The saga of Impact Wrestling and their brief-yet-newsworthy business relationship with rock ‘n’ roll musician Billy Corgan took another turn today (Nov. 4) when The New York Post published a story on his being “ousted as President of TNA”.
Corgan took issue with a couple claims in the article - that the Tennessee judge in his case against Impact Ventures ruled he didn’t have to be repaid $2.7 million because Anthem Entertainment is providing capital to TNA as a creditor rather than a new stakeholder, meaning the company hasn’t been sold and change of ownership clauses in Billy’s agreements with Impact haven’t been triggered, and that he’s required to ask for his money back. So he Tweeted about it:
YEP: just-published NY Post article asserts that judge in case ruled against my receiving 2.7 in Anthem swap deal. This is FALSE. Case OPEN— WPC (@Billy) November 4, 2016
Today, I'm FORMALLY requesting repayment of my 'so-called' loan by TNA, which I'm told stalled because they didn't know where to FIND ME— WPC (@Billy) November 4, 2016
The bit about the “‘so-called’ loan” appears to be key, because Corgan goes to lengthes to again clarify he - unlike Anthem - was an owner, not a creditor. And he believes that means he has more legal options available to him... including selling his equity stake to someone who sure sounds like Vince McMahon:
Laughs aside I'd put up 1.8mil for express purpose of becoming equity stakeholder and helping talented roster. Any other assertion is FALSE— WPC (@Billy) November 4, 2016
So if I'm not repaid today in full and without conditions attached, I'll be forced to once more pursue remedy by taking TNA stock via court— WPC (@Billy) November 4, 2016
Remember it was Anthem and not I who stood in open court and told judge they were prepared to PAY and in turn FUND good 'ol, solvent TNA— WPC (@Billy) November 4, 2016
A company which they claim they have no business deal for behind-the-scenes yet have released 2 press releases saying they are TAKING OVER— WPC (@Billy) November 4, 2016
So far be it from me to accuse someone I don't know of bending truth to win a case. That just wouldn't be nice, and I believe in being nice— WPC (@Billy) November 4, 2016
Last thing: despite being called a lender by every arm of TNA propaganda I can still convert to 36pct stock or sell option to highest bidder— WPC (@Billy) November 4, 2016
And that 'option' if you will to convert my boo-hoo-hoo loan to 36pct stock or auction it off to a PW titan doesn't require a court order— WPC (@Billy) November 4, 2016
Unless there’s another major player in sports entertainment whose headquarters buildings are referred to as “Titan Tower”.
As Geno pointed out yesterday, this legal beef isn’t going anywhere. We’ll let you know if we get word Corgan’s been repaid - or if he files new paperwork with the courts to further fight Anthem and Dixie Carter’s efforts to move forward with “good ‘ol solvent TNA”,