Billy Corgan Suing Dixie Carter: The Battle for Ownership of TNA

[Jack-Hammer]

This little snippet of news popped up just a little while ago. According to the article, Corgan filed a lawsuit yesterday in Nashville, TN against Impact Wrestling, Dixie Carter, Impact Ventures LLC, Dean Broadhead and Serg Salias.

The report has few details, other than the parties involved. As of today, a temporary restraining order has been approved and Corgan filed a bond supporting it today and a hearing for a temporary injunction has been scheduled for next Thursday at 11:30 am and Corgan has requested a six-person jury to decide the case. Allegedly, things have gotten really, really heated between Billy Corgan and Dixie Carter lately and various reports state that there's a ton of heat on Dixie from just about all possible directions as she's been screwing up the sale of the company for quite a while.

If this is legit and if even half the reports regarding Dixie and TNA's financial situations are true, then I find I can't really feel bad for Corgan for getting involved in this trainwreck in the first place.

 

[Hyorinmaru]

I feel bad for him. he has every right to sue.

He was probably fed bullshit by Dixie Carter to get involved in the first place so he would pump his personal money into this disaster called TNA.

All the promises she had to have made to him to get him involved in the first place probably have not and will not be fulfilled on her end.

And last but not least there's the massive amounts of money she owes him that she will never be able to pay back.

If anything this might be the way Corgan gets full control of the company. I can't believe Dixie and Co want a long drawn out court case, there is no way they can afford it. If this is true I'm guessing he would be willing to settle outside of court if he gets the company and Dixie goes away and never comes back.

If there's any truth to this that is. There's been so many rumors surrounding TNA lately who knows what's actually going on.

 

[Dave]

At the moment, all we can do is speculate ad to what manner of lawsuit this is and what the ends of the lawsuit will be. But what we can ascertain from the lawsuit, brought by Corgan, is that TNA is in a very serious state of affairs that continue to perplex and astound. How this company can continue in this form is utterly incomprehensible. Every time you hear of TNA it is bad news. Lawsuits, sales of stock or possessions, and locker room and board room unrest have all led to a very sorry state of affairs.

I continue to feel sorry for TNA and wait for the day that they finally realise that this is a futile endeavour. TNA is beyond saving. It's time to let Corgan have his way and start a fresh.

 

[TDFG]

Sounds like Dixie has been pulling a few moves here & there behind Corgan's back and that would only complicate matters more when it comes to Corgan trying to become there main shareholder.

If/when Corgan takes over the first thing he should do is fire Garburick for treachery.

 

[rmp0012002]

Probably Dixie not adhering to terms agreed upon when Corgan put finances into the company. I'd have to think Dixie really doesn't want to sell the company as she would be out of a job and not a "star" anymore and just took Corgan's money. we'll find when the jury rules if it gets that far. Did Jarrett ever sell his remaining shares?

 

[d_henderson1810]

I wish TNA make a decision soon.

I want to start watching TNA PPVs on WWE Network.

 

[FromGlasgow]

Is the temporary injuction against Dixie? It does sound strange maybe their working on some kind of Billy Corgan vs Dixie Carter control of the company match or angle for their next PPV who knows! We can only guess as the news story wasn't very revealing.

 

[It's Damn Real!]

Where's that Total Nonstop Exhaustion thread of mine again? Might be time for a light dusting to get it polished and shining again.

The bigger question here is why the restraining order? Unless this is all some big battle for the company ruse, in which case, stop playing with my fucking emotions, TNA!

 

[therockiswwf]

The bigger question here is why the restraining order? Unless this is all some big battle for the company ruse, in which case, stop playing with my fucking emotions, TNA!

The restraining order is probably due to them working near each other and it would be uncomfortable to be near someone who is suing you.

