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 Billy Corgan: TNA Misled Me on Finances & Debt, Still Not Paying Talent

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PostSubject: Billy Corgan: TNA Misled Me on Finances & Debt, Still Not Paying Talent   Wed Oct 26, 2016 2:10 pm

According to Pwinsider.com, new documents were filed today prior to the scheduled hearing in the Billy Corgan vs. TNA lawsuit and if you can believe it, things have gotten worse.

In a redacted memo filed with the court, Corgan laid out his argument for why TNA is insolvent and notes that currently Impact Ventures’, “balance sheet shows the company’s debts are close to ten times the company’s assets.” He goes on to state that the company falls under the definition of insolvent for the state of Tennessee, which describes the term as similar to the definition of the term in the Uniform Commercial Code and the Bankruptcy Act. Under that act, ‘insolvent means having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute, being unable to pay debts as they become due or being insolvent within the meaning of federal bankruptcy law.”

Corgan’s side also claims that according to Rule 65 of Tennessee Rules of Civil Procedure, the court is authorized to issue temporary restraining orders “without notice to the adverse party” if “specific facts in an affidavit or a verified complain clearly show that immediate and irreparable injury, loss, or damage will result to the applicant before the adverse party can be heard in opposition.” His side also argues that because this is a private issue between Corgan and the defendants, it is possible that they will cause Corgan “immediate and irreparable harm” if left unchecked.

Corgan also filed a redacted declaration, which explained why he invested in the company. Corgan claims that the defendants hid how bad the company’s debts were in order to get the investment from him. He describes the initial loan (June 10th) and says that he was given a “senior secured” promissory note. At the time he was not aware that Aroluxe and Anthem Media Sports and Entertainment had already been granted seniority regarding the debt they were owed. Basically, he invested under the belief he would be first in line to be repaid, only to learn he was actually third in line.

Corgan goes onto claim that Dixie Carter and TNA Chief Financial Officer Dean Broadhead told him that TNA had a debt of a certain amount, and was never told the company actually had debts of “over [redacted.]” Corgan alleges that he was misled about the amount of money the company actually owed before he made his first investment. He also says that he was never informed of the actual debt when he made his second investment in July and only learned of the actual level of debt in September 2016 when he was provided a company balance sheet (dated June 30th of 2016) by TNA Chief Financial Officer Dean Broadhead. Corgan only learned of the company’s actual debt, “in the course of this litigations through the documents that Impact Ventures produced.” Corgan wrote, “I did not know that Impact Venture’s debts were that high. I never would have agreed to invest additional capital in Impact Ventures had I known the company’s debts were that high.”

Corgan claims the defendants misled him into his third loan back in August, stating that he was misled based on “repeated representation” by Dixie Carter that “acquisition negotiations” were underway with third parties and that an acquisition of the company was “imminent.” This included a proposed investment from Aroluxe. He also says that he learned that the company failed to pay its taxes from reading an article in the Tennessean newspaper and that a lien has been filed against the company. He also found out that a number of lawsuits had been filed against the company by Audience of One Productions, American Express, and by Bankdirect Capital Finance, LLC in a similar way.

Corgan then states that TNA is STILL not paying talent, and that they are blaming him for this…

“Impact Ventures also continues to not pay its talent, except now defendants are blaming me and the temporary restraining order in this case for lack of payment.”

His attorney was sent a declaration certificate, that would have required Corgan to give the company a “full release of all claims” against them. Corgan did not sign, stating the following…

“I will not agree to provide Impact Ventures with a ‘full release’ as a condition to the repayment of my loan proceeds. I am not required under any of the loan documents to provide such a release in return for full payment. I also believe that I have claims against Impact Ventures and the other defendants that are separate and apart from the claims that I have currently asserted herein, and I am not willing to waive or release those claims.”

Corgan goes onto state that he was never given a proposed draft of an employment agreement for his role as President of the company. He also says that has not been provided “with access to the information I would require under the Second Amended Corgan Loan Agreement” that would allow him to make an “informed decision” as to whether to convert his loan into an “equity position” in the company.

Corgan says that Jason Brown (Aroluxe) “has undertaken the duties of managing the day-to-day operations of the company”, while Corgan has been excluded from those duties despite his title. Brown has reportedly been “planning events for 2017 and negotiating contracts with talent.”
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PostSubject: Re: Billy Corgan: TNA Misled Me on Finances & Debt, Still Not Paying Talent   Sun Oct 30, 2016 6:40 pm


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PostSubject: Re: Billy Corgan: TNA Misled Me on Finances & Debt, Still Not Paying Talent   Mon Oct 31, 2016 5:13 pm








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PostSubject: Re: Billy Corgan: TNA Misled Me on Finances & Debt, Still Not Paying Talent   Mon Oct 31, 2016 5:14 pm


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