Dixie Carter may soon have competition for her spot as the dumbest money mark in wrestling!

Dave Meltzer in his July 19th Wrestling Observer Newsletter reported that a new wrestling promotion is being formed in Florida with aspirations of being competition for TNA.  Why anyone would think that competing with a company that is currently losing money hand over fist is a smart business venture is beyond me, but obviously some smooth talkers have convinced a mark with lots of money that that's the case. 

The money mark in question is Milton Wilpon, a member of a rich family that owns many successful businesses including the New York Mets baseball team and the investment firm Sterling Equities (who ironically were one of the bigger investors in Bernard Madoff's Ponzi scheme).  He currently is the President and CEO of Medix Pharmaceutical International.  So how did he get sweet talked into investing in a fledgling wrestling promotion?

According to Mike Johnson of PWInsider.com, former Florida independent wrestling promoter Peter Karoftis hit the money mark jackpot by having the good fortune of being a longstanding employee of Sterling Equities.  Along for the ride are long-time Florida independent stalwarts Shaun Davis, Cody Michaels and Mister Saint Laurent, and failed national wrestling promoter Kevin "Remember Wrestling Society X on MTV" Kleinrock.  Unfortunately for them there are already plenty of ominous signs that this will be a complete failure like most other upstart promotions with lofty ideas above their station of the last 20 years.

The biggest one is that no television deal seems to be in place.  Even Eric Bischoff and Hulk Hogan last year couldn't land such a deal for their short lived Hulkamania promotion, so what hope has this motley crew of landing one with a major cable station that pays good money?  Paying for TV on a weak network is a sure fire way of losing your ass.

Despite this overt flaw in their business plan, they've already signed a staggering 30 to 40 wrestlers to contracts for the autumn with strong benefits packages unavailable to WWE and TNA talent.  They're also heavily courting many WWE, TNA and ROH wrestlers whose contracts are expiring soon.

However, Dave Meltzer looked on the bright side in his July 15th Wrestling Observer Radio show and praised this new group for their concept of wrestling being different from WWE and TNA.  As well he should, because their concept seems to be directly inspired by Figure Four Weekly and Wrestling Observer Talking Points 101.  Yes, as Meltzer reported in his newsletter:

If there is a key difference, it is this group is adamant about limiting the power of writers, never scripting interviews, and trying to give it more of a legitimate feel using promotional concepts from modern MMA and HBO boxing as well as old pro wrestling.

LOL, even Hulk Hogan can regurgitate such talking points!  And it's worked so well for Gabe Sapolsky's Evolve promotion after all too!  So what young, up and coming talent do we know that this group has signed to fulfill their "cutting edge" and "innovative" vision of what professional wrestling in 2010 should be?  Why the likes of Vader, Too Cold Scorpio and Sean Waltman!  Oh, and Florida indy worker Chasyn Rance, who has just been arrested for allegedly having sex with an underage girl.  And who are they trying to sign?  Why Shane Douglas, Justin Credible and Sabu!  More like stuck in the past than cutting edge.  I rest my case.