 

[WorstWrestlingExcrement]

Obviously I am guessing that Dixie does not want to sell TNA and doesn't approve of Corgan to take over and rebrand TNA as there is a strong history and to solve this Corgan should bring back Jeff Jarrett since it was his start up company over 10 years even though he sold his share cause JJ knew what he was doing in TNA and his GFW is completely in oblivion more like on flatline mode now. Or if Corgan can get Sinclair group to take 50% and have both existing brands work together and not against each other and have JJ take part control of TNA either should work . Have Dixie give it to Jeff Jarrett or something as this is getting exausting!There are some options being measured as you need the reliable and dedicated partners and JJ did extremely well before Ditzy Carter took it over after! Hell get Ted Turner to buy Dixie Carter out !! Maybe Billy Corgan vs Dixie Carter match on who takes control of the company match or angle for their next PPV Turning Point or Final Resolution is anyone's guess !

 

[therockiswwf]

Obviously I am guessing that Dixie does not want to sell TNA and doesn't approve of Corgan to take over and rebrand TNA as there is a strong history and to solve this Corgan should bring back Jeff Jarrett since it was his start up company over 10 years even though he sold his share cause JJ knew what he was doing in TNA and his GFW is completely in oblivion more like on flatline mode now. Or if Corgan can get Sinclair group to take 50% and have both existing brands work together and not against each other and have JJ take part control of TNA either should work . Have Dixie give it to Jeff Jarrett or something as this is getting exausting!There are some options being measured as you need the reliable and dedicated partners and JJ did extremely well before Ditzy Carter took it over after! Hell get Ted Turner to buy Dixie Carter out !! Maybe Billy Corgan vs Dixie Carter match on who takes control of the company match or angle for their next PPV Turning Point or Final Resolution is anyone's guess !

TNA was not doing well before Dixie came in. They would have went bankrupt without her. Jarrett has said this. TNA is really of no value to Sinclair. I don't think they even really care that much about ROH from what I read (which is not much so I could be wrong).

Ted Turner wasn't really even involved with WCW. He provided money but nothing else. At this point I doubt he even cares about wrestling. Though I assume you were joking about this point.

 

[HBsam31]

Where's that Total Nonstop Exhaustion thread of mine again? Might be time for a light dusting to get it polished and shining again.

The bigger question here is why the restraining order? Unless this is all some big battle for the company ruse, in which case, stop playing with my fucking emotions, TNA!

So I am curious. I posted for a while on these threads then just read for a while. The one constant I have seen is your support for this trainwreck of a company. Have you been alive long enough to even realize that wrestling was once good and what you support has never had a chance. I have wished for them to shut down since they decided to sign hogan and Bischoff. As far as this goes, I respect Corgan as a musician, but he is obviously not a good business man as he has gotten involved in this mess of a company. God willing this is the final straw and the company will go down as it should have about 5 years ago.

 

[smizzy]

So I am curious. I posted for a while on these threads then just read for a while. The one constant I have seen is your support for this trainwreck of a company. Have you been alive long enough to even realize that wrestling was once good and what you support has never had a chance. I have wished for them to shut down since they decided to sign hogan and Bischoff. As far as this goes, I respect Corgan as a musician, but he is obviously not a good business man as he has gotten involved in this mess of a company. God willing this is the final straw and the company will go down as it should have about 5 years ago.

That's the epitome of subjectivity. So, do you have a question for, IDR or did you only want to express your opinion of TNA to him - of which he does not care about.

Who says Corgan isn't a good businessman by the way? His true business savvy will show once he's actually able to acquire the company and put his stamp on it. Only then, given time, can that judgement be made. If he acquires one of the top wrestling companies in the world at a reasonable price and reverts it into a profitable venture upon implementing his personal vision for it... well that certainly wouldn't be considered bad business.

 

[Weems2k]

If this whole case is stemming from Dixie doing some shady things behind Corgan's back, than I have to say everything that has been said about her in the past was true unfortunately. It takes more than being a fan to run a Wrestling Promotion. On the off hand if this is somehow a work, who is this really catering to then?

