If you’ve been paying attention to pro wrestling for the last … oh, let’s say “year,” you’ll know that things are not going great for Impact Wrestling (better known as TNA). Especially for the past couple months. The company has been on the selling block for some time with their outlook looking fairly grim before their most recent round of television tapings. Adding to the company’s woes (beyond needing to sell in order to remain solvent) are a slew of lawsuits. They’ve been sued by company president Billy Corgan, the state of Tennessee has put a lien on the company and American Express has filed suit against them due to unpaid travel expenses.
On Sunday, Dave Meltzer of the Wrestling Observer Newsletter reported that a FOURTH lawsuit has now been filed against the company, this time for financing on insurance premiums. Meltzer elaborates:
Yet another lawsuit filed against TNA was by Bankdirect Capital Finance, LLC which filed a lawsuit asking for $207,612.29 plus late charges, interest and attorney feels against TNA Entertainment LLC on 9/29 in Circuit Court in Cook County, Illinois. On November 30, 2015, BankDirect entertained in an agreement where it would pay TNA $400,146.00 so TNA could pay certain insurance premiums and TNA agreed to make ten monthly payments of $41,032.45 with the first payment on November 13, 2015. As of the time of the suit, TNA had paid nearly half but still was $207,612.29 behind.
So this is a loan that was floated to TNA less than a year ago, where the company was only able to make five out of 10 agreed-upon monthly payments. For insurance. Cool, cool. Look, there’s a chance — just a chance, mind you — that absolutely no one in charge of Impact Wrestling (Billy Corgan excluded, possibly) has the slightest god damn idea how to run a company.
And they’ve been in business for fourteen years. We here at With Spandex very much want TNA to stay in business, but holy hell, people, what in the shit is going on over there?