The relevant section as quoted by 411Mania states:
The new rules also suggest that wrestlers can’t play a heel by interacting with the audience. It said: “In no event shall a participant be permitted to threaten, molest, hit or abuse, physically or verbally, any spectator, or engage in any conduct endangering the health, safety, or well being of any spectator during the course of a professional wrestling exhibition.”
Another huge blow is the fact that each promotion will need to have a license of their own, rather than a promoter being able to "rent out" their license to another promotion. A $20k bond is required for a promoter's license in NY, which is pretty prohibitive for any new promotion, or existing promotions that don't already have their own license. That's also a blow for promoters, who will be losing a revenue stream. As a fringe side-effect, some guys may lose bookings as well- I know Rockin' Rebel was on the CZW roster for as long as he was because he held a promoter's license.
Also of note from the 411mania article, an 11 PM curfew on wrestling shows is now being enforced again (unless you're WWE). The table ban is unofficial, but it seems that promotions are adhering to it.
As far as TNA goes, it sounds like Dixie Carter has been successful at continuing to drag out the sale- Bound for Glory is going on as scheduled, with no announcement of new ownership yet. Of course, that begs the question- who fronted the money for this taping?
So looks like Goldberg vs Lesnar at 2016. At first I wasn't excited, but glad it frees up Lesnar for something fresher at Mania. But also the prospect of a Lesnar match that isn't going to be a 100% squash excites me, plus Goldberg is such a mark for himself, I could see these two nutcases stiffing each other to death out there.
So WWE is just buying the TNA Library? Smart move I guess.
Raw was better this week. Are they taking the strap off Charlotte to build her up to 16X? Guessing we get our first womens Hell in the Cell match. Please don't die Sasha. Survivor Series is in Toronto, hope they give Jericho one final run as a babyface against Owens, the crowd alone would make that match special.
Smackdown has made the storyline for each title match interesting, especially the IC and WHC. Not that interested in Wyatt/Orton despite loving the idea on paper. How is it that Bray has barely wrestled on PPVs over the past year yet he still feels to exposed. The way he has been booked is the one criticism I have for the show so far.
How about that Spirit Squad reunion, and Miz's just amazing whole segment?
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Miz in the main event is actually appealing for the first time ever. I hope Ziggler gets a long reign, but my gut tells me he is done, with reports saying he will take a backstage role.
907 wrote:Less than excited that we're getting Brock/Goldberg again, seems like the type of shit they should be moving away from rather than embracing.
Word
It's mind numbing how horribly they have been booking Brock for well over a year now.
Owens/Lesnar would be 1000X better of a match, and could be huge with the right build. I don't understand what they have to gain, long term, by wasting one of Brock's few dates a year on a 50 year old who hasn't wrestled a match in 12 years, and was never a good worker in his prime.
hustler wrote:if you don't know that spiders protect you from ghosts, then i really dont know what to tell you.
Heh-hah, well pal, the thing is Goldberg may be motivated for this. GOLDBERG came to WWE for this, not the other way around. He's motivated by his wanting his children to see him perform on a huge stage.
He hasn't competed in 12 years, but in terms of this being an overbooked (overBrocked) spectacle, I'm fine with it. This will at least break the spamming-suplexes Lesnar psychology while other wrestlers are being built up to be contenders.
Plus, it's Survivor Series, the least important of the big 4. Using Brock here in a genuine spectacle while everyone else gets built up more only adds to his mystique and his future opponents' credibility.
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Brougham33 wrote:
KO being in a main event in Canada as Champ.
I didn't even think about this.
If anyone here hasn't seen it, Kevin Owens challenging Nigel McGuinness for the ROH World Title in Canada is easily a Top 5 Kevin Owens match, and I recall for a long while he considered it his own favorite match of all time.
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GUCCI CONDOMS wrote:I feel like Goldberg spoke more words during that promo last night more than he ever uttered during his whole WCW run...
I haven't seen it yet, but if it's over 18 words, you're probably right.
Over 22 and you can include his whole WWE run as well. ("Hey Rock! YOU'RE NEXT!")
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Jericho's current gimmick has reached epic levels of entertainment. This might be his funniest gimmick other than his WCW heel gimmick. It's pretty insane to think about how many times Jericho has recreated himself, the guy really is a legend.
GUCCI CONDOMS wrote:Jericho's current gimmick has reached epic levels of entertainment. This might be his funniest gimmick other than his WCW heel gimmick. It's pretty insane to think about how many times Jericho has recreated himself, the guy really is a legend.
Can we agree he's Top 10 all time?
