As noted, there is a hearing this afternoon between Billy Corgan and TNA at the Chancery Court in Nashville, TN. Nate Rau of The Tennessean is at the hearing, and live tweeted ( @tnnaterau ) the following from the hearing from Corgan's side. TNA is up next, and we will have details from them shortly in a separate post:

* Dixie Carter is at the hearing, but Corgan isn't. Corgan is being represented by his attorney Scott Sims.


* Sims began and said that Corgan saved the company on three separate occasions, but TNA did not hold up their end of the deal.

* Corgan and Carter entered a pledge agreement that included an insolvency clause, and proving that is a crucial part of the lawsuit.


* Sims stated that TNA misled Corgan about their debts. Corgan was named President of the company, but was excluded from management decision.

* Sims said that there is no doubt that TNA is insolvent.



* Rau noted that Dixie is watching without showing any emotion.

* While both sides have agreed not to disclose redacted financial details, Sims said that TNA fails the balance sheet test and the cash flow test.


* It was noted that TNA is not paying their bills as their financial condition is the same as when Corgan signed the pledge agreement.

* Sims said that Corgan didn't know of TNA's financial situation when he invested them.

* TNA is not paying their talent and are blaming this lawsuit. Sims said that it's not true, and that the company is insolvent beyond a shadow of a doubt based on the cash flow test (when a company is unable to pay its debts as they fall due).

* Sims said that TNA has 52% more liabilities than the June balance sheet, and argued that the total debts are higher.



* Sims said that management has put TNA in ICU at least five times this year.


* Sims said that the unpaid tax bill is unknown.

* There has been no effort to assign value to their assets, like the video library.

* Sims discussed the WWE negotiations and claims that WWE lowered their first offer. The current offer counts noncompete clauses.

* Sims said that WWE's offer is lower than Corgan's estimate of TNA's liabilities.



* It was noted that Sims "seemed to slip" and said that one of the promissory notes to TNA from Anthem Sports & Entertainment Corporation (parent company of the Fight Network) was $1.8 million, which owns the licensing rights to its video library.

* Sims said that Dixie made an offer for Corgan to buy her out, and everyone is trying to make a deal.

* Sims said that Dixie emailed WWE to say that she won't see to them until Corgan is out.

TNA's lawyers are up next, we will have details from that momentarily...

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