TNA attorney Travis Parham painted Billy Corgan as an opportunist whose only aim is to get rid of Dixie Carter from TNA and take over her stake in the company. The following report is based on the Tennessean’s Nate Rau’s live coverage.
Parham claimed that Corgan invested in TNA in July and had a chance to convert his loan into a 12.5% interest in the company. Another loan was made in August but Parham said that the money pumped in by Corgan was only to benefit himself, saying that he wanted a 22.5% stake in the company and a pledge agreement after the August loan. He then increased his request to a 50% equity stake, and that’s when he passed the comment that what Corgan offered and wanted in return “would make a loan shark blush.” The terms and conditions that Corgan wanted were a win-win situation for him, the attorney explained, and then when the opportunity came to get his money back, Corgan refused the offers.
Parham said Corgan tried to buy TNA last month but then went to litigation when the deal fell through. He also noted that there was another opportunity for Corgan to buy the company on the day his loan agreement expired, a deal which would have given him 52% stake in TNA but he also didn’t take it.
When discussing the pledge agreement and contract that the two parties have with each other, the TNA attorney said that regardless if TNA is insolvent or not, Dixie Carter’s rights and stake cannot be transferred under law because the contract that is signed, “is illegal under Tennessee law.”
Parham kept hammering that the company wants to pay off Corgan’s loan but he’s refusing to agree and the attorney for Anthem Sports & Entertainment also said that they are willing to pay off his loan minus the transaction premium he says he’s owed.