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GUCCI CONDOMS wrote:Jericho's current gimmick has reached epic levels of entertainment. This might be his funniest gimmick other than his WCW heel gimmick. It's pretty insane to think about how many times Jericho has recreated himself, the guy really is a legend.
Yeah, Jericho is creeping towards that legend top 10 status. How ridiculous is it that a notepad reveal with Kevin Owens name on it could be a legit "oh shit" moment down the line? I want a long pants babyface run at some point.
Sasha vs Charlotte is main eventing Hell in a Cell ppv, pretty astounding. I think I'll be saying "please don't die" the whole time.
I thought the crowd really made Raw great last night, especially the Goldberg segment. I was never a huge fan, but I marked out, dude seemed genuinely touched by it all. But then it all set in, this match could be a disaster. Dude is almost 50, and seemed to struggle hoisting his kid in the air, how the fuck is he gonna work a match with Brock?
That Ellsworth shirt is real, fam. WWE is really selling it.
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It's a testament to AJ Styles that they trust him to go out there with James Ellsworth and do something worthwhile. I think Ellsworth is doing very well in his role, and has a good sense of humor about himself. His immunity to the chinlock was fucking hilarious, and you have to be pretty secure in your own, uh... "unique" appearance in order to do something like that. This is a rare case of WWE following the whims of the crowd instead of trying to steer them in a particular direction.
I was at Raw last night and for 4 1/2 hours of wrasslin' it was a lot of fun, but you have to read the latest update on the Billy Corgan-TNA lawsuit:
(Aroluxe is the company legitimately ran by neo-nazis):
EXCLUSIVE DETAILS: WHY BILLY CORGAN IS SUING TNA, WHAT HE IS SEEKING, HOW DIXIE CARTER MAY HAVE FORFEITED HER OWNERSHIP OF THE COMPANY AND MUCH MORE
by Mike Johnson @ 4:56 PM on 10/25/2016
A redacted version of the 41 page lawsuit TNA President Billy Corgan filed against TNA, its parent company Impact Ventures, Dixie Carter, Dean Broadhead and Serg Salinas was officially released to the public today by the Chancery Court in Nashville, TN, revealing a lot of insight when it comes to why Corgan filed suit.
The lawsuit alleges that Corgan initially invested into TNA because "Impact Ventures was in severe financial distress" and that by investing, he was preventing the company from suspending operations and going into "immediate foreclosure" to Aroluxe Media, described as the company's production company. PWInsider.com first broke earlier this year that the way Dixie Carter's deal was structured with Aroluxe, they were putting out the financial cost of TNA's TV productions and TNA would pay them back installments - and if Carter failed to make the payments, she could lose control of the company. Well, that was the very scenario that, as if turns out, led to Corgan stepping in last June.
Corgan's lawsuit notes that TNA "needed an injection of funds" to pay Aroluxe so that they would move forward with the production of Impact Wrestling episodes in June - so this all took place over Slammiversary weekend, when PWInsider.com first reported Corgan had bought a minority share of the company. Aroluxe also required an additional payment due to TNA "defaulting on multiple payments" prior to this point. The financials were redacted.
The reason Salinas and Broadhead are listed as defendants alongside Dixie, TNA and Impact Ventures is that they are listed as the Managers of Impact Ventures LLC. The lawsuit also alleges that per the Operating Agreement for the company, Dixie Carter is the "sole member of the company" but it is believed Carter owns 92.5%, Aroluxe Media owns 5% and Anthem Media (MCC/Fight Network, etc.) own 2.5%, with the latter two described as "significant creditors in the company."
In July, Corgan again invested money in the company, once again to prevent Aroluxe from foreclosing on Dixie Carter and taking control of TNA. The same happened in August, except by this point an agreement between TNA and Aroluxe had contractually expired, "thereby allowing Aroluxe to foreclose on the company at any time." Due to that turn of events, Corgan's lawsuit alleges that he, Carter and Aroluxe entered into "an amended and restated loan agreement" that saw Corgan agree to make his now-third investment in the company with the company issuing him a "new second priority secured convertible priority note", replacing his previous note regarding what he was owed.
The August Agreement also saw Corgan appointed as President of TNA with Carter, the former President, shifted into the title of Chairman and Chief Strategy Officer of Impact Ventures. It was noted that Corgan "desired" to be President so he could direct and oversee the day-to-day operations of the company and improve it's financial condition. Corgan also stated that Carter, as security for the loan, "entered into a 100% equity pledge agreement" with Corgan, allowing that in the event of default, Corgan would be "entitled to exercise all voting or consensual powers pertaining to collateral."
