A second unsealed document from Billy Corgan’s lawsuit against TNA revealed some new details, such as the claim by his team, saying he has the right to remove managers from TNA’s parent company. TNZ reported that a motion for expedited discovery was unsealed, and says that Corgan, Dixie Carter, and Impact Ventures entered into a “Pledge and Security Agreement” on August 11th, the day before Corgan was named president of TNA. A Security Agreement, for reference, is a contract between a lender and borrower in a secure transaction, giving the lender a security interest in an asset or assets that are pledged as collateral.
The claim makes not of an “Operating Agreement for Impact Ventures” that was executed on August 7th, although it is not referenced who is on that Operating Agreement. Corgan has asked that TNA, Impact Ventures and Dixie Carter do the following:
* Admit that Impact Ventures is insolvent as specified by the Pledge Agreement.
* Admit that Corgan notified them of a Default under the Pledge Agreement on September 29th
* Admit that Corgan has the right (under the Pledge Agreement) to exercise the voting rights associated with their equity interest in Impact Ventures LLC.
* Admit that Corgan has the right (under both the Pledge Agreement and the Operating Agreement) to remove Impact Ventures’ managers and replace them with designees of Corgan’s choosing.
If the parties do not admit to all of the above, they’re being asked to hand over the following:
* All documents related to Impact Ventures being insolvent or unable to pay all of its debts in full as it came due from January 1, 2016 to the present.
* All documents sent to or received from World Wrestling Entertainment or any of its representatives from January 1, 2016 to present.
* All documents sent to or received from “any third party” regarding that third party’s potential acquisition of Impact Ventures LLC, TNA Entertainment LLC or any of the assets owned by either entity.
He filed this lawsuit on October 12th.
There were reports last month and early this month WWE was in talks to buy TNA’s tape library, though it is not confirmed if that is what Corgan is seeking information on regarding to the discovery request but that would be a logical conclusion.
There’s still lots information in regards to the lawsuit that unknown because of the current seal on it. The suit is set to be unsealed, though in a redacted form to prevent disclosure of financial terms, next week.