To recap quickly: Impact Wrestling is in a whole bunch of financial trouble, they need to sell the company, they owe money to everyone and they’re being sued by TNA President Billy Corgan. Corgan’s lawsuit is largely an attempt to wrest control of TNA away from Dixie Carter, and to that end, the two sides met in court on Wednesday for a hearing.
Corgan himself was not in attendance on Wednesday and was represented by his attorney, Scott Sims. Carter was in attendance, and she and TNA were represented by attorney Travis Parham. This particular hearing was to argue the two sides of the crux of the lawsuit, which is whether TNA is insolvent and if so, whether their agreement (which Corgan claims was to turn over Carter’s stake in the company over to Corgan in the event of insolvency, as per the terms of a loan) is binding.
TNA tried to make the case that Corgan entered into the agreement in bad faith and acted as a predatory loan shark, knowing full well the status of the company and providing his loan expressly to force the leverage of this hostile takeover. Corgan’s attorney insisted his client made the loan attempting to help the company, but was kept in the dark about the true state of the company by Carter and others.