The remaining documents of the lawsuit between Billy Corgan and TNA were unsealed yesterday, shedding more light over what happened between the two parties. The documents were obtained by Ryan Satin of ProWrestlingSheet.com.
The documents revealed that Billy Corgan twice saved TNA from being taken over by Aroluxe, the production company which TNA works with, run by the Harris twins. TNA had a deal with Aroluxe which is similar to what they have with Corgan now, where if TNA defaulted on their payments, Aroluxe would get control of the company.
“On or about August 11, 2016, Impact Ventures again needed funds to continue to operate and to avoid immediate foreclosure or all of its assets by Aroluxe. Specifically, the company required funds to pay Aroluxe so that Aroluxe would proceed with its production of TNA Impact Wrestling episodes upcoming in August,” the lawsuit states.
Carter then entered into a similar agreement with Corgan shortly after he bailed her. She pledged 100% of her equity in the company as a security if she defaults on payments to Corgan or if the company becomes insolvent. As things stand now, Carter owns 92.5% of the company while Aroluxe have a 5% stake and Anthem Sports & Entertainment has 2.5%.
Under the same agreement, Corgan would have complete authority over the company, firing and hiring anyone he wants and ability to control the day-to-day operations of the company without any outside interference. Through his attorney, Corgan informed Carter and TNA that he would be exercising his right for a takeover after Carter had to take a loan from MCC Acquisitions, owned by Anthem, to run Bound For Glory and the week-long tapings that took place afterward.
Corgan is also claiming that Carter and TNA Chief Financial Officer Dean Broadhead told the talent at Bound For Glory that they were negotiating with WWE for a takeover although the two denied saying that when discussing with Corgan.
A hearing is set for today to see if the court will turn this lawsuit into a trial by jury as Corgan is requesting, extending his temporary restraining order and blocking any potential sale of the company, or certain assets, to other outsiders.