TNA $ Woes

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lanza218
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TNA $ Woes

Post by lanza218 » October 15th, 2016, 11:12 pm

TNA’s financial mess: 3.4 million owed to investors, fraud allegations, more
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by Sean Rueter @s1rude Oct 15, 2016, 3:00p
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As we learn more about the company’s financial straits, it’s increasingly clear there won’t be an easy fix for TNA. Though it was only about a week ago, it seems like forever since a rumored sale to Billy Corgan and WWE was being touted as a win-win for the company and fans.
Here are the latest reports on the promotion’s woes:
- The lawsuit from Audience of One (AO1) Productions is believed to be for approximately $300,000, per Wrestling Observer. That’s money owed, plus interest, for producing multiple television tapings and Bound for Glory 2015. They apparently were received the first scheduled payment for services, but never got the bulk of payment.
- In reviewing the A01 filing, SEScoops revealed the last minute funding for this year’s Bound for Glory pay-per-view (PPV) and the tapings which occurred the week of Oct. 3 came from MCC Acquisition Corp. out of Canada. MCC is affiliated with Anthem Sports & Entertainment, the parent company of TNA’s Canadian broadcast partner, The Fight Network.
- In reporting on the tax lien we told you about yesterday, The Tennessean says TNA owes 3.4 million dollars to Anthem, Aroluxe and MCC. Anthem also owns some rights to the Impact Wrestling video archives believed to be of interest to Vince McMahon and WWE Network.
- Those debts do not include what Dixie Carter and/or the company owes Billy Corgan for the tapings he funded. Dave Meltzer at the Observer notes the Smashing Pumpkins front man provided that money on the belief Carter would sell TNA to him. When he determined she wasn’t going to do that, he wanted his money back - but TNA doesn’t have the funds to repay him.
- Meltzer also said, “There's fraud involved as well. [Corgan] not being told of certain financial things and information withheld by Dixie Carter to Billy Corgan that he should have known.”

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Re: TNA $ Woes

Post by AJLe » October 16th, 2016, 7:38 pm

Business wise, it looks like ECW all over again. It ultimately ends up in bankruptcy court, and when all of the legal stuff gets sorted out, Vince picks up the video library - either in the bankruptcy, or from whatever creditor ends up with it.

This was bound to happen eventually, but given all of Dixie's various screw-ups, it's amazing they held this off for as long as they did.

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mrira
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Re: TNA $ Woes

Post by mrira » October 19th, 2016, 5:18 pm

Now there is a rumor TNA is going to file for Chapter 7 or 11 Bankruptcy.

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lanza218
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Re: TNA $ Woes

Post by lanza218 » October 20th, 2016, 12:55 pm

the Fight Network will be buying out TNA’S debts and settling the Corgan lawsuit to make him go away, then bailing out the company and leaving Dixie in charge.

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Re: TNA $ Woes

Post by AJLe » October 20th, 2016, 2:04 pm

lanza218 wrote:the Fight Network will be buying out TNA’S debts and settling the Corgan lawsuit to make him go away, then bailing out the company and leaving Dixie in charge.
They still bring in no revenue and have a ton of expenses, so they probably still eventually end up in bankruptcy, just owing the Fight Network guys money instead of Corgan. Maybe the FN is positioning themselves to end up with the tape library when Dixie can't pay them back either?

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yosemitechris
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Re: TNA $ Woes

Post by yosemitechris » November 29th, 2016, 12:41 am

where are they getting their money from now a days , their still up and running! last money it was wwe was buying them and that never happened. after all their money problems, who still investing?

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Re: TNA $ Woes

Post by Greg2600 » November 30th, 2016, 9:36 am

http://nypost.com/2016/11/30/billy-corg ... -with-tna/

Apparently Corgan is out, with a Toronto backer having paid him off for the loans he gave out to TNA.
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Re: TNA $ Woes

Post by AJLe » November 30th, 2016, 11:14 am

That's good for Corgan, but TNA is still swimming in debt with no real sources of income, so it's just a matter of time before the crap hits the fan again. I'm guessing Anthem wants to jump to the front of the line with regards to claiming assets if/when the eventual bankruptcy happens.

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