According to PWInsider.com, previously sealed court documents pertaining to the lawsuit filed by Billy Corgan against TNA have been unsealed and one of the documents is the temporary restraining order filed by Corgan against TNA, TNA’s parent company Impact Ventures LLC, Dixie Carter, her husband Serg Salinas, and TNA Chief Financial Officer Dean Broadhead, otherwise known as the defendants in the case. The document reveals Corgan’s claim that TNA is insolvent. In legal jargon, a person or persons is considered to be insolvent when the party has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the Bankruptcy Code.
The court order provides that Billy Corgan 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.”
Furthermore, because TNA is insolvent, TNA and Impact Ventures cannot make any business decisions without the approval of Billy Corgan.
With regards to the TNA tape library, neither side of the case, the plaintiff Corgan, nor the defendants, can sell the library until ordered by the court. While this might not benefit TNA from a financial standpoint, it also prevents Corgan from selling his TNA claim to a third party.
Nick was born and raised in Detroit, Michigan, and lived there until the age of 18, when he decided to pack his flack jacket and move to New York City.
