Tuesday, March 19, 2024
NewsBilly Corgan: TNA Is Not Able To Pay Debts, Details On Restraining...

Billy Corgan: TNA Is Not Able To Pay Debts, Details On Restraining Order

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PWInsider has the restraining order that is now unsealed regarding Billy Corgan’s lawsuit against TNA, Impact Ventures LLC, Dixie Carter, Serg Salinas, and Dean Broadhead. The court system approved it, and it is active through the next hearing on October 26th.

The restraining order request that TNA is “insolvent,” which means incapable of paying off debts. The passage reads, “As demonstrated in the memorandum of law filed herewith, plaintiff 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 pursuant to an equity pledge agreement between the plaintiff, Ms. Salinas [Carter] and Impact Ventures. Furthermore, if not enjoined, defendants’ conduct will cause irreparable hard to Plaintiff.” The lawsuit, with financial details redacted, will be unsealed on October 25th, which is the day before the next hearing.

Also, the site added more details about the restraining order. The order denies TNA and Impact Ventures the chance to “take any action without the consent of the Plaintiff (Billy Corgan) obtained in accordance with the process set forth in the Operating Agreement of Impact Ventures and/or applicable law.” That means neither side can “sell, assign, transfer and/or pledge Impact Ventures, its tape library and/or asssets (except for transactions in the ordinary course of business) of Impact Ventures until further order of the Court.”

Therefore, TNA is incapable to create a new deal until Corgan agrees to them or the restraining order is remove. The company cannot even sign new talent or renew contracts, plus neither side can license the tape library or sell their stake/other assets.

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