Billy Corgan Demands To Be Repaid By TNA, Threatens To Convert His Loan Into Stock

11.04.16 1 month ago 16 Comments

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Hope you’re all having a good Friday! Here’s your sometimes-more-than-daily update about the Impact Wrestling saga, which just … won’t … stop. Billy Corgan is no longer TNA President, and in fact is no longer with the company at all, after a Tennessee court ruled against an injunction that would have awarded him control of Impact Wrestling. Now, Anthem Sports (the parent company of Fight Network) has taken control of the company, but Corgan took to Twitter to say that the date TNA was supposed to repay him has come and gone, and he hasn’t seen a dollar of the money he’s owed.

In response to Corgan publicly claiming he hasn’t been paid, Fight Network sent out tweets saying they “reject” Corgan’s comments and that he should settle down, because he’ll get his money in due time. On Friday, following the publication of a New York Post article about the situation, Corgan was back at it again, firing at TNA and Anthem with both barrels. He said the following in a frantic stream of tweets:

“YEP: just-published NY Post article asserts that judge in case ruled against my receiving 2.7 [million] in Anthem swap deal. This is FALSE. Case OPEN.

“Today, I’m FORMALLY requesting repayment of my ‘so-called’ loan by TNA, which I’m told stalled because they didn’t know where to FIND ME. Laughs aside, [I had] put up 1.8mil for express purpose of becoming equity stakeholder and helping talented roster. Any other assertion is FALSE. So if I’m not repaid today in full and without conditions attached, I’ll be forced to once more pursue remedy by taking TNA stock via court.

“Remember it was Anthem and not I who stood in open court and told judge they were prepared to PAY and in turn FUND good ol’ solvent TNA … a company which they claim they have no business deal for behind the scenes, yet have released two press releases saying they are TAKING OVER. So far be it from me to accuse someone I don’t know of bending truth to win a case. That just wouldn’t be nice, and I believe in being nice.

“Last thing: despite being called a [predatory] lender by every arm of TNA propaganda I can still convert to 36 percent stock or sell option to highest bidder. And that ‘option’ if you will to convert my … loan to 36 percent stock or auction it off to a [pro wrestling] titan doesn’t require a court order.”

Well, no one will certainly ever accuse Corgan of making veiled threats! So to sum up, if Corgan doesn’t get his money on Friday, he’ll pursue converting his loan into a 36 percent ownership stake in the company instead … which he then has the option of selling to the highest bidder. Of course, the amount that someone may pay for a 36 percent stake may be even less than his loan that Anthem is on the hook for.

We’ll have to wait and see how this shakes out, but for now, Billy Corgan is on the warpath.

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