In layman's terms, the lawsuit claims that Carter made Corgan President and agreed that Corgan would gain 100% control of TNA's parent company if she defaulted on the loan he made, in order to get him to invest this past August - because had he not, Aroluxe would have foreclosed.
The lawsuit claims that the paperwork Carter signed appointed him as the "attorney-de-facto" of TNA had an "Event of Default" occurred under the terms of their agreement - which is referred to in the lawsuit as the insolvency of TNA and/or Carter personally.
In regard to Impact Ventures LLC, the lawsuit describes the company as "insolvent" and that "its liabilities exceed the values of its assets, and that Impact Ventures is unable to pay its debts as they come do in the ordinary course of business." Included were cash flow statements, listed as created by Impact Ventures, that showed a "cumulative cash flow negative of [redacted] for the period from September to December 2016, followed by the period of September 2016 through June 2017.
Corgan claims that despite numerous requests, the company has not provided him with any updated balance sheets past 6/30/16, that they are in a negative balance when debt is compared to assets and that the company's financials have actually worsened since the last balance sheet he was provided. Corgan states that insolvency now results in him needed to be awarded Dixie Carter's 92.5% share in the company.
The lawsuit also noted that there have been "media reports" about TNA negotiating with WWE for a potential sale of the TNA video library. The lawsuit notes that Dixie Carter and Dean Broadhead had each denied that but "Mr. Salinas" (perhaps meaning Serg Salinas, or perhaps a typo referring to Dixie Carter) acknowledged the conversations to "the company's wrestlers on October 2, 2016", which would be Bound for Glory.
Based on Corgan's agreement, he claims in the lawsuit he is entitled to a full review of the company's "Officers, counsel, books, records; the full ability to investigate the company's titles to property and to the condition and nature of its assets, business and liabilities" as well as full opportunity to review the company's business plan with "key officers." Corgan is alleging that despite numerous requests, he was given no information about discussions with World Wrestling Entertainment - despite the fact he is President and a creditor to the company and the library is the company's "most significant" asset. He is claiming that is a breach of the agreement he signed in August.
Corgan is also claiming he has been kept in the dark in the company's conversations with Anthem Media (Fight Network/MMC Acquisitions, etc.) leading up to the recent loan [amount redacted] "and it's financial impact on the company" until after the transaction had already been completed - again despite the fact he is President and a creditor to the company.
In the lawsuit, it is noted, "This recent conduct is consistent with the way Mrs. Salinas [Carter] and the other members have dealt with the Plaintiff since the inception of his involvement with Impact Ventures. They have failed to keep Plaintiff apprised of matters of great significance to the company; they have routinely misled plaintiff as to the company's finances, operations and future prospects; they have failed to provide the plaintiff with information necessary to discharge his duties as President to manage the day-to-day operations of the business; and they have regularly interfered with, subverted or ignored plaintiff's authority to manage affairs in the company." Corgan alleges these failures constitute an additional default in his agreement with Carter.
Corgan states in the lawsuit that Carter was informed of an "Event of Default" on 9/29 (this would be the day before MCC Acquisitions financed the Bound for Glory PPV and subsequent TV Tapings) but the defendants did not respond affirming or denying the "Event." Corgan then informed Carter and the company on 10/12 that he was exercising his right to take over her stock in the company and place his own designated managers in charge of Impact Ventures. He received no response.
Corgan's lawsuit states, "The company is continuing to flounder and has been taken to the brink of financial collapse under Ms. Salinas and the other managers. The company's secured creditors, including Aroluxe and Anthem, can foreclose at any time."
In the lawsuit, Corgan is seeking a declaration from the court that he is indeed entitled to Carter's 92.5% of the company, her voting rights and has the ability to replace the current managers with designated managers of his choosing. He is also seeking damages, to be determined by the court, for the breach of contract, and requesting an injunction preventing the defendants from making business decisions that could further harm Corgan and the company as well as preventing them from attempting to sell the company or it's assets until the lawsuit is resolved.
A hearing regarding Corgan's request for a temporary injunction against the defendant is scheduled for tomorrow 10/26 at 1 PM Central.
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I did attend the Raw the Monday before. Rich Swann and Cedric Alexander are going to be mega stars.
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Anyone else feel like in the last week they've really pulled the build together and made you excited for Survivor Series?
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Cruisers stay to fill time, but hopefully some sort of angle starts.
I see Smackdown winning the tag team, but losing the women's.
I want Shane to get attacked by lesnar or something and Zigler be added to the main event. Smackdown wins. Taker comes out and Braun kills him.
Sami wins gold but somehow gets traded to Smackdown.
Lesnar obliterates Goldberg.
