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I would love your take on Billy Corgan and the lawsuit that he brought against TNA. What do you think his motives were? Do you think he really wants a piece of the company? What do you think will happen on Monday when the Chancellor renders the decision?
Ah, this is a very interesting question. I can make today’s whole Q and A all about answering this one, and I will because I have a lot to say about this subject.
First, when I heard that Corgan had “bought in” to TNA it kind of surprised me. Corgan is known as being a really good businessman and it seemed to me as if he was kind of buying a stateroom on the Titanic, after it started to sink. He famously didn’t buy into ECW when Paul Heyman proposed it. So, when I heard it was a loan, with the option to get ownership at pennies on the dollar, it made a lot more sense. I also know that he loved the wrestling business and figured he probably designated a certain amount of money that he would spend on it to see where it went, kind of like I would with a hobby or maybe a chancy stock.
As we can tell by the court filings, he did a great job of establishing a paper trail as to what he says he was told by Dixie Carter and others in TNA, and what was delivered to him. He made a great presentation as to what had occurred and what he was hoping to get back from the company. And with that said, I have to believe that he is at least aware of the Tennessee law that was cited by Carter’s lawyer and the limitations it would impose on what percent of ownership, if any, he could get from the company. If Tennessee law says it’s 10 percent at most, then it is 10 percent at most. I would guess that he knew that.
That made me wonder if there is an alternative reason for him filing suit. Part of me seriously wonders if he did it to let the world know about how Dixie Carter does business more than actually wanting a piece of the company. Sure, if he could get control for whatever he put in he would probably take it and then drastically reorganize the company but he is a smart guy. I think he was at least realistic about the chances of that happening.
To me the one thing that he knew would come out of filing the suit is that it would allow him to publicly present evidence of how Dixie Carter runs TNA, and that is not flattering. It would allow him to talk about the events that wouldn’t have happened if he hadn’t come in and saved the day with a cash infusion. Whether it was his intention or not, it also confirmed a lot of the things that were reported here on the site about TNA’s health that were either directly or indirectly disputed by people within TNA.
His lawsuit also led to others coming forward, confirming that they too are owed money by TNA and that the company has been in a cash poor state for a while now.
Why would he want that out there? It could be he wants to warn anyone else that would lend Carter money about what they are getting into when they deal with her (looking at you Anthem). It could also be that he felt she impeded any potential sale of the company by her action and inaction. I couldn’t blame him if that is the case. TNA had a nice little window where they could have possibly been sold, bringing in much needed revenue to potentially take control and grow the brand. It appears that window is almost, if not, shut now. It could also be that he simply felt he was dealt with in bad faith and wanted his day in court. Maybe it’s a mix of some or all of those reasons.
As for whether he wants the company, I think it all depends. I don’t think he wants to be a minority owner to Dixie Carter. He knows how she runs the company and given his astute business acumen, I can’t see him being subservient to her, especially after hearing all that we have about how she runs TNA. Again, that position would be like buying the state room on the Titanic when it’s sinking. It could be that he lent money hoping to be the lead creditor if/when TNA went bankrupt. In that case, he could get control without her being a part of it and could have used it as a base and implement the changes he talked about a month or so ago. I think he clearly sees that barring huge changes, TNA is not in a position to grow. Hell, in order for him to be paid back it took Anthem saying that they would loan TNA the money to make it happen. That doesn’t speak well for the state of the company.
So in the end, I think that if Anthem is willing to loan Carter the money to pay him off, the Chancellor will rule that way. Maybe he will get some or all of the bonus money he is looking for. I highly doubt he wants to remain involved as long as Dixie is there. We will find out what happens tomorrow.
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