As noted, there is a hearing this afternoon between Billy Corgan and TNA at the Chancery Court in Nashville, TN. Several documents were filed today prior to the hearing, below are some highlights via PWInsider:
* In a document explaining why he needs a restraining order against TNA, Billy Corgan claims that TNA is insolvent, meaning that they are unable to pay their debts and their liabilities exceed the value of its assets, because the company's balance sheet shows their debts to be almost ten times the assets.
* Corgan said that the defendants hid how much in debt they were to get him to invest in them. When he first invested in the company this past June he had a senior secured promissory note, and did not know that Aroluxe and Anthem Media Sports and Entertainment had similar notes, so they would be repaid before Corgan. He added that he was misled about the actual amount of debt they had.
* Corgan noted that he was never informed of their debt when he made his second investment last July, and was only informed of the actual debt last month when he was provided a company balance sheet, which was dated June 30, 2016.
* Corgas said that he would have never continued to invest in the company if he knew how much their debt was, and was misled when he made his final third loan last August. He claimed that Dixie Carter represented that negotiations were underway with third parties, and that a sale was "imminent."
* Corgan learned about TNA failing to pay their taxes and the other lawsuits against TNA from an article in The Tennessean.
* It was stated that TNA had planned a set of television tapings from November 1 - 3 in Orlando, however they were postponed due to a lack of funds.
* Corgan also claimed that the company is not paying their talent and he is getting blamed by the defendants because of the temporary restraining order he has.
* Corgan added that he has learned that Jason Brown of Aroluxe is running the day-to-day operations of the company, and he has been excluded despite his title as TNA President and his signed agreement with the company. He said that Brown has been involved in talent negotiations and is planning events for next year.
You can check out a detailed recap at PWInsider by clicking here.