TNA Not Able to Enter New Business Deals Without Corgan’s Approval

Oct 22, 2016 - by Steve Gerweck

The Court documents in Billy Corgan’s lawsuit against #Impact Wrestling and Impact Ventures LLC, Dixie Carter, her husband Serg Salinas, and TNA Chief Financial Officer Dean Broadhead were unsealed today.

The temporary retraining order document against the defendants revealed that Corgan claims that Impact Ventures is “insolvent”

The order provides that Corgan is likely to prevail on the merits of its claims because Impact Ventures LLC is insolvent, and, as a result, plaintiff is entitled to exercise controlling voting rights in the company.

Additionally, the order dictates that TNA and Impact Ventures are prohibited from taking any action without Corgan’s consent. Essentially, this means that TNA cannot enter into any new business deals without Corgan’s approval.

Also, neither side of the litigation may sell TNA or its tape library until ordered by the Court. This development may put TNA in a difficult position; however, it also prevents Corgan from selling his claim to TNA to a third party.

source: THE SpOTLight

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