NWA lawsuit reaches apparent settlement

[Remy LaCroix]

Credit: Phillip Barnard (@BLITZheartthrob)

Source: http://www.examiner.com/article/nwa-lawsuit-reaches-apparent-settlement?cid=db_articles

Over the last couple of days, I have spoken to sources close to the NWA lawsuit situation. It appears that a settlement to the January suit brought forth by Bruce Tharpe and Chris Ronquillo (NWA Houston fans know him as Tony Brooklyn), claiming insurance fraud against the NWA's parent company, Pro Wrestling Organization LLC, has been reached.

Also named in the suit personally were Bob Trobich (then Executive Director of the NWA), former NWA member Ken Taylor (of the defunct NWA Southwest promotion), and the acting Board of Directors (Fred Rubenstein, Bill Behrens, David Marquez, Mike Porter and Mike Sircy). Sircy and Rubenstein were later dropped from claim. Trobich resigned as the NWA's Executive Director in early April of 2012.

The opposing sides are reported to have negotiated a mutual settlement that will result in the release of Pro Wrestling Organization LLC from the litigation. The settlement does not appear to release the individuals from responsibility. The settlement was presented to current NWA members for a vote during the week and ratified on Friday. Settlement details include but are not limited to the following.

• Ownership of all NWA and National Wrestling Alliance trademarks and brands will be transferred to the new LLC.
• This transfer includes all trademarks, brands, logos, and all physical assets. This includes title belts, records, and all intellectual property.
• The new LLC will also be provided with an inventory of all items that were just mentioned, as well as all contracts for all NWA brand-related licensing agreements.
• Current members will be offered licensing agreements in perpetuity, provided they continue to meet company standards.

What started as an insurance fraud lawsuit for money damages, appears to have been settled through the tendering of the brand and current NWA assets to the plaintiffs.

Sources have confirmed that rules set forth in the motion reflect the current NWA operating agreement, and will be carried over into the new structure. In short, formers members, now licensees, appear to be bound by the same rules they honored under the old company's operating agreement.

While the motion passed overwhelmingly, two east coast promotions apparently did not support the motion and will not move forward with the new NWA.

Additionally, there appears to be some misconceptions in regards to the terms of settlement. It has been speculated that new licensees (former members) would have to charge $250 per show to license the NWA brand. Also, it has been speculated that the "new" NWA will require licensees to book current NWA champions and fly them in to all their shows. In addition, there has been speculation of imminent plans for the restructured NWA to launch a national television show.

When I presented this to Ronquillo, he stated that discussing "on going litigation" was not prudent. When pressed about the issues of speculation involving per show fees, champion booking requirements and the TV deal, Ronquillo said, "It's premature to discuss terms of settlement, but I can assure you that none of that is true."

Attempts to reach Tharpe and Fred Rubenstein (who is rumored to be a partner of Tharpe and Ronquillo in the new venture) have not yet materialize. With this being updated, it would appear that the NWA headquarters will relocate from North Carolina to either Brownsville or Houston.

 

[Remy LaCroix]

FOR IMMEDIATE RELEASE

Houston, TX . . . International Wrestling Corp, LLC, a Texas corporation with headquarters in Houston, has acquired exclusive ownership of the National Wrestling Alliance™ brand (“NWA™”).
Corporate Officers of International Wrestling Corp, LLC are:

R. Bruce Tharpe, Esq. – President and Chief Executive Officer.

Fred Rubenstein – Vice President and Chief Operating Officer.

Chris Ronquillo – Vice President and Chief Financial Officer.

The National Wrestling Alliance™ is the oldest and largest sanctioning body in professional wrestling. NWA™ branded events have been and continue to be promoted around the world since 1948.

Former NWA™ World Heavyweight Champions include:
Lou Thesz, Harley Race, Shinya Hashimoto, “Nature Boy” Ric Flair, Dan Severn, Jeff Jarrett, Gene Kiniski, Terry Funk, Pat O’Connor, “Whipper” Billy Watson, Sting, Masahiro Chono, Ron Killings, The Sheik, Ricky Steamboat, Tatsumi Fujinami, The Great Muta, Orville Brown, Buddy Rogers, Barry Windham, Ron Garvin, Gary Steele.

The current NWA™ World Heavyweight Champion is Adam Pearce.

The current NWA™ World’s Women’s Champion is Tasha Simone.

 

[Stormtrooper]

Why did they finally settle a lawsuit for a company that has been dead for about 20 years?

 

[klunderbunker]

The NWA still thinks people care. I never cease being amazed at their mindset.