Registered: 1271007823 Posts: 2,354
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Was this a storyline from the start? Or, will Billy Corgan be back soon?
Billy Corgan ousted as president of TNA Wrestling
Billy Corgan’s effort to take over TNA Wrestling has failed. The Smashing Pumpkins frontman and pro wrestling fan has been ousted as the group’s president and, when he asks for it, will have his $1.8 million investment in TNA returned, The Post has learned. The sudden moves come as a white knight — Anthem Sports & Entertainment, the Toronto-based parent of broadcaster Fight Network, TNA’s Canadian distributor — stepped forward with cash to help out Impact Ventures, the parent of the embattled pro wrestling company. Anthem’s role as a creditor and not a shareholder means that Corgan lost a second battle with TNA — to cash in on a provision of his loans that would have entitled him to a $900,000 premium should TNA undergo a change in control before he was repaid. But a judge recently ruled there was no change in control. “Billy’s saying the company was sold and he’s owed $2.7 million,” said a source close to the situation. “But the court has already determined the company was not sold.” It was a dramatic turn of events for Corgan, who became TNA’s president in August after riding to the cash-strapped company’s rescue with a cash infusion. But TNA’s management, including Chair Dixie Carter, soon had a change of heart and sought others with deep pockets to rescue it. Chafing for more control and fearing the company would be sold from under him, Corgan sued TNA and sought a temporary injunction against its management on Oct 12. A Tennessee court judge dissolved the injunction on Oct. 31, and determined TNA was not insolvent in a way that ceded control to Corgan. Meanwhile, without changing equity positions, TNA appears to have found that white knight in Anthem Sports. Carter still owns 92.5 percent of the company, TNA production house Aroluxe Marketing, 5 percent, and Anthem’s Fight Network, 2.5 percent. Corgan did not take the change in events quietly. The guitarist took to Twitter on Thursday, saying: “FACT: TNA was supposed to pay me to 2 days ago, which they swore to in front of a judge.” And then: “FACT: I have still not been paid.” Fight Network eventually responded with a tweet: “Mr. Corgan’s loan will be dealt with appropriately.” It then got dirty, with Corgan tweeting: “What w/ the lying through counsel + propensity for press releases claiming victory. Behind the tweets was the issue of whether Corgan had negotiated a “demand loan” — with terms stipulating he could demand repayment from the company any time after Oct. 31, a source said. Corgan had not made that demand as of Thursday, but the source said TNA stands ready to return the $1.8 million should the musician do so. He added that a condition of the repayment will be a “full and final release” of all ties between Corgan and TNA. On Thursday, in a joint statement, TNA and Anthem said one of the Canadian firm’s executives would join Impact’s board and represent it “on all major operating and restructuring decisions.” The statement also asserted “Corgan is no longer with the company.” http://nypost.com/2016/11/04/billy-corgan-ousted-as-president-of-tna-wrestling/
Registered: 1271007823 Posts: 2,354
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Billy Corgan: Smashing Pumpkins star leaves TNA Impact Wrestling Smashing Pumpkins frontman Billy Corgan has left his role as president of TNA Impact Wrestling's parent company after less than three months. The singer joined Impact Ventures in 2015 and became its president in August. But Impact Ventures has said he is "no longer with the company". The move comes days after Corgan lost a court battle for control of the company. He has now claimed he has not been paid and is owed $2.7m (£2.2m). Writing on Twitter, he said he was "exploring all remedies including new filings with court". Corgan rose to fame with his rock band in the 1990s and has been involved in the professional wrestling world for several years. He joined Impact Ventures, the parent company of TNA Wrestling and Impact Wrestling, as a senior producer in 2015. As well as moving to the role of president, he has appeared as an on-air personality on the Impact Wrestling TV show, which airs on the Pop TV channel in the US. On Thursday, Impact Ventures chairman Dixie Carter said the company had received new funding from Anthem Sports & Entertainment Corp, which operates Canadian channel Fight Network. Fight Network wrote on Twitter: "We reject Mr. Corgan's social media comments today re:@IMPACTWRESTLING. The matter is before courts/public discourse is inappropriate. It added: "There is a solid financial plan for @IMPACTWRESTLING & Mr. Corgan's loan will be dealt with appropriately." http://www.bbc.com/news/entertainment-arts-37870524