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  #1  
Old 11-02-2016, 03:48 PM
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Default Billy Corgan's $1.8M Due on November 1

Billy Corgan was supposed to get paid his money yesterday. Or maybe he did get paid yesterday. Or, maybe they offered him the money and he refused.

Why would he refuse the money?

1. Corgan's agreement with Dixie Carter/TNA said that if TNA sold to someone besides Billy Corgan during the term of the loan, Corgan is entitled to an extra 50%. Anthem is offering him his $1.8M back, but NOT offering to pay the extra 50%. I'm pretty sure that Corgan's position is that Anthem and TNA have agreed on a sale, which is not being announced so that they don't have to pay him the extra $900,000.

2. Anthem had already offered to pay Corgan the $1.8M, but Corgan would have to sign a waiver of further claims against TNA and whoever else. Corgan refused.

3. Corgan on Monday and Tuesday was tweeting like someone who planned to continue their court case. It sounds like he's expecting to win his lawsuit--someday--and collect a $2.7M judgement. (IANAL, but I think he's risking Anthem putting TNA through Chapter 11 between now and then. OTOH, maybe Corgan would be able to win in Chapter 11 by paying the creditors in full).
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  #2  
Old 11-02-2016, 04:40 PM
GhettoV1 GhettoV1 is offline
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Or waiting until Friday or Monday to cash in his 36% extra TNA stock
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Old 11-02-2016, 05:53 PM
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Originally Posted by GhettoV1 View Post
Or waiting until Friday or Monday to cash in his 36% extra TNA stock
He might do that, but I'd advise against it and I think any lawyer or accountant or whatever would to. You really, really don't want 36% ownership of an insolvent company with mountains of debt run by people without a clue how to turn things around.
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  #4  
Old 11-02-2016, 06:01 PM
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The only reason to want 36% of this company is if he is expecting the company to get sold.

He would end up with 36% of the total sale (minus the outstanding debts owed to everyone else) and maybe he thinks that would be more than the $1.8 million he is owed.
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Old 11-02-2016, 06:21 PM
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Quote:
Originally Posted by My Couch Pulls Out But I Don't View Post
The only reason to want 36% of this company is if he is expecting the company to get sold.

He would end up with 36% of the total sale (minus the outstanding debts owed to everyone else) and maybe he thinks that would be more than the $1.8 million he is owed.
The part in bold is the problem. Anthem is probably looking at a transaction where they buy TNA for a nominal price of $4-5M, including assuming all liabilities--$1.8M to Corgan, $1.8M to Aroluxe, $250,000 or so apiece to Audience of One, American Express and BankDirect, plus back pay for the wrestlers, other unpaid vendors we don't (yet) know about), leaving about a buck fifty for Dixie Carter--or a dollar for Dixie and fifty cents for Corgan, if he claims his 35% ownership stake.
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  #6  
Old 11-03-2016, 02:28 AM
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I don't see why he would need the 1.8 million, the guy has 50 million, he is rich, he helped Dixie to get involved in wrestling, it was never about the money. I bet he wants to get involved still. I say get the 36% and stay on as Creative Chief.
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  #7  
Old 11-03-2016, 04:12 AM
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What if this whole corgan drama is just cover for something bigger?

Like a Vince McMahon supported corporate takeover?

Why wouldn't Vince just buy everything tho?
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Old 11-03-2016, 06:54 AM
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Quote:
Originally Posted by New Hot Fed View Post
I don't see why he would need the 1.8 million, the guy has 50 million, he is rich, he helped Dixie to get involved in wrestling, it was never about the money. I bet he wants to get involved still. I say get the 36% and stay on as Creative Chief.
He doesn't "need" the $1.8M, but if he's not going to control TNA, he wants it back. "Get the 36% and stay on as Creative Chief" doesn't work (AFAIK) because Anthem and Dixie and Aroluxe hate his guts now. 36% of the stock gives you about as much power as Mitt Romney's 47% of the vote got him over the last four years.

(OF course, maybe after Anthem takes over, they "turn face", betray Dixie Carter and bring back Corgan. But probably not.)

Quote:
Originally Posted by sikkbones View Post
What if this whole corgan drama is just cover for something bigger?

Like a Vince McMahon supported corporate takeover?

Why wouldn't Vince just buy everything tho?
The only TNA asset Vince would be interested in is the tape library, which seems to be mortgaged to Anthem. WWE already has most of TNA's talent, and anyone else that they want can probably claim that their contract was breached when they weren't paid.

The POPtv deal is useless to WWE, they have an exclusive agreement with NBC ComcastUniversal or whoever it is now. The only other TNA TV deal worth two nickels is SonySix, and WWE already has Indian distribution on a channel now owned by the owners of SonySix.

There's no house show business. There's no merchandising. There's no revenue apart from a handful of TV deals, one of which just evaporated and one of which (POPtv) apparently doesn't produce any revenue (ad-split, and no one wants to buy ads on Impact).

So Vince is going to have to wait out Anthem and Fight Network to get TNA's tape library. On the other hand, if and when he buys out Fight Network, he gets a bunch of footage from a bunch of indies.
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"Will there be a Bound For Glory in 2011, post-Hogan?" That is my question about TNA.

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  #9  
Old 11-03-2016, 08:54 AM
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Quote:
Originally Posted by New Hot Fed View Post
I don't see why he would need the 1.8 million, the guy has 50 million, he is rich, he helped Dixie to get involved in wrestling, it was never about the money. I bet he wants to get involved still. I say get the 36% and stay on as Creative Chief.
Who doesn't need 1.8 million dollars? I'll take it in a heartbeat. Besides he didn't get rich by lending out millions and not wanting it back. As much as I think he would be a good bet to take over TNA, he is being incredibly idiotic here if he refuses the money.

It's already been reported that his lawsuit has no merit, so my advice would be take his money and run as far away as he can from Dixie and Anthem. Dixie Carter took 1.8 million from him and screwed him over, who's to say she won't do that to Anthem. Thereby leaving Corgan with nothing.

You hear all the time about celebrities who have made millions and pissed it all away ending up bankrupt. He just doesn't sound to me like that type of person, but hey making decisions like this you never know.
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Old 11-03-2016, 09:31 AM
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Quote:
Originally Posted by Navi View Post
Who doesn't need 1.8 million dollars? I'll take it in a heartbeat. Besides he didn't get rich by lending out millions and not wanting it back. As much as I think he would be a good bet to take over TNA, he is being incredibly idiotic here if he refuses the money.

It's already been reported that his lawsuit has no merit, so my advice would be take his money and run as far away as he can from Dixie and Anthem. Dixie Carter took 1.8 million from him and screwed him over, who's to say she won't do that to Anthem. Thereby leaving Corgan with nothing.
Well, I think he's claiming that the sale of TNA to Anthem has already been agreed upon, so he's owed another $900,000 on top of the $1.8M. Which Anthem isn't interested in paying. Plus TNA and Anthem want a final-settlement-of-claims from Corgan, which he isn't interested in signing (at least not without the $900,000 kicker.)
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"Will there be a Bound For Glory in 2011, post-Hogan?" That is my question about TNA.

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