge of being fed up with this backstage drama.

    This reminds me of the TV show Empire.

  2. Isn’t Dixie Carter wanting to stay involved in some capacity always a stumbling block whenever someone wants to try their hand at running things?

  3. I have been a TNA fan for years, but at this point this is silly. Dixie Carter has made a ton of bad decisions. Maybe it is time for her to try her hand at something else?

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