 

[Rayne]

So we're not doing the "Dixie Carter is a great businesswoman with unlimited money" thing anymore? A lot of people called me some very mean things for suggesting that might not be the case.

So I am curious. I posted for a while on these threads then just read for a while. The one constant I have seen is your support for this trainwreck of a company. Have you been alive long enough to even realize that wrestling was once good and what you support has never had a chance. I have wished for them to shut down since they decided to sign hogan and Bischoff. As far as this goes, I respect Corgan as a musician, but he is obviously not a good business man as he has gotten involved in this mess of a company. God willing this is the final straw and the company will go down as it should have about 5 years ago.

A) What business is it of yours what someone else likes?
B) IDR is definitely old enough to remember the last two golden eras in professional wrestling, and his tastes in professional wrestling are defined by that.
C) What the fuck is it with people wanting something that they don't like to shut down? I've been saying for years that the fiscal management of TNA was putting the long-term future of the company in jeopardy (*COUGH*), but I've never wanted them to shut down on the basis of me not liking their content.

I'm rooting for TNA to survive, because right now in their fight to survive, they're throwing out stuff that no one else is doing- and with their diminished expectations, it isn't the end of the world if it doesn't work out. Live From Matt Hardy's House would never fly in another promotion; it's too out of step with what people are familiar with (which is what's great about it.) ROH tries to do creepy and we get a disheveled Kevin Sullivan muttering at an announce table. WWE tries to do creepy and, well..... when was the last time Bray Wyatt was worth watching?

If you don't like it, you don't have to watch. There's no reason to cheer for a company to go out of business unless you're a creditor hoping to cash in on the assets.

 

[dsotm5150]

Looks like the end is now for Total Non-stop Action. Really was the little engine that could. Mismanaged from day one, every time they'd make headway they'd second guess themselves and screw it up. Interestingly TNA technically oulived World Championship Wrestling. WCW existed from 1988-2001(yes technically many more years prior as JCP and Mid-Atlantic) TNA has managed to outlive WCW by 1 year, Albeit on life support. Be interesting to see how much longer it limps along.

 

[It's Damn Real!]

So I am curious. I posted for a while on these threads then just read for a while. The one constant I have seen is your support for this trainwreck of a company. Have you been alive long enough to even realize that wrestling was once good and what you support has never had a chance. I have wished for them to shut down since they decided to sign hogan and Bischoff. As far as this goes, I respect Corgan as a musician, but he is obviously not a good business man as he has gotten involved in this mess of a company. God willing this is the final straw and the company will go down as it should have about 5 years ago.

1. Given we're just four years apart, at least according to your forum-submitted birthday, yeah, I've been alive long enough to have lived through previous Golden eras.

2. You strike me as the type of person who loves to thump his chest for as long as it takes until he's proven at least partially right so you can be the first to step up and shout to the world "I told you so!". Five years of you "calling it", eh? And I'm the one with a persistence problem?

3. There's nothing "good" about a company like this going out of business. Least of all so you can be "proven right" about your five-year long "prediction". You're effectively reveling in the financial misery of hundreds of employees who are going to be without work.

 

[stingray11214]

With the State of Tennessee levying a tax lien on TNA, TNA is probably finished. TNA is $3.6 Million in the hole to just their creditors. Lord knows what they owe the State. And, the State comes first when the monies come in. That means people may not get paid. If that happens, people will walk. It is time for Dixie to do the right thing, and stop her fantasy, and just turn TNA over to Corgan. If he can take the Tax Man off his back, TNA may be able to move forward. After he takes over, show Gaburick the door. Corgan does not need a back stabber like Gaburick in the rebuild.

 

[New Hot Fed]

I wish the wrestlers would band together and have a spokesman of sort say that they support Billy a 100%. Maybe this would wake up Dixie a bit. So if she has to sale, she will think twice about selling to the WWE and killing the company.

You know people that want TNA to die make me laugh. You read post after post after post after post that the WWE sucks and Vince is stupid and they cannot book anything right. And they want TNA to die at the same time. So they basically want Hell on Earth for wrestling fans and the whole wrestling scene.

 

[It's Damn Real!]

I'm sure the wrestlers are, largely, behind Corgan. But it's not up to them, just as it's not up to Corgan himself. It's up to Dixie Carter, and ultimately it's her choice to drive the plane into the mountainside, which seems to be her decision.

 

[rmp0012002]

Dixie's first choice is probably to sell to Vince and get a job out of it rather than to Billy. Whoever buys TNA has to deal with the tax liens which is probably what the company is worth so why buy the company twice.

 

[Navi]

I've read on various sites that this week is payday for the wrestlers and if they don't get paid they are going consider themselves free agents. Don't blame them at all.

But my question is this. Why can't this chap Corrigan just start up his own company with the TNA wrestlers that are willing to go with him? Why bother with the mounting debt that Dixie Carter has amassed by being a "stupid idiot", no pun intended (actually it was intended)?

Just take the wrestlers and run with it. He was never interested in the tape library anyway so let the scavengers have that, and let Carter pay off her own bills. Because heaven only knows she the one who created this dog's breakfast, let her get herself out of it.

 

[It's Damn Real!]

Because TNA already has a relationship with the current production team who Corgan (not Corrigan) has been working with for months, who are contracted, and TNA already has a television contract, not to mention international syndication.

It's easy to just say "start over", but it's a lot harder to actually succeed once you do. Ask Jeff Jarrett. How's that TV search going for GFW?

 

[JVel]

I've read on various sites that this week is payday for the wrestlers and if they don't get paid they are going consider themselves free agents. Don't blame them at all.

But my question is this. Why can't this chap Corrigan just start up his own company with the TNA wrestlers that are willing to go with him? Why bother with the mounting debt that Dixie Carter has amassed by being a "stupid idiot", no pun intended (actually it was intended)?

Just take the wrestlers and run with it. He was never interested in the tape library anyway so let the scavengers have that, and let Carter pay off her own bills. Because heaven only knows she the one who created this dog's breakfast, let her get herself out of it.

He actually did have his own promotion but TNA is an established brand with established talent that he could have used for mutual benefit. Corgan was a pretty respected owner and is famous for being a good businessman even with his music career. TNA also had an already existing connection with the production team, TV deal, and international exposure.

Him buying in and riding a bit of a storm was actually a good idea. The problem is more of if he bought in under false pretenses and there being contractual obligations broken to him by TNA/Dixie which would have led to the suit. Him walking and taking wrestlers with him would have just led to him trying to rebuild a new brand AND having to reestablish those business relationships and terms which is significantly harder than it sounds. As IDR said above, ask Jarrett how well that's working.

 

[Navi]

Because TNA already has a relationship with the current production team who Corgan (not Corrigan) has been working with for months, who are contracted, and TNA already has a television contract, not to mention international syndication.

It's easy to just say "start over", but it's a lot harder to actually succeed once you do. Ask Jeff Jarrett. How's that TV search going for GFW?

Yes but Jeff Jarrett was starting from basically scratch wasn't he. He had no wrestlers, nothing. Corgan can keep the wrestlers, production staff and maybe if he's as business savy as everyone says he is, and who's to say he isn't, let him pick up the TV deal that TNA already has in place. The only difference it would be a new promotion under his name, Dixie Carter would have nothing to do with it, therefore the creditors will come after her not him. He doesn't owe them the money she does.

I know it's not easy to start your own business, but everything is already in place here. The only he thing wouldn't be picking up is the bills she has already left behind. Start under a new name, new contracts and let her worry about the fate of what was once TNA. Once he learned that she in effect lied to him, all bets are off as far as I'm concerned. This is just an idea I'm throwing out there. Better off trying to start again without all this baggage coming